This is the second article in a 3 part series on growing your online business.
- Part One: Basic Things You Need To Start a Business Online
- Part Two: Get a Credit Card and Bank Account For Your Online Business
- Part Three: Make Money Growing Your Online Business
Hello, this is Stefan from projectlifemastery.com. Today I’m going to continue a list of things you will need to master to build an online business. This is the second article in the series, the first is here.
Have a Credit Card
The next thing you must have to efficiently build a business online is a credit card. You are going to need a credit card to build an online business. It’s required to sign up to pay for certain things. Any business is going to have expenses. Even if you want to sell on Amazon, have to have a credit card. You need to use that information to sign up for Amazon Seller Central.
If you want to get hosting for your website or a domain name, you will need a credit card. This applies to many more things necessary to build your business. Make sure you have a credit card. I know some people have a debit credit card, but they are limited. They are ok for shopping for products, but they aren’t always good at signing up for services that you need.
Cash Back Benefits
If you set up a company, there’s certain credit cards you can get which will allow you to collect air miles, or cash back. These types of credit cards have a benefit, so it is something you will want to use anyway. They help you build up your credit rating. The longer that you’ve had a credit card, and the more that you pay it off and use it, the better your credit score will become.
Improve Credit Score
Your credit score is going to be very important at all stages in your life. Your business will need to be able to borrow money. They will base that based on your credit score. Having a credit card as soon as possible and using it for your business is very important. It is a “must have”.
Have a Bank Account
The next thing you will need for a business is a bank account. This is so you can receive the money you’re making online in your business. This ties in with something else, which is whether you have a personal bank account or a company bank account. Most people set up everything in their own personal name. They receive money to themselves, personally, to their personal bank account. They’re using the personal credit card. Everything is run and operated on their personal name. That’s the fastest, and easiest way to start receiving money online.
They become responsible for paying taxes and reporting that income at the end of the year, for th emoney that they’ve generated. They have to pay the appropriate taxes on that. Eventually, you’re going to want to set up a corporate structure or entity. This depends on where you live. Create a corporation, such as an LLC (every country has their own corporate structures), but you’re going to need to set that up.
Once your business grows and you start making money, you are more at risk. This is especially the case when you’re making a significant amount of money, like a six-figure income. If you have hundreds or thousands of customers, that increases your risk. You become liable for many things. Dealing with many people, if you are a sole proprietor, is risky because someone could sue you personally. You will be personally liable for your company, whereas if you build a corporation then that is a separate entity. If someone sues, they will sue the corporate entity. Setting up a limited liability company will do just as it implies, limit your liability.
Having a corporation has benefits relating to taxes. Usually, corporations or these corporate structures that get taxed a lot less. That is very important as you start making a lot more money. You’re going to need a bank account, but many people use their personal bank account. It is a good idea, once you set up a company, to set up a bank account for it. Also, try to get a credit card for the company.
Bank That Is Compatible with Online Platforms
You want a bank account that is compatible with different online platforms that you’re going to be working with. For example, I have a corporation in Panama. I have a corporation in Singapore. I also have a few corporations in Canada. Each corporation is taxed differently. Not all bank accounts are compatible with all the business you want to do online. My Panama bank account is much harder to use with PayPal. It is much more difficult to receive ETS and wire payments there.
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There are other companies online you may wish to work with, such as Clickbank, Shopify or Amazon. These different platforms have different rules for interacting with your bank. Whatever banking setup you’re using, make certain it is compatible with the online business model that you want to build. If you want to sell on Amazon, make sure that you can receive that money to your bank account.
World First Bank Account
Speaking of online bank accounts, a popular one is World First. This is popular because you can set up an online bank account from anywhere in the world, and receive money to that account. Then, you can initiate a transfer from that account into your bank account abroad. If you have limitations, that is a possible solution. World First is pretty popular. It is an online bank account that you could set up from anywhere in the world. You can receive money to that account. Then, you can transfer that money from World First to wherever you live. If you have limitations or issues with receiving money outside of the US, that that’s a possible solution.
Education and Training
The next crucial aspect of running an online business is education and training. This has always been something that I have done for my different niches and markets. It works for my personal life, too. I believe that it is very important to invest in yourself. You should actually learn from others, not try to reinvent the wheel. I’m not talking about trying to Google stuff or watching YouTube training videos, but actually investing in and purchasing quality training programs. These programs should be able to guide you, step by step, through issues. They will be more premium than things you can learn from simply Googling or using YouTube. There’s so much information out there, the ability to prioritize the right information at the right time is crucial.
Proper Courses and Training
That is what you get when you invest in training and courses. They are much better quality information. You are getting the right information this way. It won’t overwhelm you or make you confused, trying different things and failing, when you get proper training. Proper training will save you money in that you won’t become discouraged or confused. When I do search online for information, it is to find out who is the best source for information that I resonate with, that I can buy and pay for, so that I can get the right education to help me grow.
How to Find a Training Program
If I want to grow my Instagram, I’m not going to type in Google “how to grow my Instagram” and try to read a bunch of different articles. I’d much rather buy a course. When I Google, I’ll be searching for “what’s a good Instagram training course”, where I can find out if there is someone selling who I know of. That way, I know the information I’m getting is quality, and will help me step by step through growing my Instagram account. The same is true of Facebook and YouTube. I look for a consultant. You should always be learning and investing in education and training if you want to be on top. This is what you do if you want to grow your business. I’m a big believer in investing in yourself and in your business.
Your income is in direct proportion to your level of personal development. You might be working away in your job or trying to build your business, but your business is going to be limited on the growth it can have. It’s largely dependent on you. You’ve got to invest in yourself to make the necessary changes, because the more that you improve yourself, the more your business will grow.
What I’m talking about is improving your mindset and habits. You should improve your daily rituals, and work on improving your confidence. You should increase your efficiency and better your time management. By improving yourself and your beliefs, you improve how you can grow your business. By overcoming all the different challenges you might be facing in your personal life, you can improve the success of your business. Don’t invest only in learning “how to make money” or about business marketing. Invest in yourself and your confidence and self-esteem. Improve your habits and rituals and time management. By doing all these things, you will grow your business a lot faster.
Stefan James from Project Life Mastery reveals his very best strategies to mastering and living life fully; everything from how to be motivated, his secrets to success, how to make money online, making passive income online, how to change your beliefs and mindset, being healthy and physically fit, being happy and productive, life management, cultivating relationships, spirituality, and much more!