Author - Afaq Khan

Launch an Online Business in Four Steps

Launch an Online Business in Four Steps

First and foremost, you must not wait until forever to launch your business, unnecessary perfectionism is a disease and is your enemy when it comes to online businesses. Preconditions to launching a business include careful evaluation of your target market and alignment with the brand and the product that you plan to launch. Your job with an online business launch is to create demand and it is best done even before you have a product or perhaps even a...
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SELECTING THE RIGHT CORPORATE STRUCTURE FOR YOUR ONLINE BUSINESS

What are the suitable corporate structures for an online business? There is no right or wrong when it comes to corporate structures, it all depends on the business that you’re planning to start, where you’re in your journey, and your future growth and scale goals. If you are a starter, with all-digital products (or other minimum liability products), you don’t have to establish a corporation altogether, as you can simply use sole proprietorship. As an example, you can do so if...
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INCOME AND SALES TAX FOR ONLINE BUSINESS IN 4 EASY STEPS

What are the income and sales tax implications for an online business such as Amazon Kindle and FBA? Online businesses come with a number of benefits when it comes to sales and income taxes primarily because of the internet-based ecosystem of tools and platforms. While income tax is collected both at federal (IRS) and your state, sales tax is only collected by your state (In CA, Board of Equalization or BoE is responsible for it). Let me summarize tax implications for...
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5 MOST FUNDAMENTAL TRIED AND TRUE PRINCIPLES FOR SUCCESS IN ONLINE BUSINESS

What are the most fundamental economics principles that apply to an online business? Economics 101 apply as much to online businesses as they do to their offline counterparts. These are the tried and true principles that you need to keep in mind before you start an online business. Let me summarize. Your time and energy spent in running a business is directly proportional to your sales or revenues, it is NOT proportional to your net profit even though that’s what...
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BUILD AN ONLINE BUSINESS IN 6 STEPS, RINSE & REPEAT

What is the life cycle of building an online business? Life cycle of an online business starts with a niche market. You need to identify a profitable niche market, with just the right level of competition, price, segments and future potential. Niche market doesn’t have to be your passion, however aligning it with your passion would help you persevere through inevitable ups and downs of operating a business. Your goal with a new business or a new product in an existing...
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7 FACTORS TO TAKE INTO ACCOUNT BEFORE STARTING AN ONLINE BUSINESS

How do I choose an online business model that’s a fit for me? There are at least seven factors that you should take into account before you jump into a new business and select your business model. Don’t start a new business for wrong reasons, you don’t want to start a business because it worked for someone else or because someone said so. You need to have your own reasons for every new business venture you kick off. Pick a...
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3 WELL KNOWN ONLINE BUSINESS MODELS

In 2018, what are the main online business models and offers that out there that I can try? There are plenty of business models and tactics that can be used today to start an online business, however you need to find what’s most suitable for you given your passion, talents and market value that you can bring to the table. Primarily, there are two business models, you either sell a product or a service. Those products or services could be your...
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4 MAJOR DIFFERENCES BETWEEN A STARTUP AND AN ONLINE SMALL BUSINESS

What are the key differences between a startup and a small business? Failure is one metric where small businesses and startups converge, i.e. about 2 out of 10 businesses fail during the first year, likewise 9 out of 10 startup fail. Let me summarize how the two differ. Small business are generally funded by the owners themselves, which means they are focused on profitability right from the start. Startups are more focused on revenues and growth during their early years. Small...
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INTERNET BUSINESSES ARE A BIG SUCCESS AND WHY YOU NEED TO BE PART OF IT

What are the examples of successful online businesses? Amazon.com is THE ultimate example of an online business with over 300M users worldwide. It also happens to be about 99% automated. Other examples of online businesses include ebay.com, Zappos.com, Udemy etc. As per statista, In 2017, an estimated 1.66 billion people worldwide purchase goods online. During the same year, global e-retail sales amounted to 2.3 trillion U.S. dollars and projections show a growth of up to 4.48 trillion U.S. dollars by 2021....
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niche markets

8 CHARACTER TRAITS OF A PROFITABLE NICHE MARKET

What is a niche market and how is it related to online business? As someone said, “You want to dig your well where you have the best chance of finding water with the least amount of digging.” Niche market is a small and a specific segment of a bigger market where needs and wants of customers are well defined and can be satisfied with a narrowly scoped product. You want to target profitable niche markets with online businesses since they can be...
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