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It's very easy to start an online business from anywhere in the world. It will take time to grow and become profitable, however the startup costs are minimal. It all starts with a social media presence in my opinion. I personally know several people who have started their own successful service-based businesses online without having their own website. These people started on a single social media platform and expanded over time.
Service-based businesses have significantly less startup costs when compared with product-based retail, as there is no shipping or inventory involved. They are ideal for reaching an international audience due in part to the absence of shipping needs. It is possible to start a business with nothing but a Facebook or Instagram account, certain skills and an internet connection.
To get started, I would suggest studying a niche skill and becoming excellent at it. This skill can be anything of value to others, such as learning to be a life coach or hypnotherapist. Next, begin learning about digital marketing. During this time, use the marketing skills to build your social media following. Before you start charging for your services, it's important to obtain any required business licenses.
When you have a steady following, you can start offering 'free samples' of your service and create a demand for it. Introduce your regular prices at this time as well, so that potential clients know what to expect after the trial period ends. Build rapport with all of your clients to encourage them to return for future sessions. Once you have a good sized following, 'rinse and repeat' what you did on another platform. You can do this across several social media platforms over time to increase brand awareness and reputation, all with minimal investment and no personal website. Once you are established on two social media platforms, making a professional website for your brand is a good idea to increase credibility, although it's not required.
Menashe Head Of SEO @ https://www.mysticsense.com/
"I think one major challenge is setting yourself apart from the competition. I believe that the life coaching and self-help industry is oversaturated and therefore highly competitive in terms of reaching and engaging with potential clients. Even with a strong niche, there are likely to be several other coaches offering similar services to your target audience, especially if you are based online. Setting yourself apart is a struggle, and requires a laser-focused advertising approach with a clearly defined target audience within a specific niche."
Menashe Head Of SEO @ https://www.mysticsense.com/
Everyone needs to take their first steps when learning to walk, and in order to learn they must have a desire and try first. Business is no different; you have a desire to build a successful business, but in order to get access to good mentors and support, you must first take the initiave and try. It is okay if you fail at first, as long as you learn from the experience and are determined to try again, armed with the knowledge of what not to do.
Building a good business plan is often the first step on the path to success and growth. You can do this yourself, without any mentors, training, etc - all that 'stuff' is just extra and you do not need it! A lot of people give up because they think they need a bunch of stuff to get started... Capital, a mentor, investors, inventory and more. The truth is, you do not need anything except a good plan to succeed at first. The other stuff comes later once you've built the foundation of your brand. You need to decide if you are invested in your plan enough to step outside your comfort zone, because that is where growth begins. If you aren't, then maybe your plan is not the right fit for you."
Menashe Avramov Head of SEO @ https://mysticsense.com
You can try using Payoneer or Xoom to collect international payments while based in Bangladesh. Xoom is owned by PayPal and is an international branch that services countries that PayPal doesn't. Payoneer is rather new to the payment processing scene, and features significantly lower fees compared to PayPal. They service most countries, including Bangladesh. Since you are incorporated in the USA, you may want to open a business bank account at any bank or credit union in the USA using your UBI (which should be on your business license and/or other documentation, including the EIN and LLC certificates). You can use a UBI in place of a SSN for business accounts. With a USA bank account under your business name, I see no reason why PayPal and Stripe would deny you. It might also be advantageous to get a P.O. box in the USA so that you can use an American address on your bank records."
Menashe Avramov SEO @ https://www.mysticsense.com/
"As a remote worker, I found it important to schedule social times outside of work with friends and family. Keeping a consistent work schedule can help you schedule consistent time for socialization. An example could be to mimic an in-person work schedule, for example working from 9 am to 12pm, then having some sort of social activity between 1pm to 2pm, and working again from 2pm to 5pm.
Alternatively you could split your weekend up to be evenly distributed throughout the week, and dedicate these days to social activities. I think it's important to be aware of your friends and social life as a separate function from your work and income when working remotely, which is not the same with an in-person job. If your co-workers are particularly friendly, you could try adding them on a social platform like LinkedIn or even Facebook depending on the level of rapport and how formal your relationship is. It's not a good idea to add your remote co-workers on social media without building considerable rapport first."
Phoenix Knor'malle Brand Ambassador @ https://www.mysticsense.com/psychics/197-PhoenixKnormalle/
I second finding investors who will invest in your idea in exchange for a share. There is a certain type of investor, called Angel Investors, who are known to help fund start-ups and more high-risk ventures.
Finding investors who will support you is hard, so in my opinion the best way to approach this is to create a solid business plan in writing. Make it very detailed and include everything from prices, expected profit/loss, expenses/overhead, initial costs, how you will market the business, the target market, competition, an exit plan if things don't work out, etc. Angel Investors need to be 'sold' on your idea and feel confident that it will work before they get involved.
Presentation also matters, so think about making a PowerPoint as well as having written handouts, and dress to impress. Try to approach several Angel Investors and consider how much of your idea you're willing to share before you meet the investors. Don't be afraid to counter their offer either - some investors take a portion of each sale until a certain point, while others take a portion of the company ownership. I don't think this is a bad thing, as it also shares the responsibility if they own part of the company.
If you do these things and the investors aren't sold on your idea, you can turn around and go to a bank or credit union and ask to get a 'small business loan'. I was told to avoid personal loans for business reasons unless you can't get approved. The paper handouts and presentation from your Angel Investor interview will likely help a lot when applying for a business loan at a bank or credit union. You could alternatively look for a private loan with an individual, but these tend to be more risky with higher interest rates.
Menashe Avramov Head of SEO @ http://mysticsense.com
When I created my first business plan, I started by identifying my target market. Then, I thought about the type of business I wanted and how to make that field desirable and accessible to my target market. After this, I identified some major problems the target market has, such as lack of time. This is where I identified my niche, and then I built the rest of my brand around that foundation.
I believe I had considerable success with this strategy, especially since it was my first business. I was able to have a storefront location with minimal investment within a few months of launching. My advertising was limited to areas that my target market frequented, and I prioritized word of mouth above digital marketing.
When it came to appearance, I tried to mirror my target market and considered reaching out to existing businesses that served this market to collaborate. Everything I did as a business revolved around my target market and their needs and preferences. So, naturally, identifying these things was the foundation of my business plan.
Phoenix Knor'malle Brand Ambassador @ https://www.mysticsense.com/psychics/197-PhoenixKnormalle/
In the USA, it is possible for an LLC to buy wholesale without paying sales tax and resell the items (including exporting). To do this, you will need to apply for a Reseller Permit, which is free and requires you to fill out a form declaring your intent to resell wholesale items each year.
It is important that you declare the wholesale items and sales of goods on your tax return and are transparent about the overhead costs, the markup and the profit. Stores can (and will) require you to show your Reseller Permit prior to selling goods for resell purposes, especially if they are tax exempt. However, many wholesalers will happily provide you with discounted products void of sales tax once you show your valid permit.
As far as I know, reseller permits expire each year and must be renewed by the Department of Revenue website for your state. Each state's rules may vary on this. Although you can purchase items for resell tax-free, you must charge sales tax on the final product and you also must pay taxes on all profits and sales you make.
Menashe Avramove SEO @ https://www.mysticsense.com
(Disclaimer: This answer is for informational purposes only and does not constitute financial, legal or other professional advice. Use at your own risk, we will not be held liable for the accuracy or use of this information. When in doubt, consult a licensed accountant for specific tax advice).
"B2C Marketing" refers to marketing to the end of the production chain - the consumer. It is one of the two major types of marketing, the other being B2B, or Business to Business. B2C marketing is unique in that it is 'the end of the road' and there are no further sales or changes to the product after this point. The whole marketing and production process is based around the final sale - that is, the B2C transaction.
There are typically several B2B interactions that occur during the production process, however there is only one B2C transaction. By the time you're ready to market to consumers, the product or service will already be complete and perfected. It will have already been tested, priced, researched and refined by this point. The items you see on a shelf at a store, or on TV commercials, are being marketed to consumers in a B2C fashion. They are not intended for resale, wholesale or businesses; they are intended for everyday households and consumers to purchase and use themselves. Perhaps the biggest thing to consider is where the product is going next. B2C marketing is the last stop.
Menashe Avramove SEO @ https://www.mysticsense.com/
I feel like another method of monetization would be to charge a fee per job that is accepted by the freelancers using your site. That way, the website remains accessible to everyone and offers incentives for both the suppliers as well as the 'consumers'. Many aspiring entrepreneurs are lacking startup capital, so charging a monthly or yearly fee may prevent them from using your site. Additionally, newer companies often have a higher risk factor, which is another reason that charging a subscription may ward off potential clients.
Instead of charging a percentage 'per purchase', you could charge a flat rate per referral; for example, $0.60 per job or item sold. This way the startup costs are very low (almost nonexistent), there are no additional fees to suppliers and potential entrepreneurs can access the website freely. You'll still earn a commission, which can scale as the business grows.
Of course, diversifying your revenue could be a great course of action, perhaps combining the commission structure with a small fee for suppliers. Charging the fees upfront rather than at the end can provide greater security for your business.
Menashe Head Of SEO @ https://mysticsense.com
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