Tips and Traps of Starting Your Online

Tips and Traps of Starting Your Online

Tips and Traps of Starting Your Online Yarn Shop

I was eager to help as I recently ventured into my online venture. Here are some tips and loops that this young

the player has not experienced the amazing journey of becoming my yarn shop!

These tips apply to all types of online businesses and are not intended as a complete guide. I urge all potential

business owners to use the many resources available online and in the greater community. This is a very challenging

and exciting step, but one person business does not mean you have to do it alone! So here are my top tips for anyone

thinking about starting their own online business and fulfilling their dream.

1 – Learn about business. It is not just buying and selling. While you may have strengths in some areas, there are

specific things you must learn. No one can be an expert on every aspect of running a business. Get training (local

Tips and Traps of Starting Your Online Yarn Shop

Tips and Traps of Starting Your Online
Tips and Traps of Starting Your Online

college courses, government funding programs, etc.) and make sure you have at least a basic understanding of all

areas of business.  It is a program for people who are registered as unemployed and want to start their own business.

The program offers training (Cert 4 in Small Business Management, which is a nationally recognized course),

fortnightly pay, 12 months paid, and regular mentoring sessions. As I was introduced to many business concepts that

I was unfamiliar with it, I found the learning process to be highly valuable and eye-opening. Without this training, my

business dream would have been the same.

2 – Find out what’s in it. There are many facets to running a business and you will fail if you go into this

Tips and Traps of Starting Your Online Yarn Shop

blind. Get in touch with your local small business organization.

Initial funding. Can you save to set up a new business? Or do you apply for finance in the form of loans or grants?

Terms – Does your local government have rules about your type of business, e.g., home business regulations, insurance enforcement?

usually filled with good information about starting and building a business and complying with tax laws. If this is

not one of your strengths, budget for an accountant who can help you. If so, you should have an accountant for

annual returns.
3 – Website and Support Systems – Be prepared to spend time and money on the design and execution of your

Tips and Traps of Starting Your Online Yarn Shop

website. Online businesses are thriving, but that does not mean they are easier to set up than traditional stores.

You cannot slap a website and expect visits and sales from day one. You need to optimize your site so that all major

search engines can find you and customers can reach your site based on the search terms they choose.

If you use a website designer, ask them about SEO (search engine optimization). This can add significant costs to

construction, so learn as much as you can and do as much as you can yourself.

Find out what you want from your business systems. Do you have web design experience (which, as I found out, is

very different from the knowledge!). Do you know what you want in a website/shopping cart? Again, talk to people, check

out web design companies and contact their clients for feedback. Do not assume that the website/shopping cart will

Tips and Traps of Starting Your Online Yarn Shop

l have features that you think are standard, e.g., stock control, email, and newsletter facilities.

This also applies to accounting and office software. If you have bookkeeping experience you will be ahead of most

people. If not, consider taking a short course or hiring a bookkeeper. Yes, it does add to your operating costs, but it’s worth it!

Make sure your computer skills are up to date as you do a lot of word processing, budgeting, and email. You may even

want to invest in a writing course, you will be amazed at how much time you spend at the keyboard, replying to

emails, social networking posts, preparing newsletters and blogs.

4 – Do your market research. If you do not do this you will not have a market to sell. You are going into business

because you have a passion for something like knitting, gardening, or whatever. You can excel in one or more fields,

but do not assume that you know what customers want based on your beliefs.

I research yarn websites, check out what they sell and other services they offer (blogs, freebies, tutorials)

Tips and Traps of Starting Your Online
Tips and Traps of Starting Your Online

1 Comment

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