Looking to start up a small business? It’s a great way to earn some extra money, whether you see it more of a part time hobby or go at it full steam ahead so you can quit your day job. The internet has allowed more of us than ever to start our own venture, but it’s not to say that it’s all plain sailing. There are a number of things you need to do to be successful- here’s how you go about starting up.

Find Your Niche

First things first, you’ll need to decide exactly what you’re going to be selling- and who you’re going to be selling to. This is important as it helps you to work out what the customer you’re targeting will want, it will focus your marketing efforts and help you to differentiate yourself from your established competition. For example, you might want to sell clothes, but who will you be selling them to? Will they be designer baby clothes, budget womens clothes or clothes for big and tall men?

Do Some Market Research

Don’t just go into business with all guns blazing, it could end up costing you. Before spending money, do some market research to find out what exactly your customers will want (instead of just assuming). Taking the clothing example, you could show your target audience some different styles and see how they feel about them, you could get some idea on what sort of prices people are willing to pay. It allows you to make tweaks now instead of being stuck with a load of stock that you can’t shift.

Register Your Business

Once you’ve decided what you’re going to be selling (and who to), what your business name is and whether you’ll be working alone or with a partner, your next step will be getting your business registered. This involves filling in a form online and then sending some supporting documents through the post when requested. It ensures everything is legtimate, and that you’re registered to pay self assessment tax.

Purchase Your Stock or Materials

Once you’ve found suppliers you’re happy working with, your next step is to purchase your stock or materials. It could be anything from ink cartridges to helical springs, apparel to pet accessories depending on what your business is going to be selling. Make sure you have enough for your initial orders, but don’t go overboard as you might need to see how well things sell first. You don’t want to end up with lots of items that are taking up space and taking a long time to shift.

Get Your Online Shop Set Up

You won’t always need a website right away, depending on what you’re selling you could start out on eBay, Amazon or Etsy and create your own little shop on there. As time goes on, you could be better off having your own site created and marketed so that you can avoid the fees than online marketplaces charge.