Transcripts
1. Introduction: Hello and welcome to your beginner's guide to
starting an online business. My name is crystalline
and I am the owner of the virtual yoga studio,
silver stream yoga. In this course, we are going to learn how to lay
the foundation for your e-commerce
business by covering topics such as selecting
your business entity, designing your logo, legally protecting your
website, and so on. Consider this a
comprehensive checklist that you can reference along your journey in
order to alleviate some of the overwhelming
getting started. If you're ready to begin
laying the foundation for your online business,
Let's get into it.
2. Laying The Foundation : When it comes to
setting large goals, such as starting an online
business, for example, I find it to be
much more helpful to break this goal down into much smaller and more digestible
goals that are gonna be far more attainable and a lot easier to achieve over time. Rather than
overwhelming ourselves with this large
mountain of a goal, let's break down
the foundation of this business idea
that we have into three separate
pillars of concept, logistics, and branding
and advertising. We'll get into all three of these separate pillars
throughout the lesson to keep us from becoming
too overwhelmed and stopping before
we've even begun. Move at your own pace. Grab yourself a notebook,
a journal, pen, paper, laptop, whatever you would like to use to take notes. And let's get started.
3. Pillar One: Concept: When you're ready,
we'll begin by establishing the concept of your business to help you check one big task off of your
list and discover the who, what, how, and why
this business even is. We'll start by breaking down the concept into
four sub categories. Because remember, we're taking one large goal and we're
breaking it down into smaller, bite-sized pieces to
make them a little more digestible and a
little less daunting. First, we have products
and services or the what. Then we have our
business name. The WHO. Next we have distribution, how, and then our
mission statement. Why? This is the part where we get to discover our business identity. We get to throw out all
of our wackiest and craziest ideas onto
a piece of paper and just see where our
creativity guides us. It's important that we
spend just enough time on this particular pillar to feel comfortable and confident
with our decisions, but not so much time that it turns into a
procrastination project. So trust yourself, allow yourself to think
freely and openly and get all of your ideas out on the page so
that in the end, you feel satisfied
with your choices. So if you're ready to discover
what this business is, meet me in the next
video to start our discussion on your
products and services.
4. Products & Services: Products and services are the bread and butter
of your business. It's the very thing that
your customers are going to be giving you money
in order to receive. I encourage you to take a
bit of time to get very familiar with what products and, or services you will
be providing and how they will add value to
the lives of your customers. Try not to overthink it. Just simply ask
yourself the question, what am I selling and
how will it add value? Would I buy this? If the answer is yes,
it's worth selling. Trust me, even if it's
been done before, it hasn't been done by you yet. Allow yourself enough time to study your product
and or service in order to become an expert
on what your business is. So that you can officially check this task off your list and move on to arguably one of the more fun parts of
the concept pillar, which is your business name. So as you're ready,
we will begin to discover who this business is.
5. Business Name: The business name, if
you are anything like me with a million in ten ideas swirling around in
that little brain of yours, you might find yourself spending a little too much
time on this part, so I'm gonna help
you through it. My advice is to fill
an entire page, just dumped every idea
that comes to mind, no matter how ridiculous or
outlandish it may sound, every potential name that pops into your head, write it down, fill up an entire page, and then give yourself
an entire day. Leave it alone, set
it to the side, out of sight, out of mind. Step away for a day, focus on anything else, come back to it
the following day. And I can almost guarantee that you will have
a much easier time scribble in some of those names out and narrowing it down. Once you've done that and
give yourself another day, by this point, you
should be able to narrow it down to just a couple, maybe even the one once you have selected your business name, the one that you are just sold on and give
yourself another day. You want to give
yourself enough time. Feel absolutely certain and
confident in your decision. Once again, if you're
anything like me, you don't come back
to this and say, well, what if so, give yourself a couple of days, but try not to over analyze and over agonize about this process. It's supposed to be fun
when selecting your name, consider your products
and services. Does this name
convey the message you're trying to send
doesn't make sense. Does it align with who you
are as the business owner? These are all
questions to consider as you're selecting
your business name. Just remember, this
is supposed to be the fun part and it
isn't set in stone, a name can always be changed. So have fun with this part. Give yourself a
few days to really solidify who your business is so that we can move on to how your business is
going to function.
6. Distribution: Now that we've
discovered the who and the what of your business, it's time to discover the how, how do you envision
your customers receiving your product
and or service? This is going to
differ for everyone for a number of reasons. But I'll give you an
example of what I mean with silver stream yoga. I am providing a service and I knew that I
wanted to offer full length yoga and
meditation classes to access from the
comfort of your own home. I needed to establish how exactly I was going
to execute this. And to me it made the
most sense to deliver these classes to my
students via Zoom because it's familiar and a pretty user-friendly platform. With this idea in mind, I had to consider
how I was going to integrate this into my website, which is something
that we will be discussing in length later on. But for now we need
to focus on how you envision your
customers receiving your product or service. If you are in fact providing a product, ask yourself this, will you be personally
responsible for the distribution of sub-products or would
your business benefit from a third party? Take as much time as you need
on this particular step. And remember, it is always
okay to ask for help. There are so many resources that are a Google search away. So take your time, do your research and
checkout the market, see how other small
business owners are distributing their
products and or services, maybe get in touch with
another small business. Owner. Networking goes a long way here. You can also learn
a lot via YouTube. That's where I gained
a lot of my knowledge. Just remember that if somebody
else can do it, so can you
7. Mission Statement: Now it's time to develop
your mission statement. Your why, why do you want to provide this
product or service? What purpose is it
going to serve for both you and your customers? This piece of the
puzzle is going to be entirely unique to you, and it's what's going to set you apart from others in your field. So take some time to dive
deep and uncover your reason, your purpose for creating this business in
the first place, authenticity is key here because your mission
statement is something to reference along your
path whenever you hit any roadblocks or find
yourself feeling discouraged, which believe me, it
happens to the best of us. So before we check the big concept pillar
off of the to-do list, takes some time to ask
yourself this simple question, why, why do I want this? Once you've done a
little brainstorming, a little thought
dumping on a page, give yourself a nice big pat
on the back as we move on to the second pillar of
laying the foundation for your online
business logistics.
8. Pillar Two: Logistics: Congratulations on establishing the concept
of your business. Now it's time to get into all of the nitty-gritty
business details, all of the logistics, the little hurdles that can be a little intimidating and a
little bit overwhelming. But remember, we're
breaking large goals into smaller, more
bite-sized pieces. And we're in this together, we're going to take it
one step at a time. I've broken down the
logistics pillar into five sub categories. First, we're going to
tackle the business entity. Next, the business license slash tax ID, then business insurance, business bank account,
and then of course, website hosting and
legal protection. So if you're ready to legitimize your business,
Let's get started.
9. Business Entity: Alright, so what exactly
is a business entity? It's basically an
organization created by an individual or individuals
to conduct business. And there are various types
of business entities. We have a sole
proprietorship and LLC or limited
liability company, an S Corp, B Corp, and so on. All of the requirements, pricing and processes
pertaining to the registration of a
business entity are going to differ from
state to state, but the basic principles
remain the same. The entity of select
is going to depend on a few factors In such as the size and scale
of your business, whether it has more
than one owner, etc. In this course, we're only going to focus on the first two, beginning with a
sole proprietorship, which is an
unincorporated business that has just one owner. It's very common for startups
and content creation as the registration process is
very simple and inexpensive. However, a sole proprietorship does not separate
the individual, aka AU, from the business, meaning that you
will have to file your business taxes with your
individual tax return and your personal assets will not
be protected in the case of any legal ramifications
against your business. I personally started with a
sole proprietorship to get my business off the ground
before forming an LLC. Now an LLC or a limited liability company is a hybrid entity that combines the characteristics of a
corporation with those of a partnership or a sole
proprietorship within an LLC, the owners are not
personally responsible or liable for the company's
debts or liabilities. Because of this, the
registration process is naturally a little bit more extensive and in most
cases more expensive. So I recommend taking some time to do a bit of
research on each of these business entities to
determine which would be best suited for your
personal business ventures. Remember to include the state in which you live
when researching a sole proprietorship
and or LLC because the process and requirements
vary from state to state. Now, with that in mind, let's move on to what we're
going to need in order to fully establish our
business entity, which is our business license
permits and tax ID number.
10. Business License & Tax ID: When it comes to business
licenses and permits, it's important to
note that once again, zoning laws and business requirements vary
from state to state, city to city, and
county to county. So this step is going
to require a little bit of Googling on your
part to determine which licenses and
permits are required for you to conduct business in
your city, state, and county. For example, an online business in Sacramento County
does not require a business operation tax or home occupation
permit so long as you are not conducting business within the Sacramento
City Limits, which does require those things. So you can see how the line
can get a little bit blurry. So take a little bit of time to do your research and determine which licenses and
permits you will need. Some important things
you will need to consider is whether you will be operating your business
out of your home or out of another location. This is going to help you
determine the type of business license
or permanent you will need as well as the cost. Next, we will need to apply
for an EIN or TIN AKA and employer
identification number or a tax identification number,
they're the same thing. Think of it as the
Social Security Number of your business, which helps the IRS identify your business
for tax purposes, applying for one is
fairly simple and the price ranges from one hundred and two
hundred dollars, give or take, and your number often arise within 24 hours. You will need this
tax ID number for most paperwork pertaining
to your business. This is a very
important step that doesn't take very long
when you're ready, we'll move on to your business insurance
and bank account.
11. Insurance & Bank Account: Owning a business is a huge undertaking of
responsibility and having the right insurance will give you the peace of
mind and knowing that you and your
business are protected. Luckily for us, in most cases, general liability insurance or general business
insurance will suffice. However, if you are providing a service under a
certification that requires you to have personal liability insurance
such as fitness coaching, for example, be sure to include both when
taking this step. Very important distinction,
speaking of separating you, the individual from
your business, Let's talk about
the bank account. Now. I am not a financial
advisor and I highly recommend seeking one with any questions that you may have. However, I do know that it is in the best interests
of your business, even within a sole
proprietorship, to open a separate
business bank account to keep track of all of your
revenue and expenses. This is going to save
you a lot of time and headaches when
taxis and rolls around. And it is legally
required when operating under an LLC to have a
business bank account. Most banks do offer
business accounts, and there is also the
option of looking into online banking platforms such as honey book or QuickBooks. Remember to keep every
receipt pertaining to your business and keep all personal and professional
purchases separate. Now that we've got all
of that out of the way, it's time to talk websites. Meet me in the next lesson
when you are ready to talk website hosting
and legal protection.
12. Website Hosting & Legal Protection: Your website is the
official platform for your online business and
the staple of your brand. But before you can
really get into all of the bells and whistles of
creating a cool website. There are a few monotonous
steps that have to be taken. Let's start with hosting. Every website you've ever
visited is hosted on a server. Web hosting makes the
files that comprise a website available
for viewing online. And there are so many website hosting platforms
to choose from, so it can get a
little overwhelming. It's important to keep your
distribution goals in mind. Remember back from our
concept pillar when selecting a website
host in the past, I've used WordPress for
blogging and have since switched over to Wix.com for
my current business website, as it is far more
user-friendly and a premium business
account enables me to conduct all of my classes via Zoom directly from my website, which is exactly what I needed. Please note that if you plan
to sell any products or services and collect payment through your website directly, you need to make sure
that you are selecting a business e-commerce website when purchasing
your hosting plan. Now, I used to be under
the impression that e-commerce was strictly reserved for those selling products. Alas, that is not the case. Always be cognizant of the features included
in your hosting plan. I've listed a few to look into, but there are so many more. Remember to use your number
one resource, aka Google. Now one thing I didn't even
consider as a beginner on my path to creating my
website was legal protection. Now you should always
consult with an attorney for any legal advice pertaining
to your business. But there are a few things
that you can do on your own to protect your
website in the meantime, because unfortunately, anyone can sue anyone
for any reason. And while none of
these things will prevent that from
happening per se, in the event of a lawsuit, it can make a huge
difference to have a few protective
measures in place. Number one being
your privacy policy, number to being your
terms and conditions, and number three being
your disclaimer. Let's start with
a privacy policy. It is our legal right as
consumers to know how much of our information is
being collected by a website and what it
is being used for. In some cases, you may want to consult
with an attorney to ensure that all of the
necessary information is included in your policy. But there are also a few
legitimate websites that you can use to create a basic
template for yourself, such as Rocket
Lawyer and timely. Similarly with the
terms and conditions, if your business comes with
a very specific terms, it is always recommended to draft your terms and conditions with a
legal professional. However, sites like Rocket
Lawyer and terminally can also provide basic templates for your terms and conditions, but typically won't
include things like a sharing policy for how slash if people can
share your content across social media
and things like that. Your website disclaimer
is essentially used to expunge you
and your business from any potential liability
or to limit or disclaimed some association or affiliation with
something or someone, for example, since
I teach yoga and refer to my certification
and trauma-focused yoga, which basically means that I specialize in nervous
system regulation. I have to disclaim that I am not a doctor and be not liable for any injuries incurred
during practice as they cannot be entirely avoided
in any physical activity, your privacy policy terms and conditions and
disclaimers should all be included on separate pages
on your website that can be accessed through links
in your website footer. These are all things that
you're going to learn throughout your process
of building your website. So don't worry. Next, we want to consider
any waivers and or contracts that you will need
to conduct your business. These are absolutely essential when providing a service
of any kind as you want to ensure that your
potential clients slash customers understand the
terms of your agreement and that they provide you
with a signed document that you can keep in your
records at all times. Now, like I said before, I have been using Wix
for my business website. And they have a customizable bookings form that enables you to include a waiver to be signed before the customer
can checkout. However, regardless
of your website host, you can conduct this
correspondence via email or whatever works
best for your business. Just be sure that your contract and or waiver is legally sound. You can search for
various templates and contract
requirements on Google. And of course, seek legal
advice when needed. Now I know that was
a lot to take in. Luck. Congratulations,
you've survived the logistics portion of laying the foundation
for your business. Now it's time to move on to the fun stuff that
branding and advertising.
13. Pillar Three: Branding & Advertising: All right, We're officially
in the home stretch in our third and final pillar and laying the foundation for
your online business. We're talking branding
and advertising, which I have broken down
into four sub categories. We have our logo, our social media,
e-mail marketing, and stationary budget
and see that one common, this is your
opportunity to express your individuality
via your business. So get creative and don't be afraid to think
outside the box. Let's get started.
14. Logo & Social Media: One of the things that I
was most looking forward to starting my business
was designing my logo. Because to me, having a
logo meant that I was on the right track and helped to
legitimize the experience. Now and don't panic if you
don't consider yourself to be an artsy type or a designer
or anything of the sort. I highly recommend checking
out websites like Fiverr, which is an online marketplace
for freelance services. The site is pretty easy to navigate and for a decent price, you can have a pretty
nice-looking logo designed by a professional
in a matter of days, they provide you with
all of the vector files, a transparent image, a
social media kit, and so on. So you can begin leaving
your mark on all of your social media and advertising pertaining
to your business. I recommend taking some time
to make a few notes on what exactly you are looking
for in terms of a logo, think color schemes, basic
concept, nothing too crazy. You don't have to think
too much into this, but figure out what you want. Like I said before, this is your time to get creative and to think
outside the box. And when you select
your designer, if you decide to use
Fiverr, for example, you let them know exactly what it is that you are looking for. And they will provide you with about five to seven
samples to choose from. And then you'll be free
to focus on creating your social media
presence as a business, it's important to get clear on which social media platforms you feel the most comfortable using and which ones
will provide you the most access to
your target audience. It isn't necessary to use every single platform if that isn't something
you would normally do. For instance, if you
don't enjoy Facebook and highly doubt your ability to share consistent content there. You don't have to
create a Facebook page. However, if your business
is a visual medium, it would be wise to utilize visual platforms
such as Instagram, for example, to drive more
traffic to your content. Social media advertising
is a matter of strategy mixed with
authenticity because your potential clients slash customers want the
opportunity to develop a genuine connection
with you and your brand. One way to establish a genuine connection
with your audience, if it's necessary, could be by starting
a YouTube channel. Many online
businesses today have turned to YouTube as
a means of expanding their platform by providing valuable information and or entertainment for
their target audience. And if you don't feel
comfortable being visible on camera
there, as always, the option to record
audio for videos, just like I'm doing right now. Social media is such an excellent resource
for online businesses, and there are so many
options to choose from, we don't have to
box ourselves in. It's important to get
creative and try new things.
15. Email & Stationary Marketing: Although social media is an excellent resource
for advertising, it isn't the only resource. A lot of online
businesses and brands use email marketing to push
products and services. Email marketing enables you to expand on your products
and services in a way that social media
cannot with things like newsletters and
short business stories. But while it can be a useful tool when
executed correctly, you also run the risk of
diluting your connection with your client slash customers if their inbox begins to flood, if email marketing is your jam, then please remember to keep
it real. Keep it simple. And for the love of
all that is holy, please do not spam
your customers. In addition to email marketing, traditional marketing
methods can still be quite useful even when conducting
business online, you can use sites
like Canva to design your own business
cards, flyers, etc. And if you don't
feel comfortable designing them yourself, you of course can have them designed by a
professional on Fiverr. And there are plenty of
platforms that enable you to print customized
business cards such as vista print
business cards are an excellent advertising tool that you can have
on-hand whenever you find yourself in a real-life
encounter where you have the opportunity to spread the
word about your business.
16. Conclusion & Project: Congratulations on completing
your beginner's guide to starting an online business. I hope that you've found
all of this information helpful for your class project. I encourage you to write out and share your mission statement to give me as well as
your peers a bit of insight into what
drives this business, and most importantly,
what drives you. Thank you so much for
engaging with this course. Once again, I hope that
you found it helpful. I look forward to your
feedback and insights. Thank you so much and as always, thank you for being.
Crislyn Easley
