Contrary to popular belief, the ins and outs of doing business online involves much more than simply setting up a website - so where do you start?
Covid-19 and it’s associated shutdowns forced many businesses to turn to online trading, and many weren’t necessarily ready to do so. However, while you don't have to run your entire business over the internet to benefit from online business opportunities, there are still a medley of legal obligations and key functions that still need to be met.
If you are debating doing business online, the many benefits that come with doing so shouldn’t be discounted. Considering that we are now very much living in the digital age, the real question is can you afford not to?
The Benefits Of Doing Business Online
Today, the simple fact of the matter is that most consumers now expect to see your website, email address and even social media channels on your business cards and promotional materials. In fact, it’s now very much the norm.
While some operators choose to conduct the sale of their products or services entirely online, others have opted to use it as a way to still trade in the midst of unprecedented lockdown measures and social distancing policies thanks to the global pandemic. Whatever your preference, the many benefits of doing business online can include -
24/7 global access to both new and existing customers
Save on traditional physical expenses such as rent and utilities
Faster and more efficient product delivery
Increased professionalism and brand validation via an online presence
Environmentally friendly by going digital and using less paper
Improved customer services and communication methods
The ability to manage your brand from home - or anywhere in the world
How you manage your business online will depend on the products or services you offer. Some operators sell and ship physical products to consumers from all over the globe, whereas others may use it as a way for consumers to make reservations or appointments online.
How To Get Started With Doing Business Online
Just how deep you want to go down the virtual rabbit hole is entirely up to you, but there are a few key basics that most brands will need to adhere to if they want to start doing business online.
Know Your Obligations - Whether you are a new or existing business, there are a few basics that need to be covered if you want to trade in Australia. Getting your tax and legal obligations right the first time will save you a lot of pain further down the track. If you aren’t sure as to what your obligations are, ask for help.
Have A Solid Niche - A little self awareness goes a long way when it comes doing business, especially online. Make sure you know your competition, along with your own product or service strengths (and weaknesses). How you represent yourself and your brand on the internet is crucial if you hope to achieve success in online trading.
Invest In The Tech - If designing and setting up a website isn’t your strong point, then invest in the help of a professional. Not only does it need to look good - but it needs to work. The needs of your website’s functionality will boil down to what you’re selling, so ensure it can perform the way you need it to via the right booking or tracking systems.
Payment And Delivery - How are your consumers going to pay for your products or services, and how are they going to receive them? Getting paid online involves much more than the traditional “cash vs card” conundrum, so make sure that you’re factoring in all of the platform’s fees or extra surcharges into your budget or business plan.
Be Aware Of Cyber Legalities - Doing business online in Australia required operators to adhere to an extensive set of laws specifically designed for this method of trading. Ensure that you have a clear and visible privacy policy, refunds and exchanges policy, along with being aware of any potential security issues or copyright and trademark infringements.
Start Promoting - Having a state of the art website is all well and good, but the internet is a BIG place - so how are both new and existing customers going to find you? Have a clear and concise plan of attack when it comes to digital marketing, such as using social media, pay per click advertising, or search engine optimisation strategies.
Where To Source Help With Doing Business Online
If understanding your finances or the in’s and outs of business isn’t your strong point - particularly, online trading and finance - then it may be reassuring to know that you’re not alone. In fact, many businesses (big and small) enlist the services of an accountant and business advisor in order to free up their time, while knowing that their financial obligations are already taken care of by the professionals.
What you choose to invest in or shy away from as a business owner can have a domino effect that ripples through your entire team - so are you confident in your financial choices?
At Muro, we are more than just accountants - we offer our clients strategic business advice and ongoing support to help them reach their business and financial goals. Get in touch with us at Muro today to ensure that you’re on the right path for success as we head into 2021.