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Some advice please, regarding a business start up

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CalinPop

Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jan 25, 2019
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Hi, guys once again My name is Calin and I live in UK London, I want to start a business selling on Amazon Importing products from China, I already went thru some courses and bought some more courses on Udemy about marketing, Facebook ads, Google Adwords and so on, My budget is not so big so I want to learn as much as possible to succeed, I am not afraid of getting things done and to put effort in to, I have a full-time job and a toddler and another one on the way
Any advice will be appreciated thanks in advance
 

GoGetter24

Gold Contributor
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Oct 8, 2017
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Based on having done it myself (the ones marked in green are the only ones you must absolutely have to start):
  • First, be absolutely clear on what the business play is, and what you're aiming to get out of it. If you don't have this, you don't have a success gauge or "marker when to ditch it", and you're going off half-cocked. You should have a clear but basic initial plan how you're going to conduct the business. In your case: buy some stuff, list it on Amazon, advertise it, ship it when people buy.
  • Register your business. Usually as a sole proprietor to begin with, but if you were in say California you'd register an LLC because it's dirt cheap and relatively painless. So how to do this depends on your jurisdiction -- sole prop. is faster, company is safer, and you can usually transfer from one to another later.
  • Open a business bank account, and do everything through it. It's the simplest and easiest way to separate and to keep basic track of your accounting to begin with. If you use your personal account it's a mess.
  • (Optional if you'll be taking direct payments) a merchant account.
  • (Optional, in your case could leave it until later if needed) set up your web presence: website, email, possibly a voip number, etc.
  • Set up your basic legal. In your case it'd be a terms & conditions you attach to all your listings. In the case of a service business it'd be setting up standard contracts. Most people get started with this by copying from other people's terms & conditions that they like.
  • (Can be left until later depending on what you're selling, your jurisdiction, your business structure, how tight your legal is): Business insurance. If you're in a shitty jurisdiction where judges think it's OK to award a retard a million dollars against a cafe for them spilling a $1 coffee on themselves, you'll probably want this up and running early on.
  • Set up accounting. Can be put off until you're actually clocking a significant number of transactions.
Note that none of them are in green. You can start selling stuff online right now with what you already have, and can start migrating it to a more solid business structure as you go.

You can buy something right now and list it for sale online, probably within 24 hours, to get started. So either do it or don't.

*disclaimer: don't know what I'm talking about, not a business adviser, etc
 
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