6 Tips on Starting a Business Right from Your Couch

We live in a day and time when we have tons of ways of being successful in business. We don't have to have tons of money to startup. We don't have to lease an office or building. We don't even have to have a car. There are tons of ways of starting a lucrative business, even if you live in a leaky basement. Having said this, the following includes six tips on starting a business right on your couch:

1. Put the "personal" in personal brand.

Many times, you have to be engaging with your audience. Doing this will grab their attention, interest, and influence them to become one of your customers. Putting the personal in your brand will also distinguish you from others. This step is especially a good thing to do if you are a blogger, freelance writer, YouTuber, e-tailer, etc.

2. Don't try to be for everybody.

Keep in mind that you can't please everyone. Trying to please everyone will stress you out, and your brand will not be strong.

3. Don’t ignore the IRS.

From getting your wages garnished to possible imprisonment, it's imperative to pay your federal taxes. You may have to pay business taxes, local income taxes, and state taxes. You can check local officials and the IRS concerning all these taxes. The federal taxes should be done every quarter instead of just on April 15.

4. Set aside a precise place for work.

For a 100 percent tax deduction, you should use an area in your home that would be exclusively used for work, and on a regular basis. Your home workspace includes the following expenses: Your computer, printer toner, office supplies, and equipment used only for the business, and more. You can also have indirect tax-deductible expenses that are prorated by the size of your office and home. Some other important expenses consist of your insurance, rent/mortgage, and utility bills.

5. Choose the right platform.

If you're wondering how to start an online store, you must choose how to create your store. You'll have the chose to sell on third-party platforms. You can choose the e-commerce software. Also, you have the choice to either make and host your own site using open-source, or to utilize a hosted e-commerce platform.

With hosted e-commerce platforms, you'll have e-commerce tools and customizable website templates. Sites like BigCommerce and SquareSpace, for instance, have shopping carts as a valuable tool.

With open-source e-commerce software, you can create your own site if you are tech-savvy. You can drag-and-drop and do other customization. You also will be in charge of site maintenance, security updates, and performance.

For third-party marketplaces, such as Etsy or Amazon, you can get more eyes on your product if you are selling through them. However, you won't be able to establish your own identity on the internet.

6. Be prepared for the costs.

When it comes to the costs for e-commerce, it's not free, but the entry cost is low. The costs include selling commissions on fees or third-party marketplaces. There are also domain fees. However, be mindful that these low fees, along with operating costs, packaging, advertising, and other business expenses, can quickly rise.

We are living in spectacular times where we can start a lucrative business with very little money. You can start right on your couch in a small corner of a basement if you won't to. All you have to do is to have a reliable, fairly quick internet and your computer—at the very least. Then you can attend to the steps above and you'll be on your way.