How to Start an Online Business (Without Any Money)
Your imagination is your most valuable asset when it comes to starting an online business. It’s all about that great idea. You don’t need money in the bank or a computer science degree to make it happen. A spark of genius can ignite an empire. Starting strong begins with the essentials: buying a domain, building a website, setting up a custom email address. These steps lay the foundation. Once you’ve set your target, your time and energy become your first investment. One of the best things about doing business online is the flexibility — you control the model, the hours, and everything in between. You’re the boss. If you’re looking for a quicker way to win customers, selling through existing marketplaces gives you access to an instant audience. And if managing stock and storage isn’t your thing, a model like dropshipping lets you run a shop without ever handling the products. Easier said than done? Fair enough — there will be a few bumps along the way. The competition’s fierce. And once you’ve decided to launch your business, there’s also the small matter of registration, taxes, and keeping things above board. Let’s get into it! #1 Choose your business model Think about the core of your business: the product or service you’ll offer. What are you passionate about? What skills and expertise do you possess? Consider the size of your venture: is this going to be a hustle on the side, or a full-time commitment? When it comes to no-to-low cost online business ideas, here are just some of the models to choose from: ☐ Wholesale (Bulk Distribution) Wholesale is all about buying products in bulk from manufacturers or distributors, then selling direct to other stores. This could be clothing and apparel, electronics and accessories, food and drink… you name it. Success as a wholesaler depends on one very expensive thing, however: space. You’ll also need time to build a reputation before expanding into bulk distribution. So, when it comes to ideas for starting an online business from zero, wholesale might be more of a medium-long term model to aim for. Luckily, there are easier ways to get started. ☐ Dropshipping (Inventory-less Retail) If you’d prefer to avoid managing inventory and shipping — or if space is tight — then dropshipping could be the best option for you. Here’s the idea: when a customer places an order, it’s shipped directly from the supplier to them. Imagine running an online clothing store. With dropshipping, you can partner with manufacturers to send items straight from the factory to your customers, saving storage space and cutting out the logistical headache. Dropshipping has a lower barrier to entry than wholesale due to the lack of upfront inventory and storage space costs. Profit margins tend to be lower, as you’re essentially paying the supplier to handle all the fulfillment. But it’s a great place to start. ☐ Reselling Reselling is about buying products, new or used, and selling them on at a higher price. While the word might conjure up images of selling second-hand goods on eBay, the majority of online shops are essentially resellers. The reselling model is especially common on major online marketplace platforms. For example, you might purchase popular mobile phones from major retailers and resell them at a higher price. The key difference between resellers and dropshippers is that resellers hold stock, even if only in small quantities. ‘Arbitrage’ is another sort of reselling where sellers set out to profit from price differences between markets. While it can work for some, it’s important to keep everything above board! ☐ Private Label Going private label is way to build brand identity without the hassle and expense of manufacturing products from scratch. Essentially, you partner with a manufacturer who produces a generic product, which you then customise with your own branding. You can offer unique products under your own name, even if you don’t have the resources to create them yourself. ☐ Handmade Goods and Custom Products Artisans and craftspeople have long put their skills to work selling handmade goods online. This might includes unique jewellery, clothing, furniture, art, and more. You can add personalisation options for a special touch. A popular subcategory is Print on Demand (POD), where you sell custom items like t-shirts or mugs made especially to order. ☐ Digital Products This category encompasses a wide range of products, including eBooks, software, digital art, and more. Creating and selling digital products can be a cost-effective way to reach a global audience. Say you’re the author of a series of eBooks, for instance. You could sell your titles on platforms like Amazon Kindle Direct Publishing, Apple Books, or through your own website. Just be sure to use Digital Rights Management to deter any unauthorised copying and sharing. ☐ Subscription Services (Physical) Offering products on a subscription basis has the potential to bring in a steady stream of revenue. Subscription boxes filled with curated physical products, such as beauty samples, gourmet snacks, or hobby-related items, offer customers the excitement of receiving new surprises regularly. One popular example might be subscription cooking packs and spices. ☐ Affiliate Marketing Affiliate marketing is a performance-based way to earn, where you make commission promoting other people’s products or services. Typically, you’ll earn a little for each sale made through unique referral links. The key is to focus on products or services that align with your audience’s interests and needs. Affiliate marketing can bring significant earning potential for popular bloggers and vloggers, Youtubers and social media influencers — which brings us nicely to the next category… ☐ Freelance Creative Freelance creative work lets you turn your skills into a flexible way to earn. Set your own rates, choose your hours, and work on your terms. Whether through a freelance platform or your own website, a good portfolio can show off your best work and happy clients. Creative freelance services might include: ✓ Graphic design✓ Illustration✓ Photography✓
7 Reasons Why SSL Certificates are Essential for Websites
We’ve all seen that little padlock icon when shopping online — sat reassuringly close to the web address. As we’ll discover, this symbol offers much more than just a sense of safety. SSL Certificates play a huge role in protecting our personal data on the net. They help all kinds of website owners to build a trustworthy and credible online presence. And if your plan is to sell products or services online, there are few better ways to tell customers: I mean business. How the web learned to protect itself Cast your mind back to the early days of the internet, if you can — Windows 95 booting up on a chunky CRT monitor, 56k modem chirping down your only telephone line. The mid-1990s marked the first time many of us ever sent an email across the world. Perhaps it was the first time you added an item to your digital basket and paid for it online. Oh, how we marvelled at our new global connectivity. Yet, there was one major snag: online security. Or rather, the lack of it. The problem lay in how browsers and servers very casually moved our data around. For the most part, it was all exchanged in simple plain text. Like an open book. Sensitive data was out there to be picked up by anyone with ill intentions. Imagine scribbling credit card numbers on a napkin every time you go to buy a coffee. Everyone wants to keep their data safe. For the internet to become a place where people could shop, share, and interact with confidence, there had to be a better way to protect the information passing through. What was needed was a kind of secure courier service — a private envelope that could be signed, sealed, delivered. This is where SSL Certificates come in. What do SSL Certificates do? SSL Certificates are a clever way to protect user information and defend against hackers. The initials stand for Secure Sockets Layer, though don’t let that put you off. In a nutshell, SSL is there to establish a trusted and secure link between your browser and the website you’re on. Like two people meeting for the first time, browsers and servers want to say “Hello” and have a good handshake. But your browser is rightly suspicious when meeting new people. It needs to know strangers really are who they say they are. It asks: “Can I see some ID, please?” With that, it’s then up to the server to come up with the credentials: its SSL Certificate. If the details check out with the browser (both valid and in date) then it forms the beginnings of a trustworthy relationship. SSL Certificates are like passports, in this sense. Crucially, each SSL Certificate is issued and regulated by a third party, known as a Certificate Authority (CA). It’s the job of a CA to check that a website is indeed owned by the entity that claims it, ensuring, for example, that an online shop is connected to a real company. In fact, 96.3% of all SSL certificates online are issued by just 9 Certificate Authorities. There are more than 2.5 million SSL Certificates on the internet, according to BuildWith, which empower security for the majority of the top million most-visited websites out there. Approximately 4% of traffic the moves across Google Search is encrypted, ensuring a secure experience for users. HTTP vs., HTTPS Have you ever noticed how some URLs start with “http:” while others start with “https”? The S stands for “secure” and this goes to show that the website has its own SSL. Most browsers actually hide that part of the address these days, instead opting for some variation on the little padlock icon. Just be sure the padlock is displayed within the browser’s interface — an image of a padlock on a webpage is no guarantee of security. Like this: Encryption SSL Certificates make use of sophisticated keys and algorithms to encrypt data. That is to say: scrambling up the information so that it can be safely unscrambled again later. The level of sophistication can be described in “bits”. As a reference, a sheet hidden with 128-bit encryption would take the most powerful supercomputer billions of years to decode. 256-bit is better than that. But the really smart thing is that there are two different keys involved. When you send data, it’s locked using a public key. And when it gets to where it’s going, it’s unlocked with the private key. Nobody has access to both keys. Therefore, nobody can take a direct sneak peak, no matter how hard they try. Key elements of SSL Certificates SSL certificates rely on a system of trust established by Certificate Authorities (CAs). Root certificates, acting like the CA’s ID, are at the top and validate the CA’s legitimacy. You can identify them by matching “Issued to” and “Issued by” fields. Intermediate certificates act as intermediaries between the highly secure root certificate and your website’s SSL certificate. Every SSL certificate has at least one to create a chain of trust. A PFX file is a special format that combines your private key and SSL certificate. This is only necessary if you want to use the same certificate on multiple servers. When you create an SSL certificate, a unique code called a private key is generated on your server. This key is essential for installation and must be kept confidential. If it’s lost, a new SSL certificate will be required. From SSL to TSL Just as the internet has developed over the years, so have SSL Certificates. Over time, SSL became what is (technically) known as “Transport Layer Security” or TLS — but most people stick with the original expression when speaking broadly about these security tools. Almost two-thirds of sites support the latest TLS 1.3 protocol. The importance of SSL Certificates has only grown. Whether you’re running a small online shop or a big corporate platform, writing a blog
The Top Trending Inventory-Free Products to Sell Online 2024
The UK online marketplace continues to boom — there’s no time like now to start your own online business. But with so many different ways to sell, it can get a bit overwhelming. For most startup e-tailers, the biggest challenge will be finding the space to store the goods on offer. Where to begin? Luckily, there’s a smart way around that: going stock free. Yep – you can kick off a successful an online venture without turning your home into a warehouse. No faffing about with inventory management means you’re free to focus on doing what you do best — delivering fantastic service to your customers, building loyalty, and (fingers crossed) raking in a tidy profit. In this article, we’ll have a look at ways to suss out hot, trending products to sell with no or low inventory. How to start an inventory-free online store Launching an online business, it goes without saying, is almost always easier and more affordable than setting up a physical shop. User-friendly platforms like Website Builder and Managed WordPress make getting a professional website online a breeze. It’s a doddle to find and buy a great domain name, too. Alternatively (or at the same time) you can sell on the established marketplaces like Amazon, Etsy, eBay, or even Facebook Marketplace. Competition is fierce, but each offers insights into top trending products on that platform, helping you tap into current market demands. With trending data (and a bit of intuition) you’ll be able to stay ahead of the curve and find the items most likely to find buyers. Choose a low or no inventory business model The great thing about e-commerce is that you can start a business without shelling out for hefty rent and utilities. Grow at your own pace while getting the hang of things — no stressing over storage constraints. There are various low-or-no inventory models to choose from. Each has its own pros and cons. Picking the right one will come down to your interests, talents, and resources. You don’t need to be a market guru or web dev to find success. Here’s a breakdown of the main options: Dropshipping: The classic stock-free model. In dropshipping, you’re a storefront without the inventory: you list your products for sale, and when a customer makes an order, then forward that to a supplier, who ships the product direct to the customer. The supplier manages storage, packing, and shipping entirely. Fulfillment: A fulfillment centre is a facility that stores, packs, and ships products on your behalf. Unlike dropshipping, you’ll essentially buy the stock upfront and have it kept at the fulfillment centre for storage for you. As orders come in, they handle packing and shipping. Amazon’s Fulfillment by Amazon (FBA) is a well-known example, but there are lots out there. Of course, both dropshipping and fulfillment come with lower profit margins due to the fees charged by suppliers. Fees are generally higher when dropshipping, as the supplier carries the inventory risk, and they’d be stuck with any unsold products. Handmade: Crafting unique, handmade items with care and attention to detail – putting quality over quantity, and perhaps even telling a story about an items creation or origin. This is what handmade selling is about. There’s crossover with the next category… Custom Made-to-Order: Creating unique products based on customer specifications. That might include handmade, as above, or perhaps items like bespoke furniture, jewellery, gifts, you name it. This all takes skill and craftsmanship, but the rewards can be sweet both when it comes to customer loyalty and profit. Low-Inventory Reselling: Unlike traditional retail with huge amounts of inventory, the aim of a low-inventory reseller is to keep minimal stock through selective, high-demand products. Success will depend on identifying profitable deals and staying on top of market trends. Used Items: While not entirely stock-free, selling used items can be done with a small, rotating inventory rather than large quantities. Private Label: Going ‘Private label’ is all about rebranding products that have been manufactured by others. You’re putting your stamp on someone else’s work: customising goods with your own branding, packaging, labels. One example might be purchasing shampoo or perfume from a manufacturer, repackaging it (legally and with permission from the manufacturer!) for a healthy profit. Subscription Services: Think of subscription services as a monthly treat box delivered to a doorstep. Customers pay a recurring fee to receive regular products or services. This steady income stream can be really profitable for entrepreneurs who can offer value and great customer service. Digital Products: If you can share your knowledge or creativity with the world, digital products are your ticket. From e-books and online courses to software and artwork, there’s digital products for all. Storage shouldn’t be an issue, as your space is limited to hard disks, the cloud, or perhaps a Virtual Private Server (VPS). See also: How to Start an Online Business (Without Any Money) Top Trending Products to Sell Online Tech EssentialsTech essentials have become integral to modern lifestyles — devices made for our convenience and connectivity. The UK market for phone accessories alone is worth around £5.27 billion in 2023 and is expected to grow to £7 billion by 2030, with an annual increase of 3.6%. For a business model with low or no stock, offering personalised and made-to-order tech essentials is one way to stand out. Think phone cases, mouse mats, custom laptop sleeves, personalised headphones, and even bespoke laptop stands. Beauty and Wellness Beauty and wellness products are always in high demand. The UK beauty and wellness industry estimated to be worth £39.04 billion and expected to keep growing 2% or so each year. As a dropshipping/fulfillment option, evergreen products include moisturisers and serums, shampoos and styling products, foundations and lipsticks. Social media platforms like TikTok are great for spotting (or even starting) the latest beauty trends. Home and Living Homeware and kitchen products are ideal for side hustlers looking to tap into a practical and stylish niche. Items like stylish kitchenware, including
Google Analytics: A Guide For Your Online Business
Google Analytics is a free in-browser app that helps you understand how your website is performing. It goes well beyond counting hits. If you have an online business, you can learn how visitors move through your pages on their way towards making a purchase — or navigating away. The idea is to make make smarter, data-based decisions to improve your customers’ experience. In this guide, we’ll run through the basics of getting started with Google Analytics and look at all the essential features. Why analytics? Website analytics help you understand what people are doing in your online space — what they like, what they don’t like, what makes them click. The aim might be to offer a better experience for visitors and increase engagement. You can use the data to improve your site in a way that keeps visitors coming back for more. For online businesses, the goal will be to drive sales and deliver the best possible bang-per-buck. By tracking metrics like conversion rates, time on page, and click-through rates, companies can make informed decisions to boost sales, increase brand awareness, and hit their targets. In short: you’ll want analytics to achieve the best Return On Investment (ROI). Welcome to Google Analytics 4 Google Analytics 4 (GA4) is a powerful in-browser platform for gathering traffic insights and more. It is the successor to Google’s previous tool, Universal Analytics (UA). They decided to bring back the classic name with this release, but the software is new from the ground up. GA4 represents a big leap for website analytics. In particular, it’s much smarter when it comes to looking at user interaction with individual web pages. You can track how visitors scroll up and down pages and understand more about which pages take customer where. And it’s totally free to use. There is a premium version, Google Analytics 360, but that’s designed for large enterprise with more complex data needs. GA4 is more than enough for most small to medium-sized businesses. How does Google Analytics work? GA4 gathers data from your website, your visitors, and Google Search. It then visualises the data in intuitive ways. It paints a vivid picture of how users engage with your site, with insights into their journey, from the moment they land on your page to the moment they leave (or, hopefully, make a purchase). GA4 makes use of what Google calls ‘Signals’ – clues taken from device type, browser settings, and so on – to enrich data collection. Doing it this way, combined with machine learning, allows GA4 to fill in data gaps (think of it like gaps in the dinosaur DNA). The idea is to understand the whole user experience. It sets out to do this through ‘event-based tracking’, including various user actions — from clicks and scrolls to video views and form submissions. Importantly, it collects data without infringing on the privacy of individual users. Instead, it’s anonymised and built up a bit like a collage. Users aren’t snooped on directly. GA4 can however collect more specific personal data when it comes to Ads Personalisation. By default, though, this option is set to off within everyone’s Google accounts. What can I do with Google Analytics? Imagine your business is an independent bookstore that sells books online. Google Analytics can track how customers find their online shop through search. It can provide data on which genres or authors they browse. You can see how long visitors linger, for example, on book descriptions, and if they add any titles to their virtual cart. You can see how customers have discovered books — through blogs, online ads, social media posts, or simply from search results. Armed with this information, you can figure out which marketing strategies are turning pages into profits and tailor the approach accordingly. Perhaps you need to highlight more staff picks on the homepage? Or run a special promotion? The data is there to help you make smarter decisions — whether that’s redesigning the website navigation, promoting specific products, or launching a campaign. You can track the progress of promotions or campaigns as you go. How do I install Google Analytics? Since GA is a web-based tool, you can access it directly in your browser without downloading or installing anything — it’s just about getting it connected. To start, you’ll need to open an account. You can use your existing Google account, if you like. Then, it’s time to create a Property. In Google Analytics, a Property represents an individual website or mobile app, and acts as a tab for organising all the information contained within it. You can create and manage multiple within one account. After logging into GA4, you’ll automatically get a Property created for your website or app as part of the initial setup. The final element is your unique Tracking Code. This code allows Google Analytics to collect data from your site and is provided as an HTML snippet (looking like “G-XXXXXXXXX” or “UA-XXXXX-X”). This invisible tracker will need to go on all pages in order to work its magic. Click here to visit Google’s own instructions on getting your site connected. Thankfully, if you’re using Website Builder from 123 Reg, there’s an easy way to add your HTML snippet. Simply visit your website dashboard and click “Edit Website”. Once in, scroll over to “Settings” in the right side panel and find “Google Analytics”. Copy paste your code into the “Tracking ID” area. Hey presto. Your changes will save automatically, but you’ll need to publish your website to make the Google Analytics tracking code active. Once that’s done, be patient! It can take up to 24 hours for data to start showing up in your GA4 account. If you’re a WordPress user, you can add your tracking code either manually by editing your theme’s header.php file or with various free plugins. Set up a Google Analytics demo account For those new to Google Analytics, a new account linked to your Google account is
The Most Expensive Domain Names Ever Sold
Many of us overestimate how much it costs to register a great domain name. You might assume that domains are expensive, especially when they’re short, snappy, and with one of those famous endings like “.com” or “.co.uk”. You could be under the impression that all the best domains have already been taken, anyway — gone, snatched up, like the last doughnut in the office or a Saturday parking space at Lidl. This isn’t always helped by media coverage of high-profile sales. And for sure, some domains can be very pricey indeed. The most expensive ones fetch the same sort of prices as masterpieces at an art auction. The reality, however, is that you can easily pick up a fantastic domain for absolute peanuts. And there are still plenty of excellent choices available. Then, what’s the typical price for a domain name? That’s difficult to say. The average price of a domain depends on a few factors, be that the extension (TLD), the registrar you choose, and the additional services you opt for when you buy. While it’s tough to give an average, let’s go out on a limb and say you can expect to pay between £10 to £30 per year for a good proportion. If you look in the right places, though, you’ll be able to find fantastic deals on cheap domains. What’s for sure is that finding the right one can make a huge difference to your online success. So, whether you’d like to start a blog, show off your professional portfolio, or even start an online business, it’s great to know you can do it with hardly any cash in the bank. Explore thousands of domains and turn your idea into a reality The most expensive domain names ever Figuring out the exact price of a domain name sale is a bit of a guessing game. Many sales are made with non-disclosure agreements in place, keeping the exact numbers under wraps. In at first place is the US-based automotive website, cars.com. Widely regarded as the most expensive domain ever publicised, a report from the website itself shows the domain as an asset valued at approximately £666 ($872 million).¹ (This begs the question, though: if other companies were to reveal the value of their domain as an asset, wouldn’t some be worth even more?) Moving on, number two on the list is business.com. A generic and highly sought-after domain, this digital asset was officially acquired for a staggering £264 ($345m). It’s a good example of a memorable keyword that captures a big audience. In third place is the self-explanatory carInsurance.com. Sold for the princely sum of £39 ($49.7) million, it all goes to show how important it is to have a website name that people can easily understand and connect to. And here’s the full list:² 1. Cars.com — £666 million2. Business.com — £264 million 3. CarInsurance.com — £39 million 4. LasVegas.com — £68.75 million5. Insurance.com — £28 million 6. VacationRentals.com — £28 million 7. PrivateJet.com — £24 million 8. Voice.com — £24 million 9. Internet.com — £14 million 10. 360.com — £13 million 11. Insure.com — £13 million 12. Fund.com — £10 million 13. Sex.com (again*) — £11 million 14. Sex.com — £10 million 15.Hotels.com — £9 million 16. Porn.com — £8 million 17. Shoes.com — £7 million 18. Porno.com — £7 million 19. Fb.com — £7 million 20. We.com — £6 million *Sold for the second time (Insert own joke) Why are some domain names so expensive? Domain names can fetch high prices for all sorts of reasons. Just like prime real estate, a premium domain name is an investment. Domains that combine keywords with commercial value, together with popular endings, can sell for eye-watering sums. A good domain makes it easier for customers to find you, boosting brand recognition and setting the stage for future growth. You’ll notice that all twenty on the list are “.com” domains. This just goes to show their popularity and perceived value. That’s especially in the United States, where it’s arguably seen as the default domain extension, even above “.us”. Short, catchy, and easy-to-remember names are more valuable for branding and tend to perform better in search engine results. Take domains like “Uber.com”, “Zoom.com” and, of course, “google.com”, for example. These names are easy to remember, relevant to the brand, and roll off the tongue. Trending topics or industries also tend to increase the demand for specific domains. With millions of domains already registered, unique and relevant using the traditional suffixes can indeed become more difficult to come by, driving up the cost. Older domain names with established traffic and backlinks also tend to command higher prices. Where can I find a cheap domain name? There are upwards of 350 million domain names already out there. With roughly 1 million new domains registered monthly, that number will be over half a billion by 2026.³ Thankfully, new endings (TLDs) are constantly being released. Novel suffixes, like “.blog“, “.shop“, or “.tech”, and the newly released “.ai” domain extension, offer a fresh and creative alternatives. It’s easy to find cheap domains that can work well for your online brand. According to the Internet Assigned Numbers Authority (IANA) database, there are almost 1600 domain extensions, or “Top-Level Domains” (TLDs) to choose from. That’s a lot of choice! If you invest a little time and effort in research, lots of domain registrars (domain name sellers) run promotions and offer discounts, especially on multi-year registrations. Great registrars like 123 Reg (that’s us) may even offer additional perks such as free privacy and security features, which can add extra value to your purchase. Comparing prices and taking advantage of these deals, you could save lots. At 123 Reg, we offer competitive pricing on a wide range of domain extensions, starting from as little as 0.79p for the first year. You can easily browse our selection and find the perfect domain name for your business, all without breaking the bank. No need to rush into
Tax Changes 2024: Need to Know Info for Side Hustlers
Starting an online side hustle is an amazing way to earn some extra income while doing what you love. It’s a chance to turn a passion into a profitable venture right from the comfort of your bedroom. What better way to make a little income on the side? But then, there’s tax. There — we said it. Like shouting “boo!” in a library, the mere mention of the word is enough to send shivers down the spine, conjuring images of paperwork mountains and costly mistakes. Alas, paying tax is a fact of life. The good news is that keeping your accounts in order isn’t as tricky as it sounds. It’s all fairly simple, really. In today’s blog we’ll explore some new tax rules outlined for 2024, from shifts in tax brackets to changes in deductions and credits, giving an overview of how these updates might impact you. You may even be able to save a little money along the way. Embarking on an online venture can be rewarding in more ways than one. According to research by Aviva, as many as one-in-five UK adults have started online side hustles since March 2020. The average post-pandemic side income sits at about £497 a month, with around 16% of these new projects now earning over £1,000 each month. 39% of respondents in the same Aviva study describe turning a genuine hobby and passion into an income stream. 30% state that the additional income was to help cover their own bills and expenses. 21% of new side hustlers, meanwhile, are aiming for more than just a top up, with the ultimate goal of quitting the desk job and becoming their own boss. ❝ Keep in mind that your side hustle, no matter how small, may still be a business in the eyes of tax authorities. This means that any income you generate may be subject to tax. ❞ Some side hustlers assume that if their side gig isn’t their main job — or if they haven’t been trading for a full year yet — that they don’t need to worry about taxes. Sadly, that’s not the case. Keep in mind that your side hustle, no matter how small, may still be a business in the eyes of tax authorities. This means that any income you generate may be subject to tax. Tax laws are changing all the time and it can be difficult to keep up. As we’ll get into, some of the tax information for last year is about to go out of date (if it isn’t already). Understanding how to handle your taxes and self-assessment is key to avoiding stress and penalties. In this guide, we’ll offer some tips on where to look for updates and how to understand what they mean for you. We’ll break down what counts as taxable income for your side hustle and how to figure out what you owe. Keeping informed is also key to staying sure you’re taking advantage of all the opportunities to save. Be sure to check the gov.uk website for official guidelines. Remember that you should always seek tax advice from a qualified professional. The £1,000 Threshold To start on a positive note: You probably don’t need to make a declaration if you’ve made less than £1,000. This one isn’t a new rule for this year. Tax-free allowances for property and trading income came into effect back in April 2017. If your annual gross trading income is under £1,000, it may be the case that you don’t need to tell HMRC. However, be sure to double check the government’s official website, as there are some situations in which you’d still need to register for a Self Assessment and declare your income on a tax return. Even if you make less than £1,000, you should always keep a record of your income. Good record keeping will make it easier to comply with tax rules. There’s also a variety of deductions and credits you can take advantage of — more on that later. But what if you are making more than a grand a year through your online gig? First of all, congratulations! It’s great to see that hard work is paying off. If you run a part-time business online and your gross annual taxable income is more than £1,000, then you’ll need to inform HMRC. You must register for Self Assessment by 5 October in the following tax year. This is true whether you work for yourself, own your own small business, or have money coming in from a number of avenues. Given that £1,000 in a year only equates to around £80 per month, there’s a good chance that you’ll be above this threshold. Tax rates for 2024 The tax year runs from April 6 to April 5, the following year. Everyone gets a tax-free Personal Allowance of £12,570, which decreases after £100,000 income. Employees working for a company would usually pay taxes on income (via PAYE), but this isn’t the case of an online side hustle. Estimating your taxes means figuring out roughly how much you need to pay. You’ll look at what you’ve earned, what you can deduct, and then use that info to work out what you owe. If you’re doing this throughout the year, you can avoid nasty surprises when the bill comes due. Here’s how it breaks down based on earnings: ☐ Up to £12,571: 0% – Personal Allowance ☐ £12,571 to £50,270: 20% – Basic Rate ☐ £50,271 to £125,140: 40% – Higher Rate ☐ Over £125,140: 45% – Additional Rate Remember: Income tax bands are based on earnings across all sources of income. So while your online gig might only be bringing in £10k a year, if you’re on a £25k salary in your main job, that’s £35k in total — and you’d be liable to pay tax on the remainder after your Personal Allowance. (This is a simplification, though, as we’re not taking into account National Insurance contributions and other factors.) Register as a sole
Unlock the Perks: 10 Benefits of Having a Website in 2024
When you launch a new business, you’ll be plate spinning. Depending on your company, you’ll have everything from the legal and financial side of setting up to inventory and branding to think about. Due to this, many start up entrepreneurs put off building a website, hoping that a Facebook, Instagram or LinkedIn presence will make do for now. As we’ll get into, however, a website is an essential tool for businesses of all shapes and sizes. In this article, we’ll discuss just a few of the ways a business website can help you. But first, we answer a few common questions about what it takes to create we website — and bust a few myths along the way… How much does it cost to set up a small business website? If you use a website builder product, you can build a bespoke website for a set up fee of less than £10 and maintain it for less than £10 a month after that. How long does it take to build a small business website? Using the tailorable templates provided by a website builder product, you can set up a simple website with elements like an attractive homepage, About Us page, Our Work page, a blog, and more in a few hours. If you want to build an ecommerce site – aka a site through which you can sell things – it can take a little longer, but you can still get something live in a day and perfect it as you go along. Can an entrepreneur with no tech experience build their own website? Absolutely. Website builder products let you build a site with no knowledge of code. You simply choose a template you like for your site, tweak it by changing colours and easy to add page elements, add content like copy, images and videos and you’re ready to go. What are the benefits of having a small business website? ✔ You’ll look more professional There are said to be 2.95 billion active monthly users of Facebook, while there are only 200 million business pages on the site. Compare these figures and it indicates that Facebook is still mainly used as an informal, casual platform. Business websites, meanwhile, are official, with their format created to be taken seriously. ✔ You get your own domain name A domain name is more than just a web address. It gives your business a professional and credible image, making it easier for customers to remember and find you. Unlike social media or marketplace profiles, where your name is buried under their branding, a domain name stands out and can be tailored to your business. With your own domain, you signal to your customers that you’re serious and invested in providing a direct, trustworthy experience. See also: Names That Click: How to Choose the Right Domain Name? ✔ You’ll look more trustworthy A business website will inherently feels more trustworthy than a social media profile. It’s a dedicated space that shows commitment and professionalism, where you can present detailed information about your products, services, and company ethos. Customers tend to perceive a website as a sign of a well-established and reliable business. Your customers will also feel safer in knowing they’re data is protected with an SSL Certificate. Recent research has revealed that eight in 10 UK consumers trust a business website more than social media. It’s not surprising, really. UK newspapers have recently reported that social media sites like Facebook and Instagram are a ‘Wild West for shopping fraud’ with one Guardian article revealing: “UK consumers are losing more than £27m a year through purchase scams originating from the two platforms.” ✔ You can set up your own professional email address to match The added bonus of having a website with your own domain is that it allows you to set up a professional email address to match your brand name. This looks so much more professional and trustworthy than a generic email address and helps people to remember the brand every and every time you get in touch. It’s easier to trust an email that comes from a business-branded address. Plus, it keeps your work and personal messages separate and tidy, making sure you always look sharp and focused when dealing with customers. See also: How to Create a Free Business Email Address? ✔ You have full control over your visual branding Yes, you can add your logo and header images and branded content to the likes of Facebook and Instagram business pages, but the pages will still predominantly feature the branding of the social media sites themselves. Having your own website gives you the freedom to build and customise everything about your online presence, without the limitations or rules. Facebook business pages, for example, still feature blue call to action buttons, blue text, and blue navigation menus. Every business page on this platform, also has an identikit layout. With a website, there’s no dual branding. You can do it your way: your colours, your tone, and you dictate the layout of your webpages to the maximum. ✔ Showcase the quality of your business A stylish and lovingly-crafted site shows that the website owner is prepared to put time, effort and care into their business, and this reflects on the rest of a company’s offerings. Just like a real shop front, it shows customers what you’re all about. ✔ Develop a mailing list Websites are great tools for capturing email addresses. You simply have to add a newsletter sign up form to your site or create a pop up that offers a discount code in return for an email address. Recent research reveals that email is still one of the most effective channels for driving sales in the UK, with research from one study by Marigold revealing that 51% of consumers have purchased a product as a direct result of an email they received in the last 12 months. ✔ Show expertise with your own blog With your own website, you can host a blog that’s all yours
2024 Guide to Starting an Online Business
Launching an online business has never been easier. You can do it without big upfront funding and there’s no need for serious tech skills. With the flexibility to set your own schedule and call all the shots, this is an opportunity to be your own boss. With just a little clever strategy it’s possible to reach a huge audience right from the get-go. Whether you’re looking for a gentle income stream on the side — or dreaming of a worldwide e-commerce empire — anything’s possible. With that, here’s our guide to starting an online business in 2024. Why start an online business in 2024? | Come up with your business idea | Choose your business model | What type of entrepreneur are you? | Conduct market research | Write the business plan | Get the funding | Register your business | Manage your accounts | Buy the domain name | Choose your online platform | Set up shop | Start taking payments | Build your online presence Why start an online business in 2024? Building an online business is a great chance to do something rewarding — in more ways than one. To start with the obvious, the entry barrier is often very low. Online ventures tend to come with minimal start-up costs, compared to a bricks-and-mortar business, saving money on rent, utilities, and other associated start-up expenses. It’s a way to get a foot in the business door without reaching deep into your wallet. For those who do already have a physical shop, going online offers a great way to increase revenue and expand, reaching new avenues and wider audiences. You have the flexibility. As the customer base grows, you can expand operations without the constraints of physical space. You have the power to map your online business to fit exactly what you need. Whether you’re starting small with a niche product or dreaming big with a diverse range, you can up the size and complexity as you go along. You needn’t be a tech wizard. With so many user-friendly platforms and handy tools out there, it’s possible to set up shop with only limited tech skills. Good website builders provide templates that make it utterly easy to launch a professional-looking website in minutes — then manage stock and update pages daily. If you’d prefer instant access to customers, you might try the existing marketplaces of Etsy, eBay, and others. And there’s never been a better time to start. In fact, the UK now boasts the world’s third largest e-commerce market in the world after China and the US. Online sales account for more than a third of the total retail market in the UK, in spite of what’s going on with the economy. Online sales even increased by 36% last year. By 2025, the total domestic revenue from e-commerce is predicted to be worth £230 billion. So, if you’ve got something to share with the world, 2024 is the time to make your mark. Finally, did we mention you can do it all from home in your pyjamas? Come up with that business idea So you’ve decided to start an online business. Exciting! The first step is to define your business idea. It’s about turning that spark of inspiration into a clear, actionable concept. There are several key things to think about — to guide your thought process and to help shape this vision into something tangible and viable. First, consider the scale and commitment of the business venture. Are you looking to start a side-gig to complement your lifestyle and income, or are you aiming for a full-time enterprise that’ll become a primary focus? Think about the core of your business: the product or service you want to offer. This is where your passion meets market demand. Is there a specific product or service you are passionate about or have expertise in? Define the niche. Pinpoint a specific market segment and, instead of trying to serve everyone, focus on a particular group with shared interests. Tailor your products or services to meet their preferences. This approach helps your business stand out and builds stronger connections with loyal customers. Identify your passions and market gaps to find your niche effectively. How well does the business idea align with your skills and experience? Will you need additional training or partnerships? A business idea that fits your strengths and areas of expertise is more likely to take off. Choose your business model There are four primary business models in e-commerce lingo. Those are: Business-to-Business (B2B), when a businesses sell products or services to other businesses. When it comes to wholesale, a B2B might act as intermediary in a supply chain, purchasing goods in bulk from manufacturers and selling them to retailers or other businesses. Business-to-Consumer (B2C), where a businesses sells direct to consumers. This is the biggest e-commerce business model there is — whenever we make an online purchase as an individual customer, we’re engaged in the B2C model. Consumer-to-Consumer (C2C), when consumers sell goods or services to each other through an intermediary platform. Casual and occasional selling on eBay or Facebook Marketplace would fall into this category. Consumer-to-Business (C2B), when consumers provide services to businesses. Switching around the B2C idea, this one is a bit oddly named, as it typically refers to freelancers selling to businesses. For example, getting paid to upload photography to Shutterstock. Decide: What type of entrepreneur are you? Think about what you love and what you’re good at to find a business model that fits. Understanding the dynamics can help you position your business and work out your opportunities. Whether you decide to go wholesale and manage stock yourself, or to “dropship” orders straight from supplier to customer, the choice should reflect your strengths and market positioning. Think about your Value Delivery Method. That’s a posh way of asking how you’ll meet the needs of consumers. This choice goes beyond logistics; it shapes the entire approach to bringing value. Each type of business has its unique set of