If you’re thinking of starting an online business, you’ll need a number of tools that will help your new business run smoothly. Many budding internet entrepreneurs often assume that an online business doesn’t require the use of tools like traditional businesses –and to an extent, that’s true.
Unlike traditional businesses that usually require physical equipment, locations, and inventory, an online business may not need all that. However, there are toolsets that are unique to internet businesses and are used by all successful web-based businesses.
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Tax, Legal, and Accounting
Every business relies on its balance sheet to determine if it’s losing money, breaking even, or making profits. As with traditional businesses, the easiest way to do this is by running the numbers. This is usually done using accounting software or by hiring an accountant to do your books.
You’ll also need to file taxes if your business is in profit. If you can’t do this yourself, have a tax expert or consultant handle that part of your business for you. Some people prefer to hire boutique financial consulting services that can handle all these for a fee.
But they can be pricey, given that they’ll be either hiring accountants or assigning your accounts to their in-house talent. If you have the budget, then it’s easier to just let a financial consultant. If not, figure out the tools you need and do all these yourself.
Project Management
Regardless of your online business model –eCommerce, affiliate marketing, digital agency, or SaaS development– you’ll need a way to manage the tasks required to make each project successful and manage your time.
Even if you’re working alone, you still need a project management platform to help coordinate your tasks, identify major milestones, and give you a birds-eye view of the project status. This is where tools like Basecamp, Trello, Asana, and Teamwork can help.
If you’re working with a team, you’ll find that using a project management platform will make your life a lot easier. These platforms or software help make collaboration easier, can track your project status, and project progress.
Virtual Business Address
An online business offers the benefit of being able to work from anywhere. But still, there’s got to be a way to receive regular mails when necessary. For example, Google requires a physical address to send you their verification code.
Virtual business addresses like the one at physicaladdress.com can serve as your business address. They provide you with a reliable physical and mailbox for a monthly affordable fee. Every mail that comes through these addresses, can be forwarded to your physically or digitally anywhere in the world.
Communication Tools
You cannot work in a vacuum. Even the most hands-off online business model –affiliate marketing– still requires you to communicate with people like affiliate managers, content teams, and product owners.
You need a reliable means of getting and staying in touch with and coordinating everyone who is relevant to your business, including your customers. Some examples of good communication tools include Slack, Google Workspace, Skype, Microsoft Teams, and autoresponders like Aweber or GetResponse.
With these tools, building and running your online business will be way easier than trying to do everything manually.
