Launching an Online Business - Daily Updates

Hey

Ok, I am a little bit late with making a blog type thread here, since I have been working on the site for a few days - but I thought people might be inspired and interested in what I am doing.

I am setting up an online eCommerce business that will sell codes, points and vouchers for online gaming (eg. Xbox Live, PSN) and other things, such as iTunes.

The key concept is, that normally when you order these things (such as say, a 3 month xbox live subscription card) you need to wait for it to arrive in the mail, and you pay more for postage etc. All the codes that the site will sell will be delivered by email.

I will making daily posts here with updates on the business, including costs and income (when it opens).

So far, total costs have been $274.25, paying for:

• Custom Website Design
• Server & Domain
• Graphics
• Press Release Writing

So far, the website itself is still being developed. After it has been finished and tested, then promotion will begin - this will include press release submission, sponsoring of related websites, viral marketing and offline marketing.

My goal is to develop the site to have an income of $9000/month, which will result into a profit of roughly $1000/month.

Hopefully, after 1 month of launching the site will be in profit (if I meet the targets, and keep development costs below $1000).

Blog, Day 1

Today I was working on the building of the site. I was setting up the website, adding the products, getting images ready for the site and contacting code wholesalers in the UK.

Live chat system has been set up and is working, fully integrated with the design. Support phone and fax numbers have been set up (VOIP & Fax to Email) to be ready for the launch.

Tomorrow's Goals:

• Select logo to use for the brand identity
• Finish adding all the products to the website
• Start setting up the FAQ, help pages, about us page, support ticket system and integration with payment and credit card processors

I will update again tomorrow.

Calum

 

Hi dear
Launching an online magazine covering a broad subject such as fishing or yachting, which relies on advertising for its main source of revenue, is a risky undertaking. It will need significant editorial resources and very good knowledge of optimising online

 

Didn't get as much done today as I had planned. Got the logo and favicon made, but personal matters meant I couldn't finish putting the products in the site.

Expendature today: $15
Total:$299.25

 

It’s always great seeing the start of a new online business, and seeing the step by step of someone is inspiring to others. I really wish you the best with everything!

 

I hope you do well in your business.. I have yet to start my own sometime soon. I would love to see how you do.. you should keep us updated when you can .. thanks!

 

Hey! You are saying that you want to start a business with $9000/month income and profit $1000/month ??? This is not a good thinking.
If you are going to get only 10% rate of return in your online business. I think, this is not a good return. What do you say?

 

agreed... you should try to cut down on costs to boost your revenue

 

When you set up your online business, how would you get more buyers to visit your site?

 

It is good thinking. That includes the cost of the product. If we buy one product for $40 and sell it for $45 then that is the reason for the large income but low %profit, but 10% is still a very good return with that volume of sales.

 

Why there no update?

 

its the weekend.

 

Yes, I am only working on the site on weekdays (maybe some weekends, but it is mainly a week project), so only weekday updates.

Todays targets: Integrate logo and favicon with site design, further discussions with wholesalers, credit card processor analysis and further setup of products.

 

cool - I'm looking forward to seeing how this turns out for you.

 

Todays updates.

Logo and favicon set up with site, full graphic design is now finished. All products, descriptions and images have been added to the site.

Next stages are to set up with the payment processors and systems, but this cannot be done until I know the price. The problem here is that depends on the wholesale price - a tip for anyone buying wholesale products, they are slow to hear back from and slow to deal with.

Until we have the pricing of the products, next stages are to set up the support ticket and email system, with integration with the live chat system. Also writing of FAQ and help pages.

Current legal status, I am waiting for the company to be officially UK incorporated - the forms I sent off should be processed by the end of the week. Then I need to register as an LLC.

The legal parts of this site are very complicated. If you are serious about opening an online store of any form then you can't just sell stuff and keep the money.

I am talking to a solicitor now about the legal and tax sides - luckily this is funded by my bank so I do not need to spend money (or else it would be way too expensive), these include registering as a company, liabilities and paying tax, registering for VAT etc.

 

interesting to watch as you go through this process. Do most online companies get legal representation or advice? I'm sure it is a good move.

 

Sounds like a great idea, i've bookmarked this thread and I can't wait to see your business develop!

 

It depends on what the creator(s) want, what they have planned etc.

Some people could easily just set this up and take money in paypal without doing anything else. I want this company to not just be in business, but to become a big company. The legal business documents and paying of taxes needs to be done from the start, in my opinion, to give it a better chance of success.

I get legal and tax advice for free through my bank, which I am very grateful of - without this it would be very expensive.

 

very nice update about your business.

 

Thanks for the update good luck with your business!

 

Good luck with your business, hope it is sucessful for you. Seems like a small return for all the time invested though