Task 3d (task 2 extension)

In this task I am going to explain the possible benefits to the business and customers in developing an online business.

The online business can provide many opportunities and benefits. There are many different ways to do business online and satisfy all the customers' needs. You can provide a wide range of services online. Offering many services online provides opportunities for you to reach more customers and succeed in a competitive marketplace.Customers may prefer to visit your website to find out about your products and services and buy goods online, instead of going to the shop.

When you are planning the online business, you should:

• research your competitors and other online businesses
• decide what aspects will benefit your online business
• review your budget to work out what you can afford
• familiarise yourself with any laws and regulations that will apply to your online business activities
• consider your requirements, including what software you need and what types of computer equipment you need to run it
• plan for risks, such as computer viruses, scams, data theft and loss of or damage to hardware
• think about what training you or your staff might need
• be realistic about the time and budget you will need to manage your online business

How you manage your business online will depend on the products or services you offer. You may be able to use the internet to:

• run an online shop
• manage your suppliers
• communicate with your customers, and get their feedback on your business
• offer services online
• allow customers to make reservations or appointments online
• manage your finances, such as online banking, tax and employee pay
• research competitors.

The many benefits of online business include:

• Global access, 24 hours a day, 7 days a week
• Improved client service through greater flexibility
• Cost savings
• Less paper waste
• Opportunities to manage your business from anywhere in the world
• Financial benefits
• Faster delivery of products
• Time saving
• Helps these who live away from shops
• Different methods of payment

 One of the main benefits is the cost saving. There are minimal start-up costs to create and run a website. To create a website you need to spend minimum money and it is ready for only few days.
You can offer online feedback forms for your customers. This can help you recognise problems and improve customer service without losing customers. Also it will help you to target the right audience more effectively.

Running an online business is the most effective way to reduce a company's carbon footprint. Fewer staff are needed and your employees can work from home - save on travelling and utilities costs. You can run your business from your home and even when you are on holiday. It saves you time and a lot of effort. You don't need to have premises or to pay for utilities.

 The online shopping is very helpful for people who don't live near to any shops.

Also a good benefit for the customers is that the courier companies can allow them to track their orders online. This gives customers an idea of how long they need to wait for a delivery, so they can make sure they're home when a delivery is due.
Your online business will be open 24 hours a day, 7 days a week and 365 days a year. If you are running an E-commerce website then your business can make money for you while you are sleeping or doing your hobby. Potential customers can browse the products and services, and review them whenever they want from the comfort of their own home.

The internet is, also, a great and very effective tool for marketing. Online advertising is affordable and easily tracked which means you see what communication is working and what isn't. Email marketing is also a powerful tool to help raise brand awareness, build relationships and advertise your business effectively. 

Task 2B Sources of advice

I am going to describe different individuals and organisations that can help you set up a new business. Some of them are formal and some are informal.

Individuals
-Solicitors/lawyers
-accountants
-teacher
-mentor
-parents
-friends

Organisations
-Department of Business innovation and Skills
-Bank
-local authority
-C.A.B
- young entrepreneur mentoring orgs.

Solicitors and lawyers can help you with the problems that the business can face. They can offer the right advice on all the typical problems. Getting legal advice at the start means that you can avoid crises. A solicitor can help you identify possible problems and take steps to prevent them - protecting your business and saving your money. For my business I would choose solicitor's help. They always give the right advice, particularly where legal matters concerned. They can help you with the company structure, business premises, finance, taxes, insurance, cash-flow, licenses and employment.

Accountants are people who help business to manage its finance. The advice of a great accountant is very important to set up a business. Accountant can help you with financial statement, forecast cash-flow, provide business advice for expansion, and help you reduce unnecessary expenses.

Teachers and mentors can give you a lot of information about different businesses and how to set up your own successful business. They can give you advice how to trade it, how to manage your finance, how to create your marketing strategy and etc.

Parents and friends are the people who can help you with the funding for your business. They can invest money and also give you advice on how to trade your business. I would use the help of my parents and friends, because these are the people I can trust the most. I have many friends who already have their own businesses. I can ask them for advice how to make my business successful. They can help me with finance, marketing, accounting and they can give me advice on how to avoid crises.

The department for Business, Innovation and Skills (BIS) is the department for economic growth. It helps people to promote, trade, boost innovations and help people to start and grow a business. It protects consumer and reduces the impact of regulation. I would choose BIS to help me with my business, because they are responsible for working with further and higher education providers to give students the skills they need to set up a business. They make sure consumer law is fair for both consumers and businesses.

People who start up a business need to choose an efficient business-friendly, accountant provider. Banks will help people and give them plenty of support, generous loans, useful business tools, and helpful advice.

Local authority is responsible for a range of services that your business may need to use or know about. These include planning applications, health and safety, licenses, and environment and trading standards requirements. I would choose the local authority to help me to set up my business.

C.A.B. can help you with things like what kind of a business you can run, training, how to trade, finance, income tax, VAT, premises, business rates, insurance, names and licenses, and further advice.

Young entrepreneur mentoring orgs. is a new scheme launched by the government offering loans to young entrepreneurs, to help them start up successful business. Applicants will receive advice, guidance and help with developing business plan.