Starting an online business can be one of the best decisions you ever make in today’s digital age. However, it can be risky if you don’t know what you’re doing . Not having the right plan or the necessary tools can be a recipe for disaster, costing you time and money trying to regroup. I’m AJ. I’ve spent the last 10 years building a digital agency which I sold in a successful multi-million dollar exit . I started Small Business Bonfire to help other like-minded entrepreneurs succeed in their endeavors with less risk and more reward . Our platform strives to provide the best resources, hacks, and tools to get small businesses started on the right foot . Here’s my step-by-step guide for starting an online business (the less risky way). Let’s get into it! Key Takeaways A great name can really help you stand out (just look at Google) Don’t strive for perfection. Instead, work on consistently improving Managing your finances is key (they can make or break your business) Social media marketing is essential for connecting with your target audience
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Start With Your Online Business Idea
The first step in starting an online business is to come up with an idea or product you can offer. A great online business idea can end up revolutionizing the online shopping experience . Just look at some of the best companies in the game, like Amazon or eBay. These companies started with a creative idea and have grown to become some of the most successful businesses online. While you might not take over the world of online marketplaces as Jeff Bezos did, you can certainly make an impact with your business online. Some things to keep in mind include the following: Popular online business ideas What online businesses are easiest to start? Service business vs. product business Here’s an overview of each. Remember, play to your strengths when choosing the right business for you. Popular Online Business Ideas It’s a good idea to start with a business model that has proven to work. Here are some of the more popular profitable business ideas: Dropshipping: Sell products from distributors and ship them directly to customers Career coaching/consulting business: Provide one-on-one advice or services through video conferencing, phone calls, or in-person meetings Digital products: Create digital products like courses or emails Affiliate marketing: Earn commissions from referring customers to other businesses Picking one of these business ideas will give you a great starting point to build your online business, as you can learn from the successes of others. What Online Businesses Are Easiest to Start? Out of the options listed above, in our opinion, one of the easiest to start is affiliate marketing. Affiliate marketing gives you the ability to quickly get your product in front of customers without having to create a product or spend money on advertising. All you need is a website and some content, and you can be up and running almost instantly . Another strong contender is dropshipping, as there’s no need to create or hold inventory. However, it’s more complex than affiliate marketing and takes a bit longer to set up. It’s worth pointing out that finding a business niche that’s relatively untapped can have its advantages. If you find an area that’s been thoroughly tapped, you can gain a competitive advantage. Service Business vs. Product Business It’s critical to understand the difference between a service business and a product-based business. A service business primarily offers expertise, skills, and knowledge to customers in exchange for payment. On the other hand, a product-based business focuses on creating and selling physical or digital products to its customers. Both business models come with their unique set of advantages and challenges. As a service business, you have low upfront costs , flexible pricing , and the opportunity to build a strong online presence as a thought leader in your industry. However, you may face challenges in scaling your business due to the limited availability of your time and skills. Creating and selling physical or digital products comes with unique benefits such as recurring revenue and scalability . However, you may face challenges such as high startup and inventory costs, ongoing maintenance, and competition. Ultimately, understanding the nuances of each business model will help you decide which is the best fit for your online business idea and help you mitigate risks along the way.
Pro Tip: Don't put all your eggs in one basket.
Diversifying your income streams is a key part of running a successful online business - so consider launching a few different ideas at the same time.
- AJ Silber
Conduct Market Research for a Successful Online Business in Your Niche
Once you have some idea of what type of business you want to start, the next step is to conduct market research. This will help you identify a profitable niche and determine if enough people are interested in your product or service. Start by researching potential audiences who would be interested in your offering. Here are some questions to keep in mind: Who are the biggest influencers? What do existing customers say about similar products or services? What keywords should you use when marketing your solution? Market research can also include customer surveys, focus groups, and interviews with industry experts. The key is to gather as much information as possible so that you can create a product or offer a service that meets the needs of the marketplace. The more knowledge you have about your target audience and how they interact with similar products. Market research can seem daunting to the uninitiated. That’s why we broke it down into these four categories: Primary Research Secondary Research SWOT Analysis Find a Business Mentor Primary Research Primary research is kind of like a reconnaissance mission (or at least it’s fun to think of it like that). It involves collecting first-hand information from customers, industry professionals, and other stakeholders. You’ll need to observe customer behavior, analyze buying trends, and gain insights into the market. There’s no wrong way to go about primary research. However, some methods we recommend include the following: Surveys Interviews Focus groups Observations One benefit of primary research is that it doesn’t require a lot of resources . All you need to do is invest some time and effort into collecting data. Secondary Research Secondary research leverages existing data to gain insights into the market or target audience . It’s relatively quick and cost-effective compared to primary research methods. You can get started with secondary research by reading the following: Industry reports Case studies White papers News articles related to your niche SWOT Analysis The SWOT analysis method evaluates Strengths , Weaknesses , Opportunities , and Threats associated with starting an online business in your niche. This type of analysis can help you identify potential risks before launching your venture. To start, assess your strengths and weaknesses based on factors such as the following: Experience Resources Skillset Budget Time Then identify the industry opportunities that could benefit your business. Finally, think about external threats that could impede success. Find a Business Mentor Having an experienced mentor to guide you through the process of starting an online business is invaluable. A mentor can provide advice and insights on how to address potential risks and challenges while helping you stay focused on achieving long-term goals . The great thing about shadowing a mentor is that they can help make sure you don’t make the same mistakes that they did. Failure can be an incredible learning experience, after all. You can find mentors online or in your local area who have experience launching businesses in your niche. At Small Business Bonfire, we provide a lot of expertise on topics related to business, so don’t hesitate to reach out for some help.
Write a One Page Business Plan
Once you’ve done your research, it’s a good idea to create a one-page business plan. This document will provide structure and help keep you on track . In our opinion, keeping it concise is key. The plan should cover all the essentials, such as: Business goals Target market Strategies A timeline for success Open With an Exit Strategy Speaking of a timeline, it’s important to have an exit strategy. This means deciding when and how you will exit your successful business once your goals are met or if things don’t go as planned. Having a plan in place will help you stay focused on achieving success while protecting yourself from potential risks down the line. Understand Your Financing Needs This step is critical, in our opinion. You need to be aware of how much money you need for startup costs, ongoing expenses, and any other financial obligations related to your business venture. Doing so will help you determine if your plans are realistic or if you need to make adjustments in order to reach success. You should also explore different financing options, such as the following: Bank loans Crowdfunding Grants Venture capital Knowing where to turn is key when starting an online business. So many startups have good intentions but lack the financial resources to make their dream a reality. Don’t let this happen to you!
Create a Minimum Viable Product (MVP)
With your one-page business plan in hand, it’s time to create an MVP to put out into the world. What is an MVP? If you are planning to build an online business but don’t know where to start, you have undoubtedly come across the term “MVP” at some point. No, not the most valuable player; in this case, we’re referring to the Minimum Viable Product. An MVP is a product version with enough features to satisfy early customers and collect valuable feedback for future product development. It is an excellent way to test the sustainability of your online business idea without incurring significant costs or taking unnecessary risks. By creating an MVP, you can minimize the risk of failure by: Validating your assumptions about your target market Identifying potential problems Learning from your users’ experiences The beauty of an MVP is that it allows you to launch your product quickly and efficiently, with little investment and minimal features. The goal is to gain traction while keeping costs low , which is essential for any bootstrapped entrepreneur. When creating an MVP, you should focus on your core value proposition, which is the unique benefit your product provides to your customers. This will help you prioritize features and functionality to ensure that you deliver the most value with the least amount of effort . How to Create an MVP for an Online Business Now that we’ve gone over the definition let’s look at how to create an MVP for an online business. The first step is to identify the core value proposition of your product , as mentioned above. This will help you decide which features are must-haves and what can be cut or left out for a later iteration. Next, you should analyze your target market to understand their needs and preferences. Doing so will help you determine which features to prioritize in order to provide the best user experience possible . Finally, it’s time to start building your MVP! It’s important that you focus on quality and ensure that all features are working properly before launching the product into the market. Your users will appreciate a well-crafted product, so don’t neglect this step. Once you’ve released your MVP, it’s time to test the waters and see what people think. You should regularly update the product based on user feedback and continue to iterate until you have a polished product that appeals to your target market. Some examples of an MVP can be: A simple website An email list A basic prototype Pros and Cons of an MVP Now that we’ve discussed what an MVP is and how to create one let’s take a look at some of the pros and cons. Some pros include: Reduced risk: Launching an MVP allows you to test the waters before committing too many resources to your product. This can help reduce the risk of failure and allow you to pivot quickly if necessary Lower costs: Because it’s less complicated, creating an MVP requires fewer resources than a full-fledged product launch. This can save you time and money in the long run Faster feedback: With an MVP, you can receive user feedback much faster than with a traditional product launch. This helps you make more informed decisions about potential improvements and features for future iterations However, there are also some cons to consider: Fewer features: An MVP will have fewer features or functions than a fully developed product, which can be a turn-off to some users Limited scalability: While an MVP allows you to test the waters quickly, it might not be suitable for long-term growth or scaling up due to its limited features and functionality
Get Your First Customers
In a lot of ways, this is the most important step to take when starting an online business. After all, you won’t have much of a business if you don’t have any customers. The key is to start small and build momentum . Identify potential early adopters who are passionate about your product or service and offer them discounts or exclusive features in exchange for their feedback and reviews. This will help you gain credibility and spread the word about your business quickly without spending too much on advertising. You should also be active in industry forums, social media, meet-ups, networking events, and other venues where potential customers may be hanging out. Don’t be afraid to reach out and introduce yourself – you never know what could come from it! Get Customers Offline This may sound counterintuitive for an online business, but getting customers offline can be one of the most effective ways to grow your online business. By leveraging traditional offline marketing tactics such as print ads , radio spots , and TV commercials , you can reach a larger audience and create buzz around your product or service. Even if your goal is to have an entirely online business model, don’t discount the power of traditional media . It can be an incredibly effective way to get the word out about what you’re doing. Get 3-5 Strong Customers Now it’s time to focus on finding customers that will be with you for the long haul. These customers are typically referred to as “power users”. Power users are important because they do the following: Provide valuable feedback Use your product frequently Spread word of mouth about your business Focus on customer retention by offering discounts and incentives, providing timely customer service support, and improving the user experience. This will help you attract more power users who can become loyal customers for life . You should also consider introducing referral programs where existing customers can earn rewards for referring new ones. This is a great way to boost customer loyalty while growing your online business at the same time! Continue to Refine Your Product/Service At this stage, it’s important to continue listening to customer feedback and making improvements wherever possible. This will help you build trust with your customers and ensure that they stay loyal in the long run. It’s also a good idea to leverage data analysis tools such as Google Analytics or Mixpanel to track usage trends and identify areas for improvement . By continually refining your product/service over time, you’ll be able to keep up with industry trends and create the best user experience possible – something that will take your business to the next level ! All of the best businesses have a process of continuous improvement in place , and the same thing applies to online businesses. As you refine your product/service, make sure to track usage data and customer feedback so you can identify potential improvements and features for future iterations. This will ensure that your business remains competitive and relevant in today’s marketplace!
Choose a Business Name
What’s in a name? It turns out quite a bit when it comes to launching your online business. You want to choose a name that reflects the type of product or service you’re offering and resonates with potential customers. How to Choose a Business Name So how exactly do you go about choosing a name for your online business? We recommend starting with these 3 steps: Step 1: Differentiate Yourself Step 2: Choose a Name People can Spell Step 3: Make Your Name Web Friendly In our case, we went with Small Business Bonfire because it represents our mission of helping small businesses find success online . The term bonfire represents a place where people come together to have conversations, build relationships, and learn from each other – something we strive for with our Bonfire Nation . The phrase Small Business Bonfire is also easy to remember and rolls off the tongue — two important factors when choosing a name. Step 1: Differentiate Yourself It is especially important to differentiate yourself from the competition when choosing a business name. In the online space, there are many businesses offering similar products or services. Make sure your business name stands out from the crowd and communicates what makes you unique. Some examples of names that really stand out are Etsy and Google. They may not directly convey what the company does, but they are unique and memorable . Step 2: Choose a Name People can Spell Step 2 is to make sure you pick a name that people can easily spell. This might seem like a no-brainer, but trust us, spelling matters. In today’s world of Google searches and quick typing, the last thing you want is for potential customers to have trouble finding your website because they can’t spell your name properly. Imagine the frustration of seeing that dreaded “did you mean” pop up when you Google your own business. So, keep it simple, clear, and spelled correctly . You might be tempted to get creative with spelling or use a play on words, but unless you’re an established brand with a cult-like following (we’re looking at you, Krispy Kreme), it’s best to stick to traditional spelling . Step 3: Make Your Name Web Friendly Finally, make sure your business name is web-friendly. This means that it should be easy to type into a browser and remember. Avoid using hyphens or other special characters in your domain name (i.e., www.your-domain-name.com), as this can make it difficult for people to find you online and increase the chances of potential customers mistyping your URL. Also, consider using something like .com instead of an obscure extension like .biz or .info, as users are more likely to recognize and trust a traditional domain suffix over an unfamiliar one. Choosing the wrong domain extension could hurt your credibility with potential customers and have them looking elsewhere for what they need!
Launch a Website for Your Business
Now that we’ve established the importance of choosing an effective business name, it’s time to launch a professional website for your online business. Your website should be the home base for all your marketing efforts and will serve as an essential tool in helping you reach new customers and drive sales. The best websites are mobile-friendly, easy to navigate, and have a simple checkout process . To achieve this, you’ll need to invest in web hosting and website design software. Start with Squarespace, Wix, or Shopify Speaking of website design software, there are a few options available to help you launch your online business without having to learn complex coding. Squarespace, Wix, and Shopify are great platforms that we recommend for beginners looking to start an online business . With these tools, you’ll be able to save time by avoiding the need to write code from scratch and build a professional-looking site in no time! Launch Your Site Before It’s Ready This one might sound a bit risky, but launching your site before it’s perfect can actually be beneficial. By launching early and often, you’ll get feedback from your target market quickly, which will help you make improvements faster. Additionally, getting feedback as soon as possible can also help you identify new opportunities to grow your business that you may have overlooked. Remember: don’t wait until everything is perfect because it never will be! Launch early and iterate over time – this is the key to success in the online world. Get Feedback from Customers Once your site is live, don’t forget to reach out to your customers and ask for their feedback . This is one of the most important steps in starting an online business, as customer feedback will provide invaluable insights into what works and what doesn’t. You can use survey tools like Typeform or SurveyMonkey to collect customer responses quickly , or you could even host live Q&As on social media platforms like Instagram or Twitter. Not only will this help you refine your products and services, but it’ll also show customers that you value their opinion – something which they’ll be sure to appreciate!
Start Marketing Your Online Business
Marketing can often be the difference between success and failure in the online world. Without an effective marketing strategy, your business can easily get lost among the competition, which is why it’s essential to devise a plan as soon as possible . It’s like trying to find a needle in a haystack – you need to know where to look, or you’re going to just be wasting your time. For this reason, we’ve listed our best tips on how to effectively market your online business: Read up on SEO Setup social media accounts Find referral partnerships Start a blog & do content marketing Build up an email list Spend money on AdWords Start a YouTube channel Read Up on SEO SEO (search engine optimization) is a critical part of any online business. By understanding how search engines work, you can ensure that your website is seen by more potential customers and help drive more traffic to your site. Some important aspects of SEO include: Finding the right keywords Optimizing title tags and meta descriptions Setting up a blog Utilizing Google My Business If you are just starting out, this is one area where we highly recommend you invest in professional help . Hiring a qualified SEO specialist can be worth the investment when it comes to growing your online business! Plus, by working with a knowledgeable SEO expert, you’ll pick up some invaluable insights and learn how to optimize your business website for future success. Setup Social Media Accounts In today’s digital landscape, not using social media as part of your marketing strategy is like exploring a dark room without a flashlight! You’ll spend a lot of time and energy trying to find your way around, only to come up empty. In addition to helping you market your products and services, social media can also be used to build relationships with customers, attract new followers, and increase website traffic. Just make sure that you’re utilizing the right channels for your target market . For example, if you have a fashion store, focusing on visual platforms such as Instagram or Pinterest might be more effective than using LinkedIn. Additionally, it’s important to remember that each platform has its own unique features , so make sure you familiarize yourself with them in order to get the most out of them. Find Referral Partnerships A referral partnership is when two businesses team up to refer customers to each other. For example, you could partner with a company that offers complementary products or services, such as an online travel agency & a hotel website. Referral partnerships can be incredibly powerful and are especially useful for startups because they allow you to get the word out about your business without having to spend any money on advertising. Plus, this business strategy helps build trust with your target audience since referrals come from sources they know and trust. This makes them more likely to take the plunge and purchase something from your store! Start a Blog & Do Content Marketing Content marketing is one of the most effective ways to grow an internet business. By creating helpful, informative content that speaks to your target audience, you can accomplish the following: Help increase website traffic Build brand loyalty Establish yourself as an expert in your field Generate more leads One great way to do this is through blogging. Not only does this give you a platform for sharing valuable information with your customers, but it also helps boost SEO rankings by providing fresh content for search engines like Google. We recommend regularly writing blog posts related to topics within your industry and including keywords throughout so that people can easily find your content. Build Up an Email List Email marketing is an incredibly powerful tool for any online business, and it is something that should not be overlooked . By building up a list of email subscribers, you can keep them informed about new products or services and special offers. Plus, having an opt-in form on your website allows you to capture leads who may not have purchased anything yet but still could in the future. At Small Business Bonfire, we utilize MailChimp for our email campaigns and have had great success. We think that they are very beginner friendly and have plenty of customizable options . To get started, you’ll just need to create an account, choose a template, write your email content, and send it out! Spend Money on AdWords In our opinion, it’s worth considering investing in search engine advertising. Google Adwords is a great way to increase visibility and traffic to your website, as you can set up ads that target specific keywords related to your business. This means that when people search for those keywords, they have the possibility of being directed to your website, which can lead to more customers and sales . It’s important to note, however, that it can be pricey, so make sure you know what you’re getting into before committing to a long-term ad campaign. Start a YouTube Channel YouTube is a great way to reach a larger audience and generate more leads. By creating informative, entertaining videos about your products or services, you can capture the attention of potential customers and establish yourself as an expert in your field . Plus, YouTube videos are often much easier to consume than reading blog posts or long-form content. We recommend starting with short “how-to” videos to help people understand how to use your products and then gradually expanding your channel by adding interviews and product reviews.
Understand Your Business Finances
Understanding and managing your finances is an essential part of running a successful online business.
Your finances and how they are handled can literally make or break your business , so you’ll want to make sure you understand the basics and that everything is set up correctly.
We’ll break this part down into the following sections:
Get a business bank account
Get accounting software (Quickbooks)
Determine your break-even point
Start with a business budget
What expenses to track in your business
If this all sounds pretty new to you, we also recommend talking to an accountant or financial advisor who can help you understand your finances and provide helpful advice.
Get a Business Bank Account
A business bank account is essential for any online business. It will help you keep track of all your income and expenses, as well as allow you to deposit checks or receive payments from customers.
You can open a business bank account at most banks or credit unions. However, it’s important to note that some banks might require you to have a certain amount of money in the account before opening one.
Keeping your personal and business finances separate is an important part of being a successful entrepreneur, and having a separate bank account will help you do that.
We recommend doing research first and comparing different options so that you can choose the best option for your needs.
Get Accounting Software (Quickbooks)
As a small business owner, every tool in your toolbelt is valuable, and accounting software like QuickBooks is no exception.
It’s one of the best ways to manage your finances and keep track of income, expenses, taxes, customers, vendors, and more.
Quickbooks is the most popular accounting software for small businesses, but there are plenty of other options out there too.
Some features that make Quickbooks great are its ability to do the following:
Generate reports
Manage accounts receivable and payable
Track sales tax
Again, we recommend taking some time to explore options and find the accounting software that works best for you.
Determine Your Break-Even Point
Your break-even point is the point at which your income and expenses balance out .
This is important to understand so that you can make sure you’re making enough money to cover all your expenses and still remain profitable.
To calculate your break-even point, you’ll need to know the total fixed costs for running your business (e.g., rent, salaries, etc.), as well as the variable costs related to each sale (e.g., materials, shipping).
Once you have this information, it’s just a matter of doing some simple math to determine how much revenue is needed for your business to break even.
Start With a Business Budget
Creating a budget is the best way to keep your finances organized and make sure you’re making enough money to cover all your expenses.
A budget will also help you anticipate cash flow challenges or opportunities .
It’s important to note that a business budget isn’t set in stone—it should be regularly monitored and revised as needed, especially if there are any changes in income or expenses.
What Expenses To Track In Your Business
Tracking and managing business expenses can be a barrier to entry for many small business owners, but it’s essential for success .
It’s important to keep track of all your expenses and understand which ones are tax deductible and which ones are not.
For the purposes of this guide, we broke it up into two types of expenses:
Fixed Expenses
Variable Expenses
Fixed Expenses
Fixed expenses are expenses that remain the same each month (or quarter) and typically include the following:
Rent
Salaries
Insurance premiums
Loan payments
These are costs that you will need to factor into your budget and should be accounted for each time you create a new budget.
Variable Expenses
Variable expenses are costs that vary from month to month (or quarter).
These can be things such as the following:
Materials for products or services
Shipping fees
Marketing expenses
Advertising costs
Travel expenses
These types of expenses can fluctuate significantly, so it’s important to stay on top of them and make sure they’re not eating into your profits.
Register Your Business & Get Federal & State Tax IDs
Now it’s time to get some down to brass tacks (no pun intended) and get your business registered and above board. You’ll want to make sure you understand the differences between being a sole proprietor , Limited Liability Company (LLC), Limited Liability Partnership (LLP), or corporation. This can be a bit intimidating to anyone just starting out, so we’ll be sure to break down what each one is and how they can benefit your business . What is an LLC? An LLC (Limited Liability Company) is a business structure that provides limited liability protection for its owners (called members). LLCs are popular because they don’t require the same level of paperwork and compliance as corporations . It’s also much simpler to transfer ownership in an LLC, which can make it easier for businesses to grow and expand. In order to register your business as an LLC, you simply need to visit the Secretary of State website for your state and file the required paperwork. LLC Pros and Cons Pros: Limited liability protection for its owners Easy to transfer ownership Less paperwork and compliance than corporations Cons: It can be more expensive to set up and maintain than other business structures What is an LLP? An LLP (Limited Liability Partnership) is similar to an LLC but provides additional liability protection for its individual partners . LLPs are typically formed by professionals such as lawyers , accountants , architects , and doctors who want to protect themselves from potential lawsuits related to their business activities. Like an LLC, LLPs don’t require the same level of paperwork or compliance as corporations do. To register your business as an LLP, you’ll need to file the appropriate paperwork with your state’s Secretary of State office. LLP Pros and Cons Pros: Flexibility in how you structure your business Additional liability protection for its individual partners Cons: It may not provide the same level of tax benefits as a corporation or partnership What is a Sole Proprietorship? A sole proprietorship is a business structure where one person owns and operates the entire business . This is the simplest and most common way to start an online business, as it requires very little paperwork or compliance. To register your business as a sole proprietorship, you simply need to get a federal tax ID (also known as an Employer Identification Number) from the IRS. This can be done online or by mail. Sole Proprietorship Pros and Cons Pros: Simple and inexpensive to set up No paperwork or compliance required Cons: Does not provide any liability protection for its owners What is a Corporation? A corporation is a business structure that allows for limited liability protection for its owners (called shareholders). It’s also the most complex and expensive way to start an online business , as it requires extensive paperwork and compliance. Unless you are expecting to have several shareholders, we generally recommend that you not form a corporation right away. The process for registering your business as a corporation will vary depending on the state in which you are located, so be sure to check with your Secretary of State office for specific instructions. Corporation Pros and Cons Pros: Provides limited liability protection for its owners Potential tax benefits Cons: Expensive to set up and maintain Requires extensive paperwork and compliance Register Your Business & Get an EIN After you decide what type of business structure you want to use, the next step is to register your business with the appropriate state and federal agencies. In most cases, this will involve filing paperwork with your Secretary of State office and applying for an Employer Identification Number (EIN) from the IRS. Your EIN allows you to open a business bank account and apply for any necessary business license(s) or permits that may be required in your area.
Get the Right Business Software
Once your business is legal and registered, the next step is to get the right business software to help you manage your operations. Depending on your industry, there are a variety of accounting, payroll, and customer relationship management (CRM) tools available that can make running your small business online much easier. When selecting the right software for your business, be sure to consider factors such as cost , ease of use , and scalability . We’ll go over each type of software to make sure your specific business needs are covered. Accounting Software When it comes to starting an online business, accounting software is one of the most important tools that you will need to help manage your finances. Accounting software is essentially a program that automates many of the financial transactions that take place within your business and can help you with everything from invoicing to tracking expenses and generating financial reports. This not only saves you time and effort when it comes to keeping track of your finances but can also help you make more informed decisions based on real-time data about your business. At Small Business Bonfire, we highly recommend using accounting software to help manage your online business. Some of our favorite accounting software options include QuickBooks Online (a great choice for small businesses and freelancers) and Xero (great for payroll and inventory tracking).
