Things needed for your online business…

Technical and human resources

In previous posts we’ve talked about whether you’re the right kind of person for an online business, and whether it’s the right kind of business for you.

So today let’s talk about what resources you need to have if you want to start an internet business.

Is it as simple as having an internet connection and a desire to succeed?

List of 16 items… some of which are vitally needed, some highly recommended, and some that are optional will help (by Eric Holmlund).

Before we dive into this business, let’s make sure you’re equipped for success!

What you need…

1) A computer

-Doesn’t need to be the latest and greatest
-Can’t be a total dinosaur
-Recommend Windows XP or newer
-Consider a laptop
-spend $200-$1000 for a desktop, $400-$1500 for a laptop

2) Internet connection (Broadband recommended). Speed Internet recommended.

3) Antivirus program. I use AVG; their website is

UPDATE: I believe AVG is still good, however I think there are some better ones. On my main PC, I’ve switched over to Avast, which is also free:

And on my laptop I’ve switched to Microsoft’s free program:

4) Email (free options available). For example:

5) Zip program (free options available). This is a good freeware:

6) Productivity software (free option available). Here’s a good free option:

7) Startup capital (highly recommended). I recommend having at least $200 available.

8] Credit card (highly recommended). If you’re afraid you’ll abuse it, you might want to consider a prepaid visa card.

9) Paypal account (highly recommended). You can get a free account at PayPal. 

10) Business checking account (highly recommended).

11) Business registration (requirements vary – might be optional).

12) Business Entity such as an LLC (Optional). In general, you can probably start as a sole proprietor, and decide later if you want to form an LLC.

An LLC may help save you from paying self employment taxes. It also can protect your personal assets. Consult with an attorney or tax accountant.

If you want to avoid paying an attorney to help with the paperwork, you can often do it the cheapest directly through your state department.

13) Accountant (Optional).

14) Lawyer (Optional).

15) Telephone (Optional). If you have broadband, you might want to consider Skype for your phone service.

16) Insurance (Optional).

17) Backup drive (Highly recommended). I added this one after making the video. A decent external hard drive can be purchased for $100 – $400. It’s not so important what kind of drive you get; what’s important is that you use it to backup all the files on your computer on a regular basis. I’ve bought hard drives from with good results.

There are a few other things that you’ll need which will be specifically covered in upcoming lessons, so don’t worry about them for now.

Action steps:

1) Go through the list, and make sure you have everything that is required. For the highly recommended ones, do as best you can to get them. For the optional ones, do some research and decide whether it’s something you need.

2) Next step. More Software? programs and tools.

yuri grin

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