An online/internet business is in most regards no different to any other business. It must have a sound basis for operation both in terms of a business/operational plan and financial model.
The basics of starting an online business
Ø Start with a good business plan.
Ø Speak with your Internet Service Provider (ISP).
Ø Hire a good web designer.
Ø Consider internet speeds – keep the site simple.
Ø Register your website name.
Ø Decide whether you will be a .com or .bm or both. If a .bm contact www.bermudnic.bm to register your domain name.
Ø Consider your search engine ranking to get people to your site.
Ø Do you need a merchant account? Talk to your Bank.
Considerations when starting your online business in Bermuda
Ø The Electronic Transactions Act
o All Bermuda online business must have regard for The Standard
o Non adherence could affect your reputation
Ø Intellectual Property Rights, web design and build issues
o Contract with reputable web designer
o Establish a good contract to protect your intellectual property
Ø Tax – will you be selling goods to overseas jurisdictions? Be aware of the tax requirements in those jurisdictions.
Ø Website legalities (disclosures, copyright statements and terms and conditions)
Bermuda Ecommerce Standards
Ø Observe Business Integrity
Ø Know Your Customer
Ø Know Your Own Business
Ø Protect Personal Data
Ø Avoid Abusive Usage
Ø Advertise Truthfully
Ø Deal Fairly and Openly with Customers
Ø Settle Complaints and Disputes Quickly and Fairly