What is an online business?

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

o   www.bermudalaws.bm

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

 

For more information on starting an online business or business in general just ask BEDC.  Contact us at This email address is being protected from spambots. You need JavaScript enabled to view it..