Checklist 2: Sort out Capital and Legal Issues The second starting an online business checklist item is to understand and fulfill the capital and legal requirements. Determine the start up capital required and how you will raise the money. Learn about the applicable taxes, benefits and the kind of insurance that you will need to pay for as an online business owner. You need to find out the legal requirements for starting a business online in your area and meet them. These may include obtaining licenses and registering for taxes. Understand the government regulations for conducting an online business in your area.
A friend of mine, Jill, came to me a couple of weeks ago to ask me for help. She was in the midst of planning her parents\' 50th wedding anniversary. This is an event that should have been a joy to plan; her parents have been together for 50 years, and from what I can tell, they are still very much in love. It doesn\'t get much better than that. Anyway, Jill was in a harried state because the party was less than two weeks away and she felt like she didn\'t have a good enough handle on the party. I sat her down and asked her explain to me what she had accomplished so far. She proceeded to pull out a handful of Post_It Notes from her purse, and she dumped the wad on the table we were sitting at. \"What is this,\" I asked her. \"These notes have the stuff I\'ve been working on for the party,\" she replied. I remember looking at Jill, then looking at the pile of scrap paper that was her parents\' 50th anniversary party plan, and then shaking my head. This is an extreme case, but you\'d be surprised how unorganized people can be when it comes to preparing for important events.