Building an Online Business

Teaching online is a great way to earn income and it’s fun because you get to teach whatever you want.  Plus, there’s the flexibility.

But, deciding to venture into making it a business can be demanding.  You want to make sure that you are set up as a legal business.  Doing so allows you access to funding if you want to grow (creating an organization or even an online school) and it legitimizes your presence.

 

 

Now, I will undoubtedly state that my expertise is in developing content, engaging students, and providing amazing online and in-person courses.  However, I know where my strengths are and where they aren’t.  The business side of teaching online was something I had to learn.  I learned about business by joining a cohort, taking online classes, finding a mentor, and continuously learning.  I don’t know how many programs, classes, workshops, webinars I have attended or mailing lists I have subscribed to in the past two years, but every single one was necessary for growth.

While I have done extensive research and training about developing my business, there are still areas that I will not provide nor offer advice about when it comes to developing a business.

I will not provide advice on copyright laws or taxes.  Those are not my areas of expertise, and it is imperative that one works with an expert to avoid legal ramifications.  I would also recommend, and highly suggest, finding a business coach or mentor that’s an expert and knows and understands the legal side of business.  Anyone can tell you to get and LLC, but what if you really need a C-Corp? They can tell you to hire your team as independent contractors, but what if they need to be employees?  I’ve seen a countless number of people providing misinformation online about copyright laws and taxes.  Following someone’s suggestions does not make you exempt from legal action.

Check out these articles to learn more about business, copyright, and taxes (for U.S. residents):

Starting a Business: Small Business Administration (sba.gov)

Copyright: U.S. Copyright Office | U.S. Copyright Office

Taxes: Internal Revenue Service | An official website of the United States government (irs.gov)

Remember, you don’t know what you don’t know BUT that will not hold up in court.

 

Do your research.  I recently hired a social media branding company, and it was a terrible experience.  Make sure you are vetting potential companies or individuals.

Here are a few quick tips:

1. Research your potential partnership
2. Have a conversation
3. Discuss a budget
4. Request a trial period
5. Draw up a contract

 

Share your favorite resource in the comments.

I take free courses on EdX.  It’s really my go-to for learning but I still hire experts.  I like to have some base knowledge about all component of my business.