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What are the benefits of having an online store?

Madison Boehm
Business Owner and Advisor
Madison Boehm is a Business Advisor and the Co-Founder of Jaxson Maximus, a men’s salon and custom clothiers based in southern Florida. She specializes in business development, operations, and finance. Additionally, she has experience in the salon, clothing, and retail sectors. Madison holds a BBA in Entrepreneurship and Marketing from The University of Houston.

Madison Boehm

Business Owner and Advisor

Expert Answer

Well, the best thing about having a virtual shop is that you can have clients from all around the world. This vastly improves your reach and your business' scope.

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Question

What are the disadvantages of online selling?

Madison Boehm
Business Owner and Advisor
Madison Boehm is a Business Advisor and the Co-Founder of Jaxson Maximus, a men’s salon and custom clothiers based in southern Florida. She specializes in business development, operations, and finance. Additionally, she has experience in the salon, clothing, and retail sectors. Madison holds a BBA in Entrepreneurship and Marketing from The University of Houston.

Madison Boehm

Business Owner and Advisor

Expert Answer

The issue with online selling is that there is so much noise in the online space that you really have to differentiate yourself. There's too much competition and a lot of online retailers might have a bigger budget than you.

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Question

Should you open a brick and mortar store?

Madison Boehm
Business Owner and Advisor
Madison Boehm is a Business Advisor and the Co-Founder of Jaxson Maximus, a men’s salon and custom clothiers based in southern Florida. She specializes in business development, operations, and finance. Additionally, she has experience in the salon, clothing, and retail sectors. Madison holds a BBA in Entrepreneurship and Marketing from The University of Houston.

Madison Boehm

Business Owner and Advisor

Expert Answer

Opening a brick and mortar store is obviously more costly, especially due to the staff and the rent, but this could be beneficial to you, as you can learn more about your specific clients, as you'll see them on a daily basis and build relationships. If you want to focus on the local community, a brick and mortar store is probably the best idea.

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Question

Why do some customers prefer brick and mortar?

Madison Boehm
Business Owner and Advisor
Madison Boehm is a Business Advisor and the Co-Founder of Jaxson Maximus, a men’s salon and custom clothiers based in southern Florida. She specializes in business development, operations, and finance. Additionally, she has experience in the salon, clothing, and retail sectors. Madison holds a BBA in Entrepreneurship and Marketing from The University of Houston.

Madison Boehm

Business Owner and Advisor

Expert Answer

A lot of clients prefer shopping in person as they can get to know the owner and simplify the process. Some don't feel comfortable inputting their information online and simply don't understand the processes involved.

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Question

What are the basic tenets of an online business?

Community Answer

The ABCs of an online business are the following: know your market, have quality products and service, and be consistent with social media and connect with your market.

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Question

What do I do with the money I earn?

Community Answer

Spend it on improving your online store, or save it for later! It's up to you.

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Question

Can I make an online store without business marketing?

Community Answer

You cannot; otherwise, your business could backfire or would have no structure.

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Question

I'm opening a boutique online. Do I need to register my online store somewhere and pay taxes? Do I need to report my income to the IRS?

Community Answer

Yes! That's the answer to it all. You will have to pay sales tax and income tax quarterly. There are great apps from Intuit that make that part less of a headache.

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Question

Is there a way to run a website when I have no money?

Caeiia

Top Answerer

Some website creators are free, but come with limited abilities. You have to work hard to develop it into a site that looks good and actually works. You also have to advertise it somehow. It's possible, but needs a lot of work.

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Question

Can I create an online store as a kid?

Community Answer

Yes, although you will need a parent to help you set up the business and arrange to receive the money from your sales. (You won't be able to set up an online business yourself, unfortunately.)

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Question

Can you recommend me a book on online business strategies?

Community Answer

Mentor: The Kid and the CEO by Tom Pace is a very good one. You can get it on Amazon.

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