Monthly Archives: October 2014

B250 – LESSON 5 REFLECTION

This week I learned about the steps I need to take to fulfill the requirements for my legal structure and the licenses in the state of Idaho. The business legal structure, as most everyone has chosen, will be the sole Proprietorship. Based on the website that I looked into it said that this was the simplest business structure to organize. It said that one single person owns the rights and that person makes all the business decisions. I don’t want to have a partnership for it because it just will be easier for me to learn and do the things as I go. I know that my business is not going to be huge so I feel that this is a good choice. Since my business will be out of Idaho, it seems to not be so tricky. I found that I will need to do the registration for Assumed Business Name(ABN). I will have to pay the $25.00 filling fee for that which is a downfall but I would rather pay that then have other hassels with other states! I will have to set up a schedule C for my taxes as well. I will need to look more into the fees and licenses for other states because I was aware of this in my discussion board this week. I hope to get everything figured out. It has really became stressful as I feel like I dont know what I am doing because I have never done this before.

B250 – LESSON 4 REFLECTION

This week was interesting to learn about online credit card payments.

Some of the benefits to PayPal are:

Faster than a check

Online payments with PayPal’s Mass Payment are instant. Never again do you have to say “the check is in the mail.”

Flexibility for recipients

Recipients of your payments can electronically transfer their money to a checking account, send money to friends, or shop online.

Simple record-keeping

Minimize your accounting paperwork with a downloadable transaction history. Reconcile exceptions easily by automatically returning unclaimed funds.

Competitive pricing

A low fee of of the payment amount with a cap of (or its equivalent in the payment currency) is assessed on each payment made with Mass Payment.

I have always had different thoughts about PayPal. I have also heard things that were good and bad. Of course one thing that I always consider is the start up cost. I noticed that PayPal is not the cheapest option but it does have its perks. I have decided to use PayPal however because I don’t really want to hassel with other companies.

B250 – Lesson 3 Reflection

This week I felt like I could have done better with doing my assignments but I did try. I really felt like the Choosing a Product spreadsheet project helped me a lot. I was able to get the entire thing done and really get use out of it. I really liked it because it was like a template that asked for the information that I had to go and find. It helped me base my decision for my project as it broke down the major ideas.

I was able to learn more about what site builder to use as well as hosting services. It was interesting to me to see the different opinions of my classmates about the different options we have. I liked the feedback I got as well.

B250 – Lesson 2 Reflection

This week I feel like I did not do so good. I was not sure what I was supposed to do with the spreadsheets and I just realized that there was video tutorials in the instructor comments page. I feel like I will get a bad grade this week for that.

Although, I did learn about brokers, manufactures and wholesalers. During the assignment we had to read a few articles. I really learned a ton from the article about how to quantify and compare. In that article it talked about how you should break the decision down into different parts that will be important to you. Rate the parts and determine the weight of importance of those alternatives.

We also talked about affiliate business methods and drop shipping.

I found that this article was the most helpful and informational for the group study.

http://www.tamingthebeast.net/articles3/drop-shipping-ecommerce.htm :

Drop shipping can be a very simple and effective way to get involved in ecommerce. Many established online merchants are now turning to dropshipping companies as a means of minimizing stock on hand, decreasing overall shipping costs and cutting down on delivery times to customers.

Drop shipping allows web site owners to send single/low quantity unit orders gathered on their web sites to manufacturers, or wholesale warehouse companies, who in turn ship the items directly to the customers of the web site owner; i.e. you do the promotion and collect the payment, and the dropship company looks after order fulfillment.