Years ago, entrepreneurship was reserved for a few, and the capital required to start a business was high and involved great risk. Today, companies can be very profitable thanks to the Internet, with costs you can minimize if you take care of everything you need to start the online business yourself.

Remember that it is important to plan your project with an international perspective from the beginning, to think about having a website in several languages and to accept foreign currency payments.

What are the leading online businesses?

online businesses

Currently, you have two main options when setting up an online business: create a store or dedicate yourself to affiliate marketing. The two types of business are explained in detail below.

Online store (ecommerce)

An online store is a website people interested in buying an item go to. Some focus on a single product or brand, while others may encompass an entire or several sectors.

Remember that customers in this type of business can be from worldwide. So it is essential to have international payment gateways that allow them to buy in their currency without too many restrictions or impediments. Some examples are PayPal or Wise.

Affiliate Marketing

It’s an online business model where you profit by sending customers to other stores. For example, you could create a blog with links to an ecommerce. Usually, you get paid a commission for each customer who comes to the store through your website.

If you collaborate with companies from other countries, they commonly give you your commissions in dollars, although in other cases, they could do it in their local currencies. Having an account in which you can receive money in different currencies is essential.

online businesses

Create an online store step by step

Below you can see how to make an online store to start your career as an entrepreneur on the Internet.

What kind of online business do you want to create?

The first thing you must decide to set up your online store is what you will sell. Will you focus on a single product (running shoes, for example), or will you cover an entire sector (sportswear)?

In both cases, you will have to consider whether you want to buy and store the products, which requires a prior investment to acquire the goods and pay the storage costs. You will also need to contact courier companies responsible for shipping your products.

A simpler and cheaper alternative is to opt for drop shipping. You do not need to take care of storage, shipments or stocks. When you receive an order, you pass it on to the intermediary company or manufacturer, and they are in charge of sending it to your customer.

Once you have a transparent business model, you can choose a name for your online store.

Create the website

The next step in creating your online store will be to buy a domain and hire a hosting package. The first is the web address that will serve to identify your business. And the second is the server on which it will be hosted.

You can design the website without knowing to program it if you use a content manager like Shopify, Prestashop, Magento, or Woocomerce for WordPress. Make sure it’s easy to navigate, so your potential customers don’t get lost.

Then add the products to your catalogue—upload quality photos with clear and complete descriptions.

Implement a payment gateway

The payment gateway is the software in charge of managing the collections of your customers. You should choose one that accepts as many means of payment as possible and that is safe and easy to install in your online store.

Two of the best options today are PayPal and Wise. The latter has a fully customizable API. In addition, it allows you to receive payments from all over the world in the national currency of your customers. And whenever a conversion is made between money, the official exchange rate (google’s) is applied.

Open an international bank account

Opening an account in which to receive payments from your customers is an essential step when setting up an online business. If you use your Spanish bank account in euros, you will be limited when buying merchandise abroad. Or when receiving payments from buyers abroad.

In both cases, your bank would apply an exchange rate with a surcharge, and you would lose money. If you want an option that allows you to handle money in more than 50 currencies and that always uses accurate exchange rates, you can try the Wise multi-currency account.

The Wise Multicurrency account allows you to receive money from abroad in dollars or many other currencies without hidden costs and with the real exchange rate.

Steps to set up an online affiliate business

1. Look for affiliate agreements

The first step in setting up this type of online business is to find a company with which to establish affiliation agreements. One of the most popular options is Amazon’s affiliate program, which is straightforward to implement on your website and manage.

You can find similar ones on Google, like Tradedoubler, Admitad or MyLead. Google also has a AdSense system that allows you to incorporate ads into your website.

Although these platforms are not the only ways to get affiliate agreements. Many online products and services have a contributor section on their websites. Get in touch with them, and you can get exciting contracts.

2. Create a website

Then, it’s time to start creating your website. It would help if you stopped thinking a little before getting to work. What kind of website are you going to develop? Some ideas could be a blog, a news portal, a website with reviews and comparisons… You must define the theme and structure of the site.

You can use content managers such as WordPress, Wix or Squarespace for web design. They will allow you to create your site without knowing how to program it. Its interfaces are simple to use and have a multitude of templates.

The following step will be to add content to your website. It is recommended that it be related to the branch of products and services you will promote. Try to make it quality and add value to the user. Do not copy the content of other websites because your blog would receive penalties in search engines.

Finally, you should add the affiliate links in the parts of your page that you consider appropriate. Depending on your agreements with your collaborators, they could be fixed banners in certain site areas or links within an article in which you talk about the product you promote.

3. Open a multi-currency bank account with Wise

As you have already read in this article, payments for affiliate programs are usually made in dollars. And if you establish separate agreements with companies, they could pay you in their national currency.

In either case, if you use your regular Spanish bank account, you will lose money when your payments are paid. It happens because your payer’s bank or your own will have to convert the money to euros. And they do not use the official exchange rates, but their own with an overprice.

To avoid this inconvenience, you should open a dollar account. Or, better yet, a version that supports multiple currencies. Wise offers a free one managed online and supports over 50 currencies.