When it comes to creating a community for a news website, there are several reasons why you might want to do this. Some do it because they’re passionate about it. Others do it because they’d like to make money. The truth is, you can do it for both reasons. You can take your passion and turn it into an opportunity to make money. The best part of it is that it can be done right from your home – you don’t have to wake up every morning to punch out a clock.
What is a News Website?
A news website provides its audience with current events from various angles – some lean far left or far right. Others are moderate. Some provide a financial spin on the news. Your unique personal point of view is the best way to get people to focus on your website over your competitors.
10 Steps to Starting a Community for a News Website
Now that you’ve found a fantastic business idea, it’s time to get started on your journey. But, of course, there’s more to it than simply registering your business with the state. Below, you will find 10 steps to starting a community for a news website to ensure that your business is well-planned, properly registered, and legally compliant.
Make a plan
The very first thing you should do when starting any business is making a plan. This is critical, as it will provide you with a roadmap for your business and help you discover some of the things you don’t know just yet. Some things to consider are:
- Startup/ongoing costs
- Name of business
- Target market
- What to charge customers
Form Legal Entity
Once you have answers to these questions, you’ll need to go ahead and form a legal entity. The most common business structure types are:
- Sole proprietorship
A corporation or LLC will protect you from being held personally liable if your website gets sued. You can establish an LLC on your own or you can hire a company to do it for you.
Register for Taxes
Before you can officially get started with your business, you’ll need to register so that you can pay federal and state taxes. This will require that you apply for an EIN, which is an easy and free process. Visit the IRS website and apply. You can do it online, or you can print the application and mail or fax it in.
Small Business Taxes
Depending upon your business structure, you may have several options for how your business will be taxed. For example, an LLC may benefit from being taxed as an S Corp.
Additionally, keep in mind that some states have specific taxes that might apply to your business.
Open Business Bank Account/Credit Card
To ensure that your assets are protected, you must use a business banking or credit card account. If you combine personal assets with business assets, you are putting your assets at risk if your business is sued for any reason.
In addition, taking the time to learn about building business credit can help you get financing in your business name, higher limits, better rates, and much more.
Business bank account
A business bank account will keep your business versus personal assets separate, which will protect your personal assets. Additionally, it makes tax filing and accounting much more straightforward.
The best way to establish business credit is through net-30 vendors. These vendors provide a credit arrangement where the company can pay for the goods/services within 30 days of receiving them. These arrangements are ideal for individuals that require inventory but don’t have cash available.
These arrangements establish relationships with vendors- but they also get reported to the major credit bureaus, which is how businesses build credit to qualify for credit cards and other lines of credit.
Business Credit Card
A business credit card can help you keep business, and personal experiences separate because you have all business expenses in one place. Additionally, it builds credit history for your business, which is useful later on.
Set up Business Accounting
To understand the financial performance of your business, you need to record your income versus expenses. Additionally, keeping track of this information will make it easier when it comes time to file taxes.
If you don’t do your research and make sure that you have the proper permits/licenses in place, you will end up paying fines and may even have your business shut down.
State/Local Business Licensing
You may be required to obtain state permits/licensing to operate a news website. You can find this information on the SBA website. Additionally, most businesses must collect taxes on goods/services.
Reach out to your local city/county clerk’s office to get local licensing/permits information.
If you’re developing a product, brand, design, or concept that is unique, you’ll want to consider protecting your rights by registering for copyrights and/or trademarks.
Obtain Business Insurance
In addition to licensing and permits, you need to have business insurance in order to operate lawfully and safely. Business insurance can protect the financial wellbeing of your company if there is a covered loss.
There are several insurance policies for businesses based on their risk. General liability is an excellent place to start if you’re not sure of the risks you’re dealing with. This is the most common coverage needed by a small business.
Another standard policy needed by a small business is workers’ compensation. In most states, if you have employees, you need workers’ compensation insurance in place.
Define your Brand
Your brand is how the public sees your business and helps you stand out from the competition.
Promote/Market News Website
In addition to advertising on relevant websites, one of the best ways to promote your news website is to create sharable content. The more your content is shared, the more likely your website will appear at the top of search engine results. Additionally, use hashtags to post articles on social media sites.
Keep Visitors Returning
Provide accurate, up-to-date coverage that provides the right context to readers. Today, most people are looking for insight and information, so provide them with your own expertise to make an impression.
Keep customers coming back with up-to-date coverage that conveys the right context to readers. Many people today are looking for insight and information today, so offer them your expertise for a greater chance at making an impression.
Now that you’ve performed the prep work, it’s time to create your website. Many people stop here because they don’t feel like they can do it. They have no experience with building websites.
However, there are several reasons why you shouldn’t delay creating your website. They are as follows:
- A legit business has a website
- Social media is not a replacement for a website.
- Website builders make it easy; you don’t even have to hire a professional
Set up a phone system
Another great way to keep your business life separate from your personal life is to set up a phone specifically for your business. Additionally, this makes your business more legit and allows you to be more accessible to your clients.
There are several reasons to create a community for a news website. You may want to share information with others, or you may want to make some extra money. Either way, check out additional resources here to learn more.