So via the process of reflections, analysis and some strategic thinking we concluded that we should look at setting up an affiliate business. The key reasoning behind this was the fact that if we are careful in how we set things up, we carry none of the risks and the logistical issues associated with producing or procuring physical goods or services are not our problem, hence this could be a very high efficiency business although highly competitive unless a niche is identified. We will come back to this.
To focus on the value of you will get from reading this, I am not going to cover the detail of setting up a company/trading entity or a business bank account, suffice to say you will need all of this as well as a trip to your accountant to get the ball rolling with HMRC and discuss things such as accounting periods/dates and VAT registration. However, I suggest this is done at a later stage to ensure you are comfortable with the operational aspects of the business before going live. Otherwise it could be a waste of time as whilst none of this is complex, it is a lot to take in.
So I am going to split this into what I believe are logical sections:
- The Niche
- Affiliate Strategy and Setup
- Website Strategy and Setup
- Mobilisation >> Day to Day Operations
I realise that this is easier said than done as having spent a few weeks establishing what I am going to do, I have actually spent a few months researching the best ways to do it. However, having identified the best tools for the job, as it now says in the header above, all you need to provide is a reasonable amount of time and your own creativity.
OK lets go >> The Niche.