So, you want to start an online business, eh? 😊
Starting a business on the internet can be relatively simple and affordable, but some expenses are necessary.
To start an online business, you’ll typically start out with a whole lot of ideas and not a clue what to do with them.
Starting an online business can mean significantly lower start-up costs compared to a brick and mortar store. But don’t be fooled, it is not free and a plan and budget are essential for success.
You might have the best idea in the world for your website but don’t have a solid plan on the “how” quite yet.
There are many costs associated with starting up an online business, and also considering your options for working from home. Depending on the type of business you want to start and how and where you would like to set all of this up, your startup costs can heavily vary.
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Take some time to put a plan together. Here are some planning points to consider. Remember that the business plan does not have to be complex and it is a continual process. That means that the plan will change and improve with age and experience.
- Make sure you know your market – who is going to buy your product? Who is your customer avatar?
- Multi-channels to market (i.e. Facebook, Instagram, YouTube, Blog) – proven to improve results up to 400%
- Integrate the client experience – Are you giving your visitor what they need? Are you solving their problems?
- How you will deal with
- Content – where will you get content and images
- Pricing & inventory – what are the competitive issue
- Logistics – getting the product to your client
- Service & support – how to service your customers
- Payment & refund/returns – handling of payments and what methods to accept
- Security & Payment Card Industry Data Security Standard (PCI DSS) Compliance
- Easy-to-use purchase process
- Marketing campaigns and requirements (including search engine marketing or paid ads)
- Prepare a social media plan
With all of this in mind, let’s take a deep dive into what you will need to dish up some money for, and how much you can expect to pay for these necessities.
In this video, we’ll take a look at the typical startup costs associated with an online business.