- 11/03/2017


How to Budget Selling Online

In the early days of any online business, there are preparatory steps to be taken: setting up your shop, getting your inventory together, and of course, budgeting. Budgeting everything! Perhaps the least fun thing about starting a business is spending money before you make money. Putting money into your business means you can do things like open its website, pay for packaging, and even advertising. And while none of that seems like fun, it’s the surest way of making your business prosper.

Save, save, save!

Last time I checked I had $2.72 in my savings account, but you’re probably more financially responsible than me and have done some real saving. You’re going to heavily rely on those savings in the first few months of your business, but fortunately, unlike a brick and mortar store, you don’t have to pay rent.

The money you save will go into things like playing for materials, supplies, packaging, and salary for yourself. Eventually you may want to start a website, and depending on how much you have saved you can do that from the get-go, but you have other options in the meantime.

Assess your product.

I mean, really take a look at it. Calculate the cost of producing individual items, and the long-term cost of continuing to produce them, especially if your product is handmade. If your product is unique, you’re going to want to consider whether or not it’ll take off, and the amount of demand for it. If your product isn’t one of a kind, check out your competitors. How much are they selling theirs for? And ask yourself, what can I bring to the table?

The longevity of your business will depend not only on your product, but the way you go about selling it. Fortunately, SumAll has so much information available about getting started in the online business world, pointing you in the right direction to find success.

It’s what’s on the outside that matters!

People are a little superficial on the Internet. Hiding behind a screen, we can judge all we want the things we see, and this can certainly extend to online shopping. You’ll have to impress potential customers, and preparing for this will ensure it happens.

You’ll have to put money into photographing your product for online. This can mean isolating something over a solid colored background:

Or doing it over a well-lit tangible setting:

This could mean putting money into things like a camera, lighting, and computer programming… or you can tap your photographer friend for a favor. It’s just important to know that you’ll need to utilize a lot of resources for certain tasks or issues as you go along, and that can either cost money, or you can find loopholes to get the job done differently.

Start your business out as a hobby.

Maybe this isn’t exactly what you want to do, but assuming you can only save money for the time being rather than starting up right away, starting your store small as a hobby is a great way to start making money, without the pressure of solely relying on it. You’ll get a feel of exactly how you can handle, and can still make a small income from it.

If you’re smart (which you are!) you’ve probably already got some tricks up your sleeve to maneuver this brave new world, and you probably do have some sort of plan. Joining the ecommerce world can seem like a challenge, but taking it slow and really adhering only to what you can handle is a guaranteed way to ensure your success. After all, this is your passion, and if you’re not loving what you’re doing then you might as well not be doing it.