Starting an online business has a cost but it’s very minimal if you compare it to a brick n mortar.
This blog will help you figure out startup costs that will be non-negotiables when starting an online business.
Here goes!
Your Offer
This will look different depending on if you offer a product or a service. If you create the product then you’ll have to factor in inventory, cost, shipping, and expenses. If you're selling someone else's product then there is no startup fee!
If you offer services, then you have no costs because your knowledge and time are what you’re selling.
Your Platforms
Social media is FREE to use. Make sure you sign up for business accounts.
Home on the web:
Your domain ( www.yoursite.com) will cost you about $20 a year. Web Hosting usually will cost about $125 annually. If you want to offer online courses, run e-commerce or a subscription then this cost will be higher.
Your website can be a landing page with basic information when you’re at the startup phase. Include a photo of you, the problem that you solve, and how you can be contacted. Don’t forget your social media plugins. A basic website can be created by you or you can hire a virtual assistant that can do this for you according to your budget. Wix has website hosting and web development packages for as little as $9 a month!
CRM:
You’ll also need to sign up with a CRM to store leads and clients' emails. Mailchimp offers a free account with minimal features or you can upgrade to an account that will cost you about $20 per month.
Delivery of Content
As an online mompreneurs, you’ll have to figure out where you'll deliver your content weekly. You’ll have to decide if you’ll be blogging, recording videos, or podcasting. For this, you’ll need to have platforms depending on your delivery
Videos: You’ll need a Youtube channel which is FREE to set up. You can also repurpose the videos on your social media platforms. As far as equipment, a smartphone is more than enough to get started. A laptop with a microphone and camera is also great to keep costs low. Check on Amazon for cameras and microphones.
Blog: You’ll need a blog to post to. WordPress and Wix are simple enough as well as cost-effective when first starting out.
Podcasting: You’ll need to sign up for a podcasting hosting account. Fees start at $25 a month. You’ll need a microphone, a laptop, and a quiet area to record.
6. Graphics and video edits
Canva.com has a free account that can help with social media graphics. There are plenty of free templates you can use.
When recording and editing videos a software can cost you $120 for the year. You’ll also need to spend some time learning the software.
7. Marketing
Time to get your offer out to the world. The fastest way is by investing in ads. Depending on your offer, a simple Facebook ad campaign can cost $100 a month. You can also create partnerships and join different networks which don't cost anything but is more time-consuming.
These are the basic startup fees when starting an online business. As your business grows and you gain more clarity on your offer and client then you can expand and sign up for more developed platforms and scale your ad budget.
Be well and keep dreaming
Christina
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