How to Be Smart with Your Money When Starting an Online Store

So, you have your million-dollar idea but don’t have the million dollars to get it off the ground. No problem, creating an online store has never been simpler but if you have limited funds at your disposal being smart with your money is crucial. Here are some easy and practical steps to help you start saving precious money when creating your online store.

Home Office Set-Up

If you’re working from home, a comfortable and functional office is hugely important. However, this doesn’t mean it needs to break the bank. One of the first mistakes people make when pursuing any online venture is investing too much initial capital into a home office. Be smart about the purchases you do make. Is it really necessary to go out and buy an expensive office chair when the dining room table may work perfectly well?

It is important to invest your savings into things that really matter. As you will be working from home, eliminating distractions can help save you substantial amounts of time in the future. Noise-canceling headphones can be a great investment if your home environment is often loud. Similarly, blinds are an absolute must-have to cut the glare from your computer. Eliminating distractions from the very start of the business allows you more time to invest in its future. As the saying goes, time is money.

Create Your Own Website

Creating a professional-looking website used to require huge amounts of money and knowledge. Unless you were extremely tech-savvy and willing to invest hours in learning the skill, hiring someone for the job was inevitable.

This has all changed. All-in-one platforms combine website hosting with easy to use drag and drop editing, giving you the power to design your site, exactly as you want it. This can be done without any training, and yet the final product is an elegant and professional looking website. Creating your website is the best way to save money without any sacrifices in quality or functionality. With these new and exciting advances in technology, there has also never been a better time to start.

Photo Credit: Pxhere

Invest in the Right Technology

Once you have your website down, it’s time to get it earning. It’s important to choose your e-commerce tool wisely. E-Commerce tools allow users to pay for the goods you a providing so the tool you use must be as accessible as possible. Be sure to find a tool that is extremely flexible to make sales as convenient as possible. 

It is also important to consider the nature of your online store. Are you selling goods directly to your customer, or are you providing a platform for vendors to sell to customers? This will determine whether your store is a single-seller store or a multivendor marketplace. The nature of your store will affect the e-commerce tools you require. Some companies offer solutions for both, it’s just up to you to decide on the purpose of your store.

Don’t Overlook the Little Things

If you need to cut costs, get creative and consider your business costs. As running an online business doesn’t require staff or physical stores, a large proportion of your costs simply lie in-home utilities. Utilities such as fiber-internet will be extremely important for the future of your store, so it is not a good idea to sacrifice quality in any way. However, some companies offer large discounts for household and internet utility bundles. Consider being smarter about the costs in your home and compare costs between companies. Even the smallest of changes could provide you with enough funds to get your store up and running.

Online stores account for a huge fraction of global trade, and the amount of money they process is only going up. Utilize some of these practical tips to get your store online


About the author:

Cloe Matheson is a New Zealand based freelancer whose works include topics from health and fitness to travel and business. She believes that the key to starting your own business is careful planning and preparation. Check out more of her articles on her blog.

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