How much to startup?

[RepRep]

How much money do I need to start up my business? I'm planning on only selling one product in the beginning.

Thanks

[SophieM]

I think we need a little more detail

[RepRep]

;D

So here's my idea:

I'm going to buy a supplement (have not decided which one yet) and then sell it to customers in my country.

A friend of mine runs several successful Internet shops, and he told me that it's best to just start out with one product. So that's what I'm going to do.

Expenses that I probably would have:
-Yearly domain renewal.
-Running an Internet server.
-Have someone to make the Internet page for me.
-Shipping to my country (Europe)
-PayPal (if I chose to have it, not sure yet)

[myfayt]

To sell products online you need a credit card system. Paypal charges 5% fee and is not a reliable company. For credit cards you need an encrypted website which will cost you much more.

I don't recommend starting with a single product. Word will get around and everyone will know you only carry one thing. They need a selection.

A question to ask yourself, why would anyone a product from you over another company? what do you have to offer better?

Also when dealing with food, you need approval from the food and drug administrator, or whatever you have in your country.

[Bizinaboxx]

There are likely other costs you may run into as well. What about setting up a company? You will need to file Articles and have them published. (You can form your company yourself and it's really easy to do so. Check your state's government website for the forms. Publishing is inexpensive too, but call around to the different publications.)

How will you drive potential customers to your website? How do you plan to get the word out about your product? What about photographs of your product? Would you hire a photographer?

Also, look at some merchant services, like Merchant Warehouse, where it won't cost you to start up, although they do charge a nominal monthly fee.


Melissa Rose, MBA

Biz in a Boxx
Tomorrow's Business Leaders

[krasalexander]

And you will need to develop website of your company. And I can help you with it. :-)

[RepRep]

Thanks guys.

There are likely other costs you may run into as well. What about setting up a company? You will need to file Articles and have them published. (You can form your company yourself and it's really easy to do so. Check your state's government website for the forms. Publishing is inexpensive too, but call around to the different publications.)

How will you drive potential customers to your website? How do you plan to get the word out about your product? What about photographs of your product? Would you hire a photographer?

Hi Melissa

1. I am going to set up a company, because in order to buy from the manufacturers it's a requirement to own an own company.

2. Way's that I will drive customers to my website:

-Facebook
-Perhaps Twitter
-Google adwords
-Doing a couple of interviews at the leading sport/nutrition forums (I know the owners there)
-Word of mouth
-On my Messenger status lol
-Perhaps doing an interview with the local newspaper

3. Don't think I will need a professional photographer. There are tons of pictures of my product on the net already.

[Mega B]

2. Way's that I will drive customers to my website:

-Facebook
-Perhaps Twitter
-Google adsence

I think you mean Google 'adwords' rather than adsense !!!

[RepRep]

2. Way's that I will drive customers to my website:

-Facebook
-Perhaps Twitter
-Google adsence

I think you mean Google 'adwords' rather than adsense !!!

That's right my bad mate

[Mega B]

This is a possible way to get you going why dont you sign up with Amazon.com for a free store which wont cost you any mony what so ever and they have 10000s of supplement products to sell and you then have no money invested in stock and you then get commision and all you have to do is promote your site exactly the same as a normal website.
This means you can get up and running and earning fom day one.

[Iamnotsatisfied]

Thanks guys.



Hi Melissa

1. I am going to set up a company, because in order to buy from the manufacturers it's a requirement to own an own company.

2. Way's that I will drive customers to my website:

-Facebook
-Perhaps Twitter
-Google adwords
-Doing a couple of interviews at the leading sport/nutrition forums (I know the owners there)
-Word of mouth
-On my Messenger status lol
-Perhaps doing an interview with the local newspaper

3. Don't think I will need a professional photographer. There are tons of pictures of my product on the net already.

Becareful though

A lot of pictures online are protected by copyright.

I suggest you do a hell lot of research before you get started.... A lot of research!

[Bill Moran]

Hi RepRep

You have been given a lot of EXCELLENT advice and tips here.

ALSo - make sure since you say 'Europe' that your business complies with the EU Directives such as the May 26th 2008 UCP Directive that affects ALL means of retail in the UK

I did like MegaB's suggestion for you - you could also have FREE add on connections that could earn you an income through the Viral Marketing aspects that you envisage - I can give you a good starter link for free - PM me for it if you want to discuss / use it

Bill Moran - UK

[s2008aw]

I would say if your serious about creating a real business, at least $5k. As out of experience, in order to create a decent sized customer base, that makes a good amount of income you need to spent significantly on marketing. The last business I sold generated $4k per month, and I had to spend significantly on marketing as well as using my marketing knowledge to get it to that stage.