As noted in the previous post, I will show you how and where to allocate your budget for your new business so that you can look back and say I spent that money wisely. I also want you to get a great return on your investment. All the resources I give out here will be from my own experience and I do not receive any compensation from companies I am recommending. I am simply putting it out there so that people who are new to this industry will be able to easily find the best people and services possible.
(Chart Coming Soon)
From the above chart you can see that the biggest chunk of your $500 budget should be spent on advertising. Advertising can be done through many channels and I will talk about that here in more detail. The second biggest one is making a Logo and Designing your website. You should only spend 1/10th of your budget on it, meaning $50 and here I will speak about how to get that job done inexpensively without compromising the quality of the design of the site and logo. Only 6% of your budget should go towards paying for a ready-made website, platforms that offer you monthly service of shopping cart software. Here, you will be able to see which platforms I recommend and what’s good about them. Even though it may seem that shopping cart platform is the main item on your list, they are very inexpensive while giving the best quality platforms. SSL certificate is another item on the list that should get 6% of your budget. Here, I will speak about the importance of having an SSL certificate and why it deserve your attention for your business to be successful online. 3% of your budget should be allocated towards getting an 800-number, which may seem unimportant but plays a very big role in your visitors turning into customers. Here, you will find companies that offer quality services at very affordable prices. Finally, your budget will have to spend 2% of your total money on getting a domain name. Getting a domain name is actually step 1 that will need to be done before you are able to put your business in front of millions of buyers around the world.
Now, I will explain why I think this is the best way to allocate your money in order to get the most out of your budget for this new business and adventure. First and foremost, I have learned this formula by trial and error. There was a time when I spent $300 in one hour on Google advertising and sold only 1 item for $80 from my website, which I hurried to stop the campaign and rethink my strategy. When putting your money to work for you don’t go too aggressive with ads and spend your money smart. Read my post about how to learn to advertise and get the most Cost Per Acquisition (CPA) numbers.