Five Things to Budget for When Starting an Online Business

online-business

Joanna Marie, Negosentro |  Making the decision to start a business online can be one you find to be worthwhile. For one, it can be extremely convenient as you have the opportunity to be a pajama CEO. Another reason you may find it appealing is that you have the flexibility to work and travel which is a dream of many. If you’re at the incipient stages of starting an online business, you may be wondering about if there are any hidden costs that you should be aware of. You should know, on that note, that there are a few things that you should budget for if you decide to start an online business.

Website

When you make the decision to start a business online, getting a website is almost inevitable.  No matter what exactly the primary role of your business is, you need a place that customers can meet you virtually which is what a website creates. It is also one of the only ways that prospective customers can find you and see what you do as well as keep up-to-date with what your business has been busy with. When designing a website, you could choose to use a free blog site or pay for hosting, as well as get someone to build one from scratch. If you choose to pay for hosting and customized design, then you could consider Studio Misfits. You should take your time to look around and find something that’s within your budget. Also, look for reviews, previous work they’ve done, and go with your gut to ensure you get your monies worth. When getting your website designed, you should also pay attention to how easy it is to navigate your site, ensure the purpose of your site is clear, and that you use the right colors and fonts.

Graphics

When running an online business, you’d be surprised at the number of graphic designs that you need on a daily or weekly basis. Seeing as graphic design also happens to be evolving, you’d be surprised at how graphics can be analyzed and tell you which are getting the most interaction on social media and are ultimately more appealing to your target audience. If you’re wondering what graphic designs you may need, it could include getting a logo design, creating memes or getting customized images designed. Graphics are also important because using images or designs you find online can create copyright challenges. The last thing you want is to get into issues because you used someone’s design without permission, so creating your own may be ideal. You could decide to find a freelance graphic designer to save costs or hire someone to work for you full-time depending on your needs. If, for instance, you’re churning out graphics on your social media pages on a daily basis, then you may want to get somebody on board full time. On the other hand, if you’ll only need graphics once or twice a month, then getting a group of graphic designers that you can call anytime you need them may be more ideal.

Online Ads

Whether you’re experienced in the advertisement world or not, at some point your online business is likely going to need to pay for online ads. Taking into consideration the fact that popular platforms like Facebook are making it more difficult to gain organic reach these days, you’ll likely need to spend before you gain visibility online. You could, of course, opt to grow your online presence organically but just know it will likely take far longer as it’s a gradual process that consists of optimizing your website as well as all of your content for SEO. However, you can get faster results if you couple organic efforts with paid online ads and it’s also possible to work with your budget too. When budgeting for online ads, you should calculate your minimum and maximum allowable ad budget which should tell you how much you can afford to allocate in terms of ad spending.

Hosting

Website hosting is another thing that you may want to incorporate into your budget. Although you can get free hosting, it often means that you won’t have rights to a personalized domain name and there will be limits to what you can do with your website in relation to its design and layout. Free hosting sites are also not ideal for those running a business online due to the lack of features made available to you and the many limitations. The good news is that hosting isn’t typically overpriced and is also something that is paid for annually which makes it somewhat easier to sustain. When choosing hosting services, you should look out for things such as site speed, email deliverability, and how secure the server is.

Images

It is possible to get a number of free images to use on your website, on social media and throughout your blog posts as an online business. However, a day may come where you cannot find a stock free image that is suitable for a blog post or your social media content. Keeping up with social media is important for any online business. In such an instance, one of the best alternatives may be to buy an image online instead. If you’re wondering where exactly you can buy good quality photos for your content online, you could try websites such as Shutterstock. Most photos sold online are relatively inexpensive so you shouldn’t worry about having to spend a fortune for them.  If, however, you are adamant about hunting for free pictures online, you could try sites such as Hubspot, Pexels, or Life of Pixs. Another way to get images is to take your own which would require that you invest in a camera. Although buying a camera is relatively expensive, it may work out as a good investment as you can produce your own images and you have the rights to them so they can be used as you please.

Despite what people may think, starting a business online isn’t always easy. In many instances, it can be just as difficult as starting a business offline. You will also face challenges such as trying to increase your traffic, realizing your website loads too slowly or having to ward off hackers. Like a physical business, you also have the responsibility of paying for essential things that will help your business function. In this light, when budgeting for your online business, try and remember a few of the things mentioned in this article.

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