How Much Will You Spend On An Online Business?

Self-employment and work from home opportunities are available for ALL budgets.

When it comes to starting their own businesses many people assume that money is a barrier to entry. This doesn’t have to be the case. Your skills, experience and work ethic also have currency in the business world and can help you gain access to a lucrative industry.

If you are looking to transition out of an unsatisfactory job, return to the workforce after an absence or simply be your own boss, there is a business opportunity to suit your budget.

Digital Assets

The more money you have to invest, the more digital assets you will have to start your business. The initial outlay for your online business includes valuable assets which get you earning money quickly. These digital assets can

save you time,
help with your systems and education
guarantee you earn a basic income from the start, rather than having to build up your business from scratch.

Business Budgets and How Much You Can Afford

People start businesses for a variety of reasons and at different stages of their careers. For instance, a 50-year-old qualified accountant and BAS agent with experience running his own business may decide to purchase a licence that gives him a website and exclusive access to his own territory.

At the other end of the spectrum, a 25-year-old receptionist with excellent customer service skills and limited funds might start by investing a small amount in basic training for bookkeeping skills.

Let’s examine some of the options available to online business buyers on varying budgets.

Learn and Launch

People who have the experience and relevant soft skills required to operate a business may only need to upskill in their areas of expertise to get started. An aspiring bookkeeper could potentially train in Xero and MYOB accounting software and then immediately start their business if they already know how to market their services. Similarly, a person who is highly organised and efficient with excellent customer service skills could transition smoothly into a virtual assistant role with additional technical training.

Become a Virtual Assistant

Diane is semi-retired and has an extensive background in sales, customer service and management. She would like to use her experience to start her own virtual assistant business working part-time from home.

Because she helps her husband with administration and bookwork for his plumbing business, Diane feels confident that she understands the basics of operating a small business. She has a marketing plan ready to implement, a fully equipped home office and she already has interest from two potential clients.

Diane is willing to invest $2-3K to get up to speed with the technology and software skills that she needs to become a virtual assistant. She enrolled in the Ultimate Office Administration Virtual Assistant Training package which included Microsoft Office training, online business marketing, advertising and support.

Digital Assets

Training
- Virtual Assistant
- Online Customer Service

Diane then completed her Certificate in Online Customer Service to acquire additional skills such as developing proposals and financial forecasts, performing market research and digital advertising.

After a few months in business, she decided to make some calls to local businesses and introduce herself. As a result, Diane was offered a few hours of telesales work by a community newspaper which helped to boost her income.

Cost to become a Virtual Assistant: $3,295

Start Me Up

People who are switching careers from an unrelated industry or those who have no experience running their own businesses may decide to invest a little more for business start up training and marketing support.

Bookkeeping Business Start Up

After injuring his leg in an accident at work Matthew was forced to leave his career in the construction industry. He sometimes assisted his parents in their retail business and enjoyed working with numbers, so Matthew decided to start his own bookkeeping business working from home.

Having no accounting qualifications or marketing experience, Matthew decided to purchase a Gold Membership Bookkeeping Business package that included training and support for MYOB and Xero, business start up and marketing.

Digital Assets for a Bookkeeping Business

Training
- Accounting software
- Online business Start Up
- Marketing

Website
Brand and Marketing
Directory listing
Marketing collateral (logo, business cards)

With support and guidance from the membership provider, Matthew began to contact local businesses to offer them a free 2 hour training tutorial in Xero bookkeeping. He also placed an ad online, printed some flyers and kept his website updated with fresh content.

As an entry-level bookkeeper, Matthew’s low rates were attractive to some of the small business owners. He was subsequently hired by two businesses to do some data entry and invoicing work afterwards.

Cost to start a Bookkeeping Business: $5,000

Licensed to Skill

Some business buyers are fully qualified and experienced bookkeeping professionals who are willing to pay more for instant access to sales leads and potential clients. By purchasing a business licence, they are able to get their businesses up and running quickly.

Registered BAS Agent

Tony is a certified practising accountant and registered BAS agent. Having recently sold his share in a successful accounting firm, Tony now has the cash available to start a small business working from home. He wants to leave the corporate world behind for good and enjoy the flexibility and freedom of working for himself.

Wanting to work with smaller businesses, Tony decided to purchase a licence that gave him a turnkey business start up with marketing support.

Digital Assets for Bookkeeping Business with Marketing Support

Digital marketing strategy
Digital and social media marketing collaboration
Directory listing
Marketing collateral (logo, business cards)
Bookkeeper community membership

With the support of the licence provider and a few client referrals, Tony was able to gain traction in the marketplace very quickly. He is now able to pick and choose his assignments and still have time to go fishing on the weekends.

Investment to start a Bookkeeping Business: $7,000

Regional Manager Business License

There are other business buyers who are experienced and qualified finance professionals with excellent business acumen and the cash to invest. Their clients tend to be medium sized businesses who are in need of expertise on a part-time or contract basis.

A business licence with an exclusive region includes a website that can be used for lead generation and to grow their own digital asset.

Digital Assets for Regional Manager License

Licence with exclusive region
Digital marketing strategy
Digital and social media marketing collaboration
Directory listing
Marketing collateral (logo, business cards)
Standard business templates (e.g. legal agreements)
Bookkeeper community membership

Investment for Exclusive Area: $22,000

Online Business Generating Income for Sale

Purchasing an existing online business is an option for the investor who wants an income from an already profitable enterprise.

Margaret is a savvy business woman with an interest in training and human resources. She recently sold some of her property portfolio to invest in an online training course website.

Although she has employees that help her to run her other businesses, Margaret is excited about taking a hands-on role in the training business so that she can be actively involved in its growth.

Digital Assets of an Online Business for Sale

Customer list
Prospect list & Sales Pipeline
Website and copyright content
Domain Names
Logos and Images
Organic traffic
Wholesale supply agreement
High margin products
Historical sales

In the longer term, Margaret is keen to scale the business up and expand the provision of professional services into a profitable income generator.

Investment for an existing Online Business for Sale: $90,000

Summary

Regardless of where you start or how much you spend, it’s vital for all business buyers to understand the importance of digital marketing, managing a sales pipeline and providing excellent customer service. You will need to commit the time, energy and creativity to keep finding new clients and retaining existing ones.

There is no such thing as a passive business if you want to make it a success.

If you possess these attributes you have as much chance of being successful starting on a shoestring budget as a buyer who starts out with a large capital investment. It all depends on your business objectives, how much time you have and how well you are able to leverage the digital assets included in your business purchase.

Xero Bookkeeping Business—What Are Your Assets?

Digital assets can save you time, help with your systems and education to guarantee you earn a basic income from the start, rather than having to build up your business from scratch.

https://workface.com.au/2022/07/xero-bookkeeping-business-what-are-your-assets/