Financial Blog

At a very young age, being a millionaire isn’t impossible especially if you save and manage your finances properly. There are many ways to become a millionaire and starting a business is one. You just need to think and be wise in choosing what business you should start. 

However, it may be hard to start a business in this pandemic. This is why the majority of the businesses adapted and found an alternative way through online selling. Online selling is an effective way of running your business nowadays. There are many platforms that can be used such as Facebook Live, Facebook Marketplace, Shopee, Lazada, Carousell, Instagram, etc.

There are many advantages of online selling. You can reach your audience effectively, save up operational and overhead costs, sell your products 24/7, and many more. Since everything is primarily online, there are also disadvantages that you need to keep in mind. More on that below…

Pros and Cons of Online Selling

In online selling, there are many risks you also need to consider such as being prone to scammers and fraud. However, if you are wise in your online transactions, then you should be good to go. The pros pretty much outweigh the cons by a landslide.

A 22- year-old girl named Joyce Sibayan from Baguio City, was bullied and made fun of by other people that she cannot excel in life nor be successful., Against all odds, she made her first million through online selling. It was definitely not an easy path for her. At first, she had to sell her pre-loved clothes, cosmetic products, and even chili garlic oil to her classmates. The pandemic happened and she had to stop selling these items. Instead of stopping, she adapted to the situation. Joyce went online and sold these items via live online selling. Eventually, it became successful.

“Wala sa talino yan, asa DISKARTE yan! It’s the real deal in life” she added. Joyce wants to inspire people to not give up and be resourceful.

Platforms you can use to start selling online

Facebook

• You should have your business account and must comply with Facebook merchant agreement and e-commerce policies
• Create a Facebook Business Page
• Make engaging posts about your products, and share them to different groups, pages, or even on your own account

Instagram

• Connect your Facebook Business Page to your Instagram Business Page
• Tag your friends and family on your post
• Post worthy pictures of your products
• Use Hashtags
• Always tag your shop when posting IG stories
• Send some PR kit to some influencers online to help boost your page

For the equipment, you will need the following

• Mobile Phone/Smart Phone
• Laptop/PC
• Stable Internet Connection
• Camera
• Ring light

How much will it cost to start this business?

You can borrow money from a bank if your budget is tight. The items above are a good investment for your business. 

For the online selling itself, you don’t need to pay anything, but you need to post the prices right, as per Republic Act 7394, Consumer Act of the Philippines, it is “unlawful to offer any consumer product for retail sale to the public without an appropriate price tag, label or marking publicly displayed to indicate the price of each article and said products shall not be sold at a price higher than that stated therein and without discrimination to all buyers.”

Also, it’s good to register your online business to DTI and BIR so you can pay your taxes. This will also allow your customers to trust you even more.

How much can I profit from online selling?

With live selling, you can earn up to 5,000 a day. This can go even higher if you decide to make this business full-time and expand to more products.