Saturday, January 28, 2023
First of all let's define ROI. Return On Investment.
In August 2020, I received my EMV Chip & Swipe Card Reader, so I count that as my first ecommerce business tool. Since then I have added quite a few devices to my collection at what I consider to be substantial savings.
Most of you realize that I have been online for quite a number of years, so you maybe asking yourselves, why the acquisition of that first device was that recent?
First of all, I am a software developer and a business owner. So in my case- other than an online method to send invoices and accept payments, I really did not need anything other than a desktop, laptop, tablet, or smartphone to conduct business.
Though my business bank offers payment solutions, I have always used my PayPal business account to handle all of my business payment needs. The reason for this? It is simply not cost effective for me to have recurring monthly fees to maintain a business payment solution.
In 2012 or so, PayPal and others began contacting me about free card readers for point of sale payment solutions, however, I routinely passed on these offers.
In 2020, I finally decided to accept PayPal's offer of a free EMV Chip & Swipe Card Reader. I began reading about pop-up shops and wanted to learn more. I began thinking of things I could do with a free card reader. Yard sales, business meetings where I could accept development consultation fees on the spot, etc.
Then in 2021, after taking my real estate course, I was kind of concerned about the logistics of taking the state and national exams for the real estate license. I contacted the testing authority about my concerns and they would not respond. So I continued to push the test date back hoping to hear from them.
In the meantime, I decided to play with the OpenCart software offered by cpanel via my web host and then setup my own ecommerce shop- for what is now WiredShops.
I worked quite a bit setting up the shop, researching products, learning about digital commerce laws, drop shipping, registering for a Maryland State Tax Number, etc. however never had any sales.
Still this idea was fascinating to me, however in late December 2021, I decided I wanted to take the real estate exam, and time was running out. Once you take the course and pass, you have a year to take the state and national exams. So I began studying again, and scheduled the exams for late February 2022. After passing, finding a broker, and putting up my realty studio site, I began researching ecommerce. Real estate sales were down across the board and interest rates going up. So I have continued to study real estate options however have also focused on my ecommerce efforts.
So this brings me up to date and where I stand with my business efforts.
Today, I received another device which I will use for commerce that I want to discuss. Before I provide more details about my new device, lets look at all of the
business commerce tools I have acquired since August 2020.
|eCommerce Device||Cost To Own||Retail Price||Date Acquired|
PayPal Here EMV Chip & Swipe Card Reader
Thermal Receipt Printer
PayPal Zettle Card Reader
Accuteck Gold 86Lbs Digital Shipping Postal Scale with Batteries and AC Adapter
Tordorday Bluetooth Thermal Label Printer 4×6
GlocalMe DuoTurbo 4G LTE Mobile Hotspot
* Credit Card Application Approvals/Online Surveys
Ecommerce business tools I would like to own, however cannot yet justify the cost include the following...
My thought was to create my own brand using the WiredShops logo, and justifying the cost by offering sublimation products to offset the cost of the branding equipment shown above. I am going to have to find some really good deals on that equipment before I can even think about it.
Check out the following video to see how this video blogger has custom branded her line.
Today, I received my new GlocalMe DuoTurbo 4G LTE Mobile Hotspot. I can now connect several mobile devices to my own vpn wherever I might be and use card readers via my payment hub for ecommerce efforts. The cost to own this device was within my limits and I love the fact I only pay when I need to use the device.
I have collected some nice tools and devices and along the way learned a lot about ecommerce. If and when I join the ecommerce game, I think I will be ready. Even if I cannot move forward with this endeavor the cost to own the devices and tools I have acquired, is a cost I can afford.