You are starting a new business in which you have decided to sell two products instead of just one. Determine a business you could start and choose two products that you could sell. How much of your own money are you willing to invest in this business to get started? How much will each item cost you to make? How much will you charge for each item?
Explain this business (how much of your own money you’re willing to spend on the business, what items you’re going to sell, costs for each item, sale price for each item, etc.).
What are we going to sell?
I am starting a personalized gift business, where I will sell custom-made photo frames and engraved jewelry.
How much of my own money am I willing to invest?
I am willing to invest $5,000 of my own money to get started with this business.
Cost for each item:
- Photo frame: $10
- Engraved jewelry: $15
Sale price for each item:
- Photo frame: $25
- Engraved jewelry: $40
Explanation of the business:
I plan to invest in materials and equipment to make custom photo frames and engraved jewelry. With my initial investment of $5,000, I will purchase the necessary tools, supplies, and marketing materials. The cost to make each photo frame is $10, and I will sell them for $25 each, making a profit of $15 per frame. The cost to make each piece of engraved jewelry is $15, and I will sell them for $40 each, making a profit of $25 per piece. I will focus on online sales through my website and social media platforms, as well as participating in local craft fairs and markets to promote my products.