This week for my $100 challenge I put my product, the wireless bluetooth speakers, on several e-commerce sites, mainly Amazon.com. (Link to my Product). I priced it at $39.99, because it seemed like the average price of all the bluetooth speakers on Amazon we are competing with. This will also give me $26.99 in profits per speaker. If needed I can have sales or lower the price to be more competitive. I have not had any sales yet, which worries me, but I acknowledge that this is only my first week. Also, my product is very far behind in the Amazon listings, I do not know why and this week I plan on learning more about the listing and see if there is a way to get higher up on the list so more people by my product.
This week we learned a lot about budgeting and money in the class. I liked talking about this and it gave me a lot of perspective. I think the biggest thing I learned this week was from a post someone did. He mentioned planning ahead for our ventures, not just jumping on them, but knowing what you want to do a head of time, and budgeting and saving for that. That way when you are actually ready to start your business you are prepared and have a smaller chance to go into debt or bankruptcy.
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