Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$151

$352

Website Costs

$223

$7,215

Business Formation Fees

$5,600

$20,400

Equipment & Supply Expenses

$63

$200

Retail Business Expenses

$1,250

$11,650

Inventory Expenses

$350

$14,750

Training & Education Expenses

$0

$1,000

Software Expenses

$162

$3,094

Advertising & Marketing Costs

$75

$4,786

Total Startup Costs

$7,874

$70,447

Office 365

office.com

24

ELRShop

etsy.com/shop/ELRShop

77

Belgium.be

belgium.be

5,519

Symplicity

symplicity.com

7,105

Frontend Mentor

frontendmentor.io

44,375

Department of Education, Skills and Employment

education.gov.au

50,167

Financial Education Services

financialeducationservices.com

103,410

Guild Education

guildeducation.com

106,494

Tradenet Capital Markets

tradenet.com

118,907

RegEd.com – Optimize Compliance. Manage Risk. Enable Growth.

reged.com

122,172

Nasco

enasco.com

136,849

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Meaningful business connections

You never know who you will meet as a education products business. This could be the start of an incredible business opportunity!

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

Easy to encourage "impulse buy"

In the education products business, you have a much higher chance of encouraging your customers to buy on impulse - you can easily alter the price, placement, packaging, and promotional value to influence the decision of your buyer.

Control of workload

With starting an education products business, you have the unique ability to choose how little or how much you want to work. You also have the freedom to decide which projects you want to work on, and can turn down the ones that do not interest you.

Unlimited income potential

With starting an education products business there is no cap as to how much income you can make. The stronger your business skills and the more energy/time you put into your career, the more you'll make.

Motivation of employees

If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.

Longer Sales Process

A education products business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Low margins

The gross margins for your education products business are typically around 34%, which can make it more challenging to incur new expenses and maintain profitability.

High employee turnover

In the education products business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.

Taxes

As a education products business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

High overhead expenses

With starting an education products business, there are overhead expenses that come with selling a physical product. You will want to make sure you strategically budget for these overhead costs. We discuss this more in the startup costs section below.