Employee & Freelancer Expenses

$151

$352

Website Costs

$223

$7,215

Business Formation Fees

$600

$4,700

Equipment & Supply Expenses

$63

$200

Retail Business Expenses

$1,250

$11,650

Inventory Expenses

$350

$13,750

Software Expenses

$150

$2,420

Advertising & Marketing Costs

$75

$5,236

Total Startup Costs

$2,862

$45,523

TechRadar

techradar.com

606

D-Link

dlink.com

13,902

Wyze

wyze.com

14,322

SmartThings.com

smartthings.com

32,272

Visions Electronics

visions.ca

45,107

Wyze Cam

www.wyze.com

54,885

Smart BD

smartbd.com

59,936

EZVIZ

ezvizlife.com

63,550

Loxone Smart Home

loxone.com

82,336

Brinks Home Security

brinkshome.com

120,239

Neato Robotics

neatorobotics.com

131,433

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 smart home camera 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 smart home camera 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 a smart home camera 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 a smart home camera 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.

Security Issues

With any Saas business, data loss and security issues may arise throughout your process of building your product. It's critical that you understand exactly what you're responsible for and how to avoid potential issues down the road.

Low margins

The gross margins for your smart home camera business are typically around 37%, which can make it more challenging to incur new expenses and maintain profitability.

High employee turnover

In the smart home camera 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 smart home camera 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.

Niche Market

A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience.