Looking for a way to earn a quick buck? Why not pursue a side gig as an online boutique owner? The demand for luxury goods online has created an opportunity for those who want to get in on the action. Although the idea of running an online store for unique and luxury goods may seem like a tall order, there’s plenty of room for the average person to get involved in e-commerce. With the right know-how, the right tools, and the right mindset, even those with no previous experience can become a successful online boutique owner. Here’s how much money you can realistically expect to make from an online shop of your own.
The Rise In Demand For Luxury Products
Thanks to the COVID-19 pandemic, people are seeking peace and solace in the comfort of their homes. Traveling to a luxury destination has become a great way to feel like you’re visiting a real-life fairy tale. Whether it’s a cruise for couples or an intimate weekend getaway for two, luxury hotels, casinos, and spas have seen a boom in demand.
This trend has been fueled by the ability to stay home and work remotely. Thanks to the increased demand for virtual meetings, online shopping, and remote working, business travel has taken a hit. Traveling for business has become less appealing as a result. It’s also made customers more receptive to the idea of purchasing items online. With most companies having switched to remote working, there has been a rise in online marketplaces for luxury brands. Whether you sell one item or a thousand, you’re bound to find a use for your computer.
The Great Divide
Although most people are fortunate enough to have more than one income stream and multiple sources of income, some don’t. For those who are already experiencing hardship, working remotely may seem like a vacation compared to their usual jobs. While it’s a great alternative for those who can afford to pursue it, for those who can’t, it’s a source of added stress. This brings us to the question of where you should establish your online shop. If you’re located in a region where real estate is relatively cheap, you may want to consider opening an online shop there. In areas where real estate is more expensive, establishing an online presence may not be the best idea. Whether you decide to base your online store in London or New York, you’ll need to do your research before committing. Find out what type of customer you’ll mainly attract and whether you’re legally permitted to operate a business in that location.
Where Do I Start?
If you’re completely blank when it comes to selling online or don’t know where to begin, then why not start small? The great thing about starting a business is that you don’t need to invest a large sum of money. You can use your own personal computer and develop your own website. Even better, you can use online marketplaces like Shopify, which offer extensive templates and support to get your online business up and running within minutes. All you need is a reliable broadband connection, a webcam, and a quiet place to work.
How Much Money Can I Make?
Although it’s great to dream of making vast sums of money from your side gig, that isn’t necessarily how it will turn out. You may not necessarily make a lot of money from your first or even your second store. That’s why it’s important to develop a business plan and calculate how much you’ll need to make each month just to break even. To give you an idea of what you can expect, here are a few of the most popular luxury goods stores and their corresponding retail prices.
- Prada – $400
- Gucci – $400
- Dior – $400
- Burberry – £400 ($600)
With many luxury brands increasing their online presence, finding the right items at a discounted price has become much easier. However, as with any business, there are numerous challenges that you need to overcome. For instance, high shipping fees and the fluctuating local currencies may prevent you from earning a profit from certain regions. In the event that you are located in a region where sales are restricted (e.g. China), you’ll also need to deal with the complexities of international trade regulations and taxation. Lastly, the digital nomad lifestyle is not for everyone and certainly not for those who want to jump in with both feet. If you’ve considered a career in retail but lack the necessary skills, then working remotely for a luxury brand may not be the best option for you. In this case, you may want to consider establishing an online boutique for smaller, more independent brands. As an online boutique owner, you’ll still need to get orders, track them, and negotiate with suppliers, but the flexibility of a freelancing lifestyle may appeal to you.
If you’re looking for a way to bring in some extra cash without much effort, then you may want to consider pursuing a side gig as an online boutique owner. The demand for luxury goods online has created an opportunity for those who want to get in on the action. Although the idea of running an online store for unique and luxury goods may seem like a tall order, there’s plenty of room for the average person to get involved in e-commerce. With the right know-how, the right tools, and the right mindset, even those with no previous experience can become a successful online boutique owner. Here’s how much money you can realistically expect to make from an online shop of your own.