Ina Steiner EcommerceBytes Blog
News and insight focusing on ecommerce.
by Ina Steiner, Editor of EcommerceBytes.com
Thu Sept 5 2013 20:51:20

What Would You Do with $50K?

By: Ina Steiner

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Don't get excited, this is not a contest. It's a hypothetical question for online merchants: If you had $50,000 to spend on your retail/ecommerce business, what would you do with it?

Think of it as a grant that can only be used for your business (you can't answer, cash out or take a cruise around the world!).

Would you use the money to build a new ecommerce website or spend it on advertising to drive traffic? Would you invest in inventory, or revamp your storage space/warehouse? How about hiring some part time employees or getting new computers and devices? Or maybe a combination of things.

It's an interesting exercise to think about what areas of your business could use improvement and which investments would pay off with the biggest return - even if that means making your life easier!

Take a moment to fill out our quick poll survey on SurveyMonkey and we'll share the results, and leave your comments below.

Update 9/19/13: The results are in, see Friday's Newsflash article, and thanks to everyone for sharing their thoughts and ideas.




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by: Truk This user has validated their user name.

Thu Sep 5 22:35:32 2013

Website and better signage at our warehouse

Better software to track purchases profits and multi-channel sales

That is all !

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This user has validated their user name. by: Ming the Merciless

Thu Sep 5 23:03:53 2013

Hire Luigi and Guido to do a little work on the left coast.

If anything remained, I'd build a small addition to my house so that I comfortably store inventory and buy ads.

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by: trader_chris This user has validated their user name.

Thu Sep 5 23:11:48 2013

Pay down some business debt, take the family on a nice little vacation, and reinvest the rest back into the business!

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by: AgendaSwallowsAll This user has validated their user name.

Fri Sep 6 00:06:32 2013

Huh, that was a question to myself on my last JD inspired ''Thinking Day''. Unfortunately I can't divulge what I'd come up with :ox  Everyone who wasn't already thinking it may steal my idea.

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by: comet This user has validated their user name.

Fri Sep 6 00:26:28 2013

Gee that could go a ways towards building a DIFFERENT and LESS CRACKHEADED auction website.

Pretty sure I speak for more than just myself here!!!!

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This user has validated their user name. by: elpereles
Web Site

Fri Sep 6 00:51:16 2013

Maybe I will go for the inventory, website, new computer, and ads.  

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by: JusMe This user has validated their user name.

Fri Sep 6 01:10:26 2013

Buying ads and 'drives' to my website AFTER paying off a chunk of my mortgage. LOL

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This user has validated their user name. by: The End

Fri Sep 6 02:28:47 2013

I'd hire a house keeper so I can FINALLY catch up on all my orders .
I haven't had a vacation in 30 years.
Think I'll do some hiking and fishing  :o) ....a little botany and some entomology.  

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by: Cassie This user has validated their user name.

Fri Sep 6 02:44:03 2013

I would spend it on business efficiency plans. Upgrade some software tighter internet security and increased volume sales management - all anticipation holiday sales rush goes without a hitch.  

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This user has validated their user name. by: Nan

Fri Sep 6 07:45:58 2013

Upgrade my equipment: better camera, high-end scanner with a larger surface, good photo lights.  And I LOVE TheEnd's suggestion of a house keeper!  

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This user has validated their user name. by: Al G

Fri Sep 6 08:37:51 2013

Definitely inventory. Usually from auctions or estates.

However, since travel is involved in acquiring same, might as well go in style & "nix the Motel 6" and stay in Westins and dine at Alice Waters French Laundry instead of the Nighthawks Diner (with apologies to Tom Waits).

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This user has validated their user name. by: Al G

Fri Sep 6 08:40:45 2013

Darn!

I forgot, for all that new inventory, I have to upgrade the old Fiat 850 and maybe get a VW 21 window Microbus to put the swag in.

Gee, $50K doesn't go as far as it used to!

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This user has validated their user name. by: Ina

Fri Sep 6 08:43:22 2013

Love the results coming in on the survey, looking forward to compiling and sharing!

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by: digthevintage This user has validated their user name.
Web Site

Fri Sep 6 08:43:54 2013

The better question is what wouldn't I do with 50k.New warehouse, a couple employees to help list, inventory, increased web presesnce. Oh the list is so damn long.

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by: Moonwishes This user has validated their user name.
Web Site

Fri Sep 6 09:37:14 2013

I would definitely hire help to get my huge backlog of inventory listed. I also need a better way of storing inventory than legal sized boxes in my living room which is no longer a living room at this point. I would also hire someone to get our own website going to ease off dependence from other venues to sell on. I enjoy selling on line as it provides me with occupational therapy, but lately getting up in the morning and finding no orders is discouraging at best and getting caught up with all my listing should help with getting things sold.

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by: edwatt This user has validated their user name.

Fri Sep 6 09:59:01 2013

First hire a pro to improve my SEO and link the mutual inventory in various selling venues.
Invest the rest in inventory for this coming season.

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This user has validated their user name. by: iheartjacksparrow

Fri Sep 6 10:54:21 2013

@Moonwishes - It sounds like you are living in my house! I have storage boxes everywhere, either holding items listed for sale, or items waiting to be scanned/photographed for listing.

For my $50,000 "grant" I'd spend maybe half on new inventory and industrial shelving to hold it, and the rest on advertising.

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This user has validated their user name. by: FIERCEI
Web Site

Fri Sep 6 11:01:00 2013

I would invest 20%, upgrade to a bigger warehouse, & hire a Photographer (I'm so tired of taking pictures).

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by: Nevets This user has validated their user name.

Fri Sep 6 12:13:14 2013

Hmmm... I'd love to have my 3 car garage and basement back, so I guess I'd use my 50K to rent a warehouse. And then buy more inventory to fill it with. :*)

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by: Henry This user has validated their user name.
Web Site

Fri Sep 6 12:28:17 2013

Build a new website; invest in technology; change our business model.

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