So you have a great idea for an online store but it never gets realized because of startup cost. Well we have evolved over the years making it possible to start an online business with a few hundred dollars or less.
Read more on the article below here.
The Amount Of Upfront Investment Depends On Your Goal
When it comes to starting an online business, your startup costs will depend on several factors! Here’s a list of some of the other things you need to consider as well.
* Revenue Velocity – How long after launch do you expect to make significant money?
* Barriers To Entry – How hard do you want it to be for someone to copy your business?
* Portability – Do you want to be able to run your business from anywhere?
* Scalability – Do you want the business to scale easily once it grows?
Starting A Dropshipped Online Store
Dropshipping is by far the cheapest and easiest way to sell goods online which is why it tends to be the business model that most new entrepreneurs gravitate towards.
Without going into too much depth, dropshipping is when the online business owner sacrifices some amount of profit in order to avoid having to carry any inventory.
When a customer places an order, the shop owner then places an identical order with their vendor and the vendor ships the product to the end customer. The amount of profit made is the selling price minus the cost of goods sold and a small dropshipping fee.
Here’s the bare minimum investment that you need in order to start a dropshipped online store.
* Sign up for a webhost – $4.95/month
* Install an open source shopping cart – Free
* Sign up for an SSL certificate – $1.50/month
* Sign up for a credit card processor – $0/month*
* (Optional One Time Cost)Purchase a template for your website – $20-$50
If you tally everything up above, that comes out to between $36.45 and $76.45. $36.45 doesn’t sound like a whole lot of money does it?
Note: You may also want to consider signing up for a service like Worldwide Brands in order to easily find reliable dropshippers online.
Using dropshippers you don’t have to worry about inventory.
A few Dropshippers to consider:
Some platforms to open an online store:
Create a store on WordPress