What Type Of Online Store Should I Start And How Much Will It Cost?

Ecommerce

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If you want to start the next Jumia or the next Konga, you’ll probably need a large amount of upfront cash to jump start your business. If you want to start the next Aliexpress, you’ll probably need to invest a large amount of money to hire engineers and web developers.

But if all you want to do is make enough money to quit your job and start a “lifestyle” business, you don’t need much money at all!

And depending on what your end goal is, you can get started with an online business for as low as ₦15000 a month.

In terms of ecommerce, you have 2 basic choices.

1.You can start a dropshipped online store.

2.You can start a traditional online store and carry inventory

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?

Depending on which path you want to take and your goals with respect to the 4 factors above, your startup costs will vary.

For an in depth analysis of how much it would potentially cost you to get started, please check out this resource that I created on my blog.

Click here to find out how much it would cost you to start an online store depending on your business model

To Our Success,

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