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.
To Our Success,