How Much Money Do you need to start an Online Business?

Nothing is free on the internet. In developed nation, the internet sevices are free but not so in Nigeria. The phone and the laptop depending on the users is not also free.
Let me just give a breakdown of the financial implication of starting a business online.

1. Domain name ($10 per year) 

2. Web Hosting ( $0.99 for first year with free domain name) 

In order to have an online business, you will need to have a website or a blog. 
For either of these to function effectively, you need a Domain name and Hosting.

A domain name means the url that people have to log-in to find your website. For example mtnonline.com is a registered domain (url) name. To register a domain name, it cost about $10 or less per year. You can register at domainKing.ng. 

The second thing is a hosting. Hosting will give you the access of server space. Hosting will cost about $100 per year or less. Just get a good webhosting

3. Web Development: 

There are two ways to create your website. 

Gone are those days we passed through rigorous process to build a website but now, you can learn and do it yourself, which is not that difficult especially with the introduction of WordPress, you can use WordPress to create website without learning programming. 

You can ask someone to do it for you. So depending on your category or your criteria, it may cost from $500 to $5,000 depending on your requirement. 

4. Product Development: If you are selling a physical product, you have to calculate how much the cost to manufacture the product is. If you buy the product from somewhere and resell it at a higher price, then you need to find out the price that you will pay for the product that you are selling. It’s more costly if selling a physical product. For affiliate marketing, there is no product development fee involved. So if you are starting an online business based on affiliate marketing, then you do not need to budget for the product development fee 

5. Email Service Provider: Many people have not included this into their startup cost. These email service provider is a software that help you maintain communication with your subscribers, or your customers no matter how large is your customer base. For example if you have 50,000 customers, autoresponder can help you to maintain communication through email with these clients. There are many autoresponders you can use. Most popular one is GetResponse, which cost about  $20-$30 per month.

Getresponse is good because you can send bulk emails at once whenever you have any offer, promotion, and you can nurture your subscribers in the list using the autoresponse feature. 

See the Best 30 Ways on How to make Money Online in Nigeria 

These are the few breakdowm of the financial implication of starting a business online.

So, lunch your net into the deep…