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