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In today’s super-speedy digital age, thinking about kicking off your own online store is pretty exciting, right? But what’s the price tag for starting an online store?
Today, we’ll share the detailed calculations provided by Payday Depot financial experts and tell you how to set up your own online store in no time.
General Costs
Launching an online store can cost anywhere from $500 to $100,000. The range depends on what you’re selling, how fancy you want your website to be, where your business is, and a bunch of other stuff.
Small business website: $100 to $3,000. This price covers a basic online store setup. It will be fewer than 20 pages, with generic pictures and no extraordinary features or standout design.
Medium business website: $1,000 to $20,000. You can step it up with 70 pages, custom layouts, a content management system (CMS), and a bit of extra style in the design department.
Multivendor marketplace: $5,000 to $40,000 (depends on the goods and how complicated it gets). This is where people can buy and sell stuff. Besides the regular online store stuff, you’ll need a seller panel and a way for users to chat.
Large corporate projects: $25,000 to $100,000. Think big, unique design, a couple of hundred pages, custom layouts and images, CMS, special features, and more.
Domain and Hosting
Domain purchase: $5 a year and up. Your website’s name and URL — the online real estate. Prices vary based on the domain zone, like .com or .org, and range from $5 to $500 a year.
Hosting purchase: $12 a year and up. Your website files need a home, and hosting companies provide that space on servers with speedy internet. Costs depend on the provider, server power, space, and any extras like VPN.
Building Your E-Commerce Site
Website templates: Free to $500. The easy route is to use pre-made WordPress templates that play nicely with WooCommerce or other e-commerce add-ons. But here’s the catch: your site won’t be one of a kind. The theme you pick is probably used by loads of other business owners.
Many themes are free; others go up to $500; or you can subscribe for $20 to $100 a year. WooCommerce integration is free, but they’ve got some extra paid goodies for those who want to make a more professional website.
Website Builders: These versatile builders will set you back $10 to $30 a month. Perfect for anyone who wants to whip up a website without any coding. They come with everything you need — from buying a domain and hosting to template themes for a quick site launch. No technical know-how is required!
E-commerce Platforms: Budget around $30 to $300 per month. These cloud-based tools operate like WordPress: pick a theme, tweak it, and launch your online store. They handle theme development, updates, hosting, SSL certificates, support, and all the other technical bits.
Sure, Shopify is the rockstar in this scene. It’s easy to use, starting at $29 for the basic subscription, $200 for a nice theme, and domain purchases kicking off at $15 per year. But hey, Shopify isn’t the only tool in town. There are tons of other e-commerce platforms out there, waiting for you to give them a try.
Development from Scratch: This one’s a bit pricier, ranging from $300 to $50,000. If you want to go all out without using templates, builders, or e-commerce platforms, this is your ticket. Sure, it takes more time and cash, but it’s the way to craft a store with a unique design and features. The cost here depends on your project’s complexity and how much your developers charge per hour.
Marketing Part
Search Engine Optimization (SEO): $200 to $500 a month. It’s that thing that gets your online store higher up in search results. SEO includes keyword research, speeding up your site, generating content, and building backlinks.
Pay-Per-Click Advertising (PPC): Set aside $100 to $1,000 a month, and then some. You’ll spot these ads all over Google, YouTube, Facebook, and more. You’ll pay only for the actions that matter (clicks), not just for showing off the ad.
Conversion Rate Optimization (CRO): Budget $300 to $600. It’s like giving your store a makeover to boost conversions. Change up titles, headings, or colors and test them out with A/B testing. One round of testing can cost you up to $600.
Social Media Marketing (SMM): Plan for $250 to $2,500 a month. From targeted posts to influencer collabs, it’s all about boosting your sales and brand love and keeping your audience hooked.
