If you’ve been brainstorming ways to increase your wealth and boost your financial earnings, you should think about starting an ecommerce site. In fact, over 70% of small businesses in the US make money by selling their products or services online.
Additionally, 69% of Americans are known to regularly shop online and 25% shop online at least once a month. In light of these encouraging statistics, it’s a fair claim to say ecommerce is here to stay. You can potentially earn a tidy profit by starting your own ecommerce site. But how?
Earning money with an online business is certainly achievable. However, most startup ecommerce entrepreneurs don’t realize it doesn’t have to cost an arm or a leg to get off the ground. Here are three simple ways you can start making money in the ecommerce world without breaking your bank account.
Build a DIY Ecommerce Site
The benefits of bootstrapping your own ecommerce site are multitudinous and this option is ideal for the free-spirited entrepreneur. If you have a very distinct idea of how your sales website should look and feel to your viewers, a DIY site is for you. You have full control of site navigation, page-load speeds, and creative expression. A DIY ecommerce site also allows you to scale and adjust according to your financial goals.
There are a few disadvantages to this option. Building your own website can be relatively simple to start with a super user-friendly content management (CMS) such as WordPress. However, if you’re technically challenged and have no clue about any kind of online publishing or selling, the DIY option can present frustrations. Still, there are inexpensive workarounds to help you through newbie learning curves.
Starting an ecommerce website on your own requires minimal upfront costs. However, you will need to pay for quality hosting such as a WooCommerce hosting platform. This ensures your site speed is fast, and online purchases are safe and seamless for your customers.
Specialized ecommerce hosting is also a godsend if you are new to ecommerce website maintenance and ownership because it can automate a lot of functions that, as a newcomer, might be fiddly. The cost is very affordable, and monthly service packages are available to suit any budget.
Third-Party Ecommerce Site
This might be a better option for new online entrepreneurs who don’t want to tinker with programming, design or coding. Third-party services such as Shopify.com provide all-inclusive packages with pre-made themes. It’s basically a one-stop solution for building an ecommerce website.
The downside to this option is that service fees and hosting costs can get very expensive. This is especially true the bigger your website gets. While some “boxed” ecommerce website packages proclaim low monthly charges at first, the add-ons to make your site functional and appealing to your customers can add up over time. Additionally, fees are typically taken from each sale you make using this method of online selling.
Furthermore, you have very little freedom with site design and creative expression. Third-party ecommerce sites tend to be very cookie-cutter. You can make creative changes, but if you don’t have the knowledge, you may wind up paying a professional web designer to do it.
Sell On Other Websites
This option is for budding entrepreneurs who want to sell online without having their own ecommerce website. Online marketplaces such as Amazon, Etsy or Ebay allow you to make money online by selling your products on their platforms. While this is a no-brainer for anyone wanting to skip over the challenges of owning their own website, it isn’t necessarily a cheap option.
To explain, every online marketplace wants their cut from your profits. For instance, Esty charges a fee for every product you list on their site. Ebay takes a percentage of your sales. And if you want to sell on Amazon, you’ll be expected to buy into a monthly seller\’s plan. Furthermore, some online marketplaces tack on additional transaction fees after customers purchase your products.
Weighing Financial Costs and Gains With an Ecommerce Website
After considering these three main options available for selling online, hopefully you’re in a better position to take the plunge and make money with an ecommerce website. To be sure, each option presents different advantages and disadvantages. Your choice to grow your wealth through ecommerce depends largely on your budget and the amount of time you want to invest in your endeavors.