Starting an online startup can be quite easy and affordable, but you have to make some form of investment. In this article, we’ll take a look at some startup costs associated with internet business
To start a successful online business, you’ll sometimes have lots of ideas in your head and have no clue on how to go about it. You might even have the best idea in the world for your e-commerce website, but no solid plan to implement it. There are many costs associated with starting an internet business, and considering your choice of working at home, it won’t be so cheap. Depending on the type of online business you want to start and where you’d like to set it up, your startup costs can vary.
With this information in mind, let’s look into what you’ll need to dish up some money for, and how much you can expect to spend on these necessities.
One important thing you need to get before starting your internet business is a domain name. Just as how your name is peculiar to you, that is how a domain name is to your site. There are several domain name registrars and most of them give massive discounts for the first year.
Dynadot is a great choice for registering your domain name. Plus, their site is easy to use, especially on their domain management dashboard. They offer cost-effective domains, and have a free DNS service and WHOIS protection. They also offer SSL encryption which protects your domain from being hacked.
Registering a domain usually costs on an average $11/year, but as a first time user, you can get a .com domain for $1.
For web hosting solution, the cost you can expect depends on the kind of company you intend running and the web traffic you anticipate. If you’re expecting a large number of traffic to your site daily, you’ll need to pay higher than expected to accommodate such web traffic. You can decide to pay monthly or yearly, but either way, you can expect to pay a flat fee (usually a few hundred dollars) and then about $150 a year.
For example, Hostinger, the cheapest hosting company, has 3 plans on their website. We recommend initially shared hosting plan for your experimental startups and later you can migrate to greater resources. If you plan on having heavy traffic on your startup, you should opt for their shared business plan which starts at $3.99 for 48 months, but if you’re not yet sure about the kind of traffic, you can opt for their premium shared plan which starts at $1.89 for 48 months with a free domain name. If you have only a tiny budget for your startup, then you can choose their single shared hosting plan for $0.99 for 48 months.
Another important aspect to a successful internet business is a website that is mobile friendly, meaning it needs to be responsive on other devices other than just your desktop. You can get a good responsive website for as low as $50 on freelance sites like Fiverr and Upwork. However, if you need a custom site which follows branding standards, you’ll need nothing less than $200.
This is actually the most important aspect to starting your online business. Marketing is the major investment that will take a lot of money from you. You’ll need to budget for Search Engine Optimization (SEO), Pay-per-click (PPC) ads content creation and social media marketing.
SEO is very necessary if you want your site to be seen on Google’s first page. It’s ideal to hire a professional SEO agency to help you on this aspect. You won’t be spending more than $1000 to get this done or you can hire freelancers to do it for you for less than $500.
PPC marketing which has gained popularity over the last few years simply means site owners pay a certain amount of fee based on keywords they want to rank for and the number of clicks they receive on their site. Google AdWords is a great platform for PPC marketing and their cost per click (CPC) depending on your keyword can range from $0.10 to about $20.08/ cheaper clicks can surely help your marketing budget to a wider audience. Other PPC marketing you can do is Facebook Ads and Bing Ads and their CPCs are fairly cheap.
The last option is content creation. What is a site without content? It’s basically useless having a site without written texts on it. Apart from SEO practices, website content can also help you rank on google search result. You can get website content for just $5 on Fiverr.
Having read this brief article, take a moment to evaluate your startup budget and see if you are well ready to get started with a website or online business of your own.