Those are one of the most frequent questions asked. Many people want to become the next Jeff Bezos, but do not know where to start investing or how much money they need to startup.
Short answer: $2000.
Better answer: There is no specific amount needed to start dropshipping on Shopify.
Since its dropshipping, you don’t have to have the product at hand; once a buyer places an order, then you’ll buy from your wholesaler.
Well, amount of money you need to start slightly depends on the niche you are going into, once you have decided the niche you are going into then you would make a cost of the products needed.
For Shopify, the higher you pay the monthly fee, the less you have to pay the processing fee. When trying to choose your Shopify pricing plan, you must find the optimal plan based on your niche you selected and your sales target. And with four packages ranging from $ 29 to $ 1,500 a month offering a variety of features, from gift cards to personalized support contacts, there is definitely an option for every type of niche:
The Shopify Basic Plan is a great option for small startups that because it’s the cheapest Shopify option with a $ 29 monthly fee.
However, it comes with the highest processing fee for credit card payments of 2.9%. As the name implies, the Shopify Basic plan includes some of the most sophisticated features, such as gift cards, reports and the restoration of abandoned carts. The Basic Shopify plan is a great starting point, as your store experiences growth, you can decide to move on to higher plans.
The Shopify plan works well for growing e-commerce businesses looking to expand their operations by including gift cards, reports, and restoring abandoned baskets for a cost of $79 per month. These features allow business owners to sell more with gift cards while giving them the ability to recover lost revenue by recovering abandoned baskets. Access to reports will provide you with valuable insights into your customers’ spending habits so that you can make better choices in your business.
You will also get to enjoy credit card processing fee of just 2.6%.
If you are considering the Advanced Shopify plan, there is an excellent possibility that you have a large, established business and want to grow your business even further. With the advanced reporting engine, you can create custom reports that you can filter by dimension to help you find different ways to grow your business.
A major benefit is the operator’s real-time shipping information, which guarantees that you will offer carrier-based shipping prices at the time of payment. This information can help prevent abandoning of cart since one of the common reasons this comes from the customer who got an unexpected cost.
In addition to this, you’ll have the lowest processing fees at 2.4%.
Shopify Plus is the equivalent of a bespoke e-commerce solution at the corporate level. It also eliminates the stress of order management because you do not have to worry about transaction costs.
In addition, you’ll get a dedicated project manager at your disposal, account manager, personalized support contacts, negotiated Shopify rates, and early access to beta features.
You’ll enjoy a 1.6% per transaction processing fee.
If you think you are going to set up an e-commerce site and appeal to everyone, you can think again. One of the greatest mistakes newcomers make is that they try to be everything to everyone. Big websites like Amazon and Alibaba can do this because they have reputations and vast stockpiles of resources to grow into other areas of the business world. As a startup on Shopify, you can’t afford to embark on such.
The answer is to what you are passionate about for your business.
Chasing the money in e-commerce business is one of the worst motivations one can have. If you are not one of the few people in the world who are passionate about money, you should find something that interests you. What you are passionate about is also what you should make money from.
And if you are good at something, you will have more success. Think about what you like and use it as a rough indicator of where your Shopify business should start.