how much is shopify ecommerce

if you're thinking about starting an,e-commerce business or a side hustle,this is exactly how much money you're,going to need to get started,at founder our mission is to impact tens,of millions of entrepreneurs,every single week with our content,you're here because you want to know,how to start grow and scale your,business we're here because we've found,people,who've done it before and we're bringing,them straight to you,so make sure to subscribe to this,channel give this video a thumbs up,and leave a comment to get advice for,every single stage of your journey,i'm greta van riel and i've started four,multi-million dollar e-commerce brands,across a variety of different niches and,today i'm going to go through some of,the baseline numbers that you'll need to,know to get started in creating an,e-commerce brand,so before we dive in i just want to flag,that obviously these numbers will,vary a lot depending on the industry or,the type of product that you choose to,manufacture,so once you've come up with your idea,the next thing that you'll be thinking,about is,naming so you want to jump on to a,domain provider as quickly as possible i,use hover,and it costs around 10 to 15 dollars a,year,to secure your domain name there the,reason that i always check this out,first,is because if there isn't a good domain,name,available you might think about changing,the name of your business,then you want to get an ssl certificate,which is around 10,a month and the reason that you want to,get this is so that when customers visit,your website,it doesn't come up with a pop-up saying,that this domain is not secure,uh sorry of course you don't want that,pop up because it would lower the trust,in your store,by a lot so the next thing that i go,about doing,is setting up my company structure,within australia,and personally i set up a trust and,a pty ltd company which is a proprietary,limited company so the reason that you,want to set up a,limited liability company is for legal,reasons,and also for tax reasons,within australia the personal tax rate,is a lot higher than the company tax,rate,so what i do is i set up a trust and,a proprietary limited company and within,australia this costs around 1500,australian dollars,if this is a bit too large a cost for,you when you're first starting out you,can,act as a sole trader and then set the,company up once you're trading and,actually making money you definitely,want to make sure as soon as you start,to make profits though that you do set,up your australian company as soon as,possible,i learned this one the hard way uh i was,a sole trader for my first year of,business,and that meant that i was taxed at an,individual tax rate in the highest tax,bracket because we'd made,millions of dollars in revenue so we,actually,ended up having a tax bill i think it,was around two million dollar tax bill,for our first year of trading so that,was another really big,kind of early days business mistake that,i made,so we've got our domain and we've set up,our company the next step is setting up,a shopify website,there are a few different e-commerce,providers but i choose shopify for all,of my stores i've used it from the,outset,so shopify is an e-commerce provider,it's basically a plug-and-play,website or platform so that you don't,have to,spend thousands of dollars in setting up,a website with a developer,so at the moment shopify has a 14-day,free trial,and then it's 29 a month for the starter,plan,outside of the basic shopify plan you,then want to budget,around 200 a month for shopify plug-ins,so we use shopify plug-ins that help,increase our website speed we use,shopify plugins that display customer,reviews to increase,trust or email pop-ups,so that you're able to capture leads,from your site,so i'll be talking about manufacturing,costs later in this video,but for now let's assume you have your,product and let's move on to,product photography so there's a couple,of different ways you can go about this,you could do,a in studio shoot which you know for a,half day,including the photographer and the,studio would probably cost you around,two thousand dollars in outlay but,another way that we go about this with,my brands,is we find great photographers on social,media that are micro,influencers recently we paid one of,these micro influencers four hundred,dollars for twelve,high-res images in three different,environments so that can be,a really low-cost way to get your,product beautifully,shot that can also be more so in terms,of lifestyle,shots and you might want to do your,product shots in the studio,or there's lots of great articles on how,you can shoot your product photography,yourself just from your iphone or,smartphone next i want you to put,600 aside for influencer marketing,obviously getting your products into an,influencer's hands are a really,great way to get early word of mouth out,about your product and gain some,traction,and demand from social media so i,recommend that you send out,around 30 units of product we,will be sending out to micro influencers,that will accept,product in return for a post so,let's say that your product costs around,ten dollars a unit,that's three hundred dollars for those,thirty units to be sent out,and let's say it's an additional ten,dollars uh postage for each unit as well,so that's the other three hundred to a,total of six hundred dollars,hey guys hope you're enjoying this video,if you are,make sure that you check out my free,training by clicking the link below,we'll go through exactly how to start,and scale an ecommerce store within 12,weeks,next when it comes to testing facebook,ads,when we launch a new brand we spend,around 50,a day to begin with well our facebook,ads are in the testing or learning stage,but we usually get around a five times,return on ad spend so if we're spending,fifty dollars a day,we might be making around 250 dollars in,revenue out,of those facebook ads the good thing,about facebook ads is of course you can,turn,off that budget at any time if they're,not converting for your brand,so if you're spending fifty dollars a,day on facebook ads that's around,fifteen hundred dollars a,month but you can obviously test with a,lower budget as well,so there's some of the early startup,costs,in terms of setting up your store and,registering your business,now i'm going to talk about the product,side of things so i'm going to use,two of my brands as examples because,they're on kind of opposite ends of the,spectrum,so of course when it comes to product,costs it's going to vary a lot depending,on the niche or the industry or the type,of product that you're manufacturing,uh with my brand skinny me tea for,example,i was able to start that with very very,very low,overheads i actually started skinny bt,with 24,in the bank and the way that i was able,to do that was because we,went on somewhat on pre-sale during the,week,so because i worked full-time i would,take orders during the week for those,five days and i would fulfill the orders,on the weekend,because we were able to manufacture well,i was able to manufacture the product by,hand at that stage,i would just buy the loose leaf tea from,health food stores,or from asian supermarkets and i was,able to blend it by hand myself,and tea is obviously a very low cost,product that was costing me about,five dollars per unit of tea so that was,a lot lower in terms of cost to,manufacture it also didn't require a,minimum order quantity because i was,creating the product,by hand myself when it came to my watch,business i'd already had skinny me tea,for over a year and a half we'd been,doing,you know around six hundred thousand,dollars a month,after six months into the business so,we had a bit more startup capital when,it came to the watches,the watches were around 30 to 40 i think,around 40,australian dollars around 30 us dollars,at the time,per unit so obviously a sizably,larger unit cost and because we weren't,of course making them by hand,there was around a three-month,production time,as well for the watches and we didn't,actually do a pre-sale for the fifth we,did,pre-sell product for skinny tea but we,didn't when it came to the fifth,so the initial investment into that,brand in terms of product,was around a thousand units which was,around forty thousand australian dollars,so as you can see,from twenty four dollars to forty,thousand dollars the startup costs,differed,a lot between those two products so when,coming up with your first idea it's a,good idea to,jump onto alibaba as quickly as possible,just to see around the approximate unit,costs per product so that you're not,you know choosing a product or industry,that's going to be,too cost intensive so of course i don't,want those prices to put anyone,off manufacturing a sort of higher,ticket product,either a really great thing that you can,do is actually pre-sale,that product through shopify so it's,just,in terms of setting up your shopify site,listing that product for sale but making,it extremely clear that that is a,pre-order,and the lead time will be you know two,to three months for example and when,they will be able to expect that product,so you want that,very very clear on the website when,we're ever pre-selling a product we put,it right into the product name,we put pre-order june for example,and then the product name so it might be,like pre-order june rose gold watch,so guys that's around how much money,you're going to need to start and set up,an e-commerce business,i hope you enjoyed this video and i'll,see you in the next one hey guys hope,you're loving our videos and that you're,getting heaps of value from them,if you are make sure to hit the like,button and make sure to subscribe to,join the founder fam,if you did enjoy this video and want to,continue to master your skills,make sure you click here to access your,free training now,we will go into way more depth with this,founder

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