Imagine you are thriving in your own offline store but now you need to take things up a notch, embarking on online business growth utilizing advanced technologies, for example? One of the most common questions that arise when considering a new business venture is "What business can I start with $5K?"
In this blog, let’s dive into the answer by exploring the powerful functionality and advantages of Shopify - one of the most prevalent solutions widely used in the world, including big corporations and low-cost startups. Furthermore, we suggest 10 best business ideas with great ambitious development to build an online store with Shopify from scratch.
Outline
- 10 Best Business Ideas For Online Business Models
- Why Is Shopify The Best Option To Start An Online Business?
- How To Open An Online Store? A Step-by-step Guide
- FAQs
- Conclusion
10 Best Business Ideas For Online Business Models
When thinking about "what business can I start with $5K?", targets G7 countries customers, a cost-benefit analysis is crucial. With a small sum of $5,000, it seems like you begin as a low-cost startup, but don’t worry, you can be a thriving business if you’re strategic about your approach. So, let's break down how this modest sum can set you on the road to e-commerce success with Shopify. Here are some Shopify-based business ideas that could be viable within your budget.
Candle business
Making candle
Due to eye-catching design and beautiful scent, candle-making is a developing industry. A candle business is a wise idea for an entrepreneur who wants to make profits with a limited budget. There are various opportunities to grow this type of business if you consider it seriously since the demand for both hand-made candles and automated ones is increasing. This even becomes easier with Shopify since it lets you set up your e-commerce from scratch or spread your products further through other social platforms such as Facebook marketplace.
- Initial investment: $500
- Resources required: an online store/website, materials, products, shipping service
- Possible revenue: $1000 - $2000/month (can fluctuate)
Dropshipping
Dropshipping model
Drop shipping allows you to start your ecommerce business without keeping stock. The reason is that you can utilize an ecommerce platform like Shopify to sell goods directly from suppliers to customers without holding inventory yourself. Therefore, your main responsibility focuses on customer experience, not on inventory and shipping. With this online business model, overall costs are low, so anyone can start a business with 5K.
- Initial investment: $100
- Resources required: an online store/website, products suppliers
- Possible revenue: $1000 - $3000/month (can fluctuate)
T-shirt selling
T-shirt selling
Running a T-shirt online store is a growth path that many entrepreneurs want to follow. Building an online store beside an offline one is now becoming more and more popular due to customer behaviors. Thanks to advanced technology, people nowadays have references in online shopping with just a few clicks at home rather than physically visiting the stores, hence, launching an online store on Shopify can definitely drive significant benefits for the owners.
- Initial investment: $1000
- Resources required: an online store/website, products, suppliers, shipping service
- Possible revenue: $3000 - $5000/month (can fluctuate)
Read more: 24 Ideal Businesses To Start With 10k Or Less
Stationery products
Stationery products
Perhaps we always pay attention to sparkling, aesthetic things like colored pencils, and designed papers. Stationeries are students' and kids’ favorites so if you have a talent for creating small pretty things such as greeting cards, notepads, stickers, etc., don’t hesitate to start this online business model. It is better if you can make your brand stand out among thousands of stores by owning unique products that are personalized only by your store.
- Initial investment: $500
- Resources required: an online store/website, products, shipping service
- Possible revenue: $1000 - $2000/month (can fluctuate)
Fashion accessories
Fashion accessories
Fashion is one of the world’s most important industries, contributing to significant profit for the global economy. Fashion accessories are products of the modern age, when people place a high value on physical appeal, they tend to mix and match their clothes with accessories to create harmonious outfits and be attractive among the crowds. Therefore, an online store on Shopify selling typical fashion accessories like footwear, jewelry, handbags, and watches will bring you success for sure.
- Initial investment: $1000
- Resources required: an online store/website, products supplier (you should choose a worth trusting party), shipping service
- Possible revenue: $3000 - $5000/month (can fluctuate)
Becoming a blogger
Writing blog
Maybe it is hard to believe, but you can actually become a blogger and earn money from Shopify. It is similar to online journaling informally to build a community that shares the same interest. You have to use a blog platform and start to create articles integrating affiliate marketing if you can build trust among your readers. In this way, you get commissions from other brands if your followers purchase products via online shopping.
- Initial investment: $400
- Resources required: an online store/website, laptop (digital devices to support writing), certifications, knowledge
- Possible revenue: $1000 - $3000/month (can fluctuate)
Print on-demand
Print on-demand model
Starting a print-on-demand (POD) business model may be suitable for you if you have creativity. This online business model is one of the best answers to the question “What business can I start with 5K” since POD helps you minimize the cost of inventory management and physical products. What you do is create your design, add it to your website, promote it through marketing, and receive orders from customers. The chance for growing your sales on this model is potential without high financial risk, just like drop shipping.
- Initial investment: $500
- Resources required: an online store/website, products
- Possible revenue: $2000 - $4000/month (can fluctuate)
Pet service
Pet caring
Target the G7 countries audience, where pets are highly respected, you can choose to start a pet service business for those who love furry friends. Depending on your experience and skill, you can start by providing services such as grooming, boarding, pet hostels, pet sitting, daycare, and other services on your online store. A pet business is like other small businesses, with a small initial investment, you can be confident to run successfully. The key point is you have to love and be knowledgeable about the animals you are going to work with.
- Initial investment: $500
- Resources required: an online store/website, pet-caring tools
- Possible revenue: $1000 - $2000/month (can fluctuate)
Quick read: 14 Best Small Business Ideas for 2024: Including Food Truck Ideas
Beauty and cosmetic product
Beauty products
Beauty e-commerce is a fast-growing industry since customers now prefer online shopping which allows them to pick by category and price, and read product reviews from the cozy room at home.
Building an online store selling these beauty products is able to attract new customers, express your idea of business, and create relationships with customers. With Shopify, you can sell all the time and your customers can order the products they need regardless of distance. Shopify ensures your website will develop with both visual appeal and technical optimization in mind, making it easy for users to recognize your label and increase brand identity.
- Initial investment: $1000
- Resources required: an online store/website, ingredient manufacture, products, shipping service
- Possible revenue: $1000 - $2000/month (can fluctuate)
Selling books
Book store
Selling books online is another lucrative business that is worth trying with 5K. Setting up a store on Shopify is a cost-benefit model since it would help to reduce the cost of real estate, you can either write your own books or modernize book shopping experiences. Shopify has become the world’s online marketplace so this option has the potential to bring more benefits than the first, as you have more control over your earning, marketing, and customer experience. The platform can also grow your sales by integrating other channels like Facebook, Instagram, Pinterest, etc, thereby tapping a new customer group.
- Initial investment: $500
- Resources required: an online store/website, books, shipping service
- Possible revenue: $2000 - $4500/month (can fluctuate)
Above are 10 business ideas we highly recommend to you, but you can weigh other cost-benefit ideas if these are not suited to your goals.
Why Is Shopify The Best Option To Start An Online Business?
To build an online store, consider Shopify since it offers a wide range of advanced features and extensions that are designed to meet the requirements of users, from individual users to enterprise-level businesses. Here are some noticeable features:
Scalability
Whether you are an entrepreneur or a merchant, Shopify can help you to handle high-volume sales even during peak hours. Your operation can still run smoothly without worrying about technical limitations or performance capabilities.
Security and Reliability
Security is a crucial factor in the e-commerce industry for better growth. Shopify is a highly trustworthy platform thanks to its strict security policy. It ensures all user’s information and interests are respected and kept secret at the highest level to protect the rights of customers.
Variable themes
With Shopify, you have numerous templates to opt for which one is best suitable for your brand. You can visit Shopify Theme Store , here you are free to choose free or paid samples to represent your website in your own way.
Customization and flexibility
To make your online store interface perfectly match with your concept, Shopify allows you to create a unique storefront to meet your needs. The platform offers tools and extensions to help you customize the visual appearance and increase your brand identity by changing the layout, content, color, and others even though you are not expertise in design.
User-friendly interface
A plus point of Shopify stores you should notice is their user interface and user experience have been optimized to facilitate interaction for users and adapt to new technology. Perhaps at first time, you will be a little confused but then you will soon become familiar with its simplicity of usage. The backend data is straightforward and logically connected, allowing users to configure all necessary structures without the high-level technical skills required. Moreover, all the elements are arranged to enhance customers' browsing experience, making an attractive but easy-use appearance of the website.
Global expansion
Having an online store on Shopify, you have opportunities to reach global customers effectively. The platform supports users all over the world regardless of discrepancies between language, localization, currency, and other aspects. Building an online store on Shopify, breaking down barriers, and penetrating into new markets effortlessly is no longer a far future story.
Automation management
Shopify workflow automation is implemented to automate tasks and jobs using software to reduce the burden on human labor. These tasks include tracking orders, managing complaints, inventory control, and fraud prevention. Its operation is simple even for beginners which is represented in an easy and user-friendly interface, allowing users to develop automated procedures and save a lot of hassle.
Multiple sales channels
By integrating websites with additional popular channels like Facebook, Instagram, Pinterest, and Amazon, Shopify opens wide chances for store owners to approach their potential clients more easily. This way, you can grow your audience and maximize your profits by selling from a single place.
Marketing tools and SEO benefits
The platform provides plugins and tools for better search engine optimization (SEO). The SEO-friendly Shopify features can enhance website performance, including code, high load times speed, user experience, conversion rate, and numerous factors to contribute to higher search engine rankings. In this way, you can upgrade the overall quality of your website, and build brand loyalty and trust among customers, leading to successful business.
How To Open An Online Store? A Step-by-step Guide
When choosing your business idea, you may find it confusing to build an online store from the beginning. Don’t worry, following these steps systematically will help you build a solid foundation for a successful online business.
1. Market Research
In this state, you need to investigate your market, analyze trends, identify opportunities, and assess competition. Market research is a key component in your business process. It can give you an overall view of your business and competitive marketplace, determine who and where your customers are, and have a proper business growth strategy.
2. Choose your product
The biggest challenge that affects the entire operation is finding profitable products to sell. Having a product idea may be tricky, but we give you some tips to consider:
- Go align with your passion
- Catch up with the latest trend
- Match with your resources
3. Decide target audience
A target audience is a group of people you focus on and bring you the majority of your revenue. Customer segmentation can be based on some categories:
- Demographics: factors include age, gender, income, and education.
- Location: different regions can result in different behaviors, knowing your customer mindset in specific areas so you can serve them better.
- Interest: thorough research on the attitudes, personalities, and lifestyles of your audience will help you draw customer persona and understand their insights.
4. Pick a niche market
Penetrate into a new market, you may struggle to become the leader so picking a niche market and narrowing your scope will help you obtain credibility and minimize the risk. To choose the right niche market, take these aspects into consideration:
- Profitability: Choose a market in which you can see your return on your investment to build an online store. If a product is too expensive to produce, the potential for profits is low. Therefore, careful research is essential.
- Searchability: Choose the most suitable e-commerce platform that people tend to search for. You can use SEO tools to find out which product is on top trend to start your business.
- Passion: Consider your passion. The reason is as simple as you just devote 100 % to what you are passionate about. Therefore, following your business dream is the key to being persistent in the long run to achieve success.
5. Choose an e-commerce platform
Platforms like Shopify, WooCommerce, Magento, or BigCommerce can help you build your online store without requiring in-depth technical skills. Some key features that should be considered are:
- Usability: Your e-commerce platform should be user-friendly, as not to trigger confusion among customers. You can introduce a free trial or demo to instruct your buyers on the first try.
- Accessible customer support: Opt for a platform that offers support for the whole process. At this point, Shopify stores give you opportunities to have support teams available 24/7 through live chat, email, phone, etc who are willing to help you any time.
- Friction-free checkout: Find an ecommerce platform that makes it easy for buyers to buy products. If using Shopify, you can add more plug-ins for your store to accommodate various payment methods and multi-currency.
6. Build your ecommerce website
As you have a framework for your website, the next step is step-by-step fulfill your website. While the steps will somehow different depending on the characteristics of each platform, typically you have to follow the flow below:
1. Go to your selected e-commerce platform and sign up for an account.
2. Select a domain name, you can use your chosen plan or you can buy separately.
3. Pick a design template that is suitable for you or you can customize your own way
5. Design and personalize your homepage along with any other page to increase your brand identity.
7. Integrate a system to support the payment process.
8. Adjust additional settings if needed
Learn how to set up an engaging website on Shopify step-by-step:
7. Optimize your website
After your e-commerce site goes into operation, it's crucial to make it search engine-friendly to enhance its visibility. This will help you attract more visitors and boost sales without additional costs.
Here are several ways to improve your site's SEO:
1. Title Tags: Make sure your title tags accurately describe the products or services you offer.
2. Meta Descriptions: This is the brief text that appears beneath the title tag in SERPs. Write a compelling and rich keyword meta description to help people skim important information and encourage them to click on your website.
3. Header Tags: These are the headings on your web pages. Ensure they describe exactly the content of your page.
4. Image Tags: Make your web pages colorful by adding images and using tags including keywords to improve search visibility.
By implementing these strategies, you can improve your website's search engine ranking, resulting in more traffic and more sales as well.
8. Launch your website
After your e-commerce site is live and operational, the next step is to market it. While SEO plays an integral part in the long term, additional methods would help to promote your website faster.
Here are some strategies to publicize your online store:
1. Name your brand on online directories to increase recognition.
2. Partner with influencers who can create sponsored posts, videos, and stories about your products and encourage their followers to purchase your goods.
3. Invest in various online advertising channels, such as Google Ads or Facebook Ads, to expand your customer networks.
4. Attention to content marketing to enhance your online presence and attract a targeted audience.
6. Implement a referral or after-sale policy to promote repeat buying.
8. Participate in affiliate marketing programs to extend your reach.
9. Utilize word-of-mouth marketing to build trust and credibility.
FAQs
What business can I start with 5k in Nigeria?
With a small sum of money as 5k, it is not impossible to start a business. You can start the following options: goods reselling, trading in Okrika, and soap manufacture.
Is 5K enough to start a business?
Yes, of course, It’s even more than enough to start a business these days. All the answers are mentioned above.
What business could I start with 10k?
With $10,000, you are able to indulge in business specializing in food trucks, pet grooming, and import-export fields.
Conclusion
Now you may have your overall view for the question “What business can I start with 5K”.When it comes to online business, the ideas brought into your mind may be plenty, and challenges may come to you whenever. However, don't hesitate to follow your business dream. No matter if you have a big investment or a low-cost startup with just 5K, bear in mind that the amount of your capital is not directly proportional to your success, being persistent and having courage are the key factors. Thankfully, Shopify is a helpful assistant to help you materialize your dream. Let’s start right now and we are ready anytime if you need any answers for your ecommerce plans.
Explore more, check out: 8 Best Small Business Ideas In 2024 That You Can Easily Start After New Year [+ Video Tutorials]
