3. eCommerce store
Another profitable small business you can start in 2022 is to start an eCommerce store. Today, buying goods and services online has become a habit for many people around the world. By 2020, the total number of digital shoppers in the United States was 256 million.
This number was projected to reach 291.2 million online shoppers by 2025. Online sales are evolving each year reaching record numbers. However, the question many people ask is how much money can you make with an eCommerce store.
According to a rough estimate, in three months, an average eCommerce site in the United States makes over $150,000 in monthly revenue, while the business after a year generates nearly $330,000 in monthly revenue.
See also 7 Best Tips For Running A Successful eCommerce Website
To start an online retail business, there are certain expenses you need to prepare for, such as your eCommerce website costs, manufacturing, software tools, inventory and logistics, licenses and permits, and other additional expenses.
You can start an eCommerce business for as little as $100, the cost of a basic domain and website theme. As an eCommerce business owner, expect expenses to climb to $40,000 in the first year. But if you run a business well you will have an exciting return on investment thanks to the profit margins.
According to estimates, an eCommerce store created after three months can generate about $63,000 in monthly revenue. This income can climb to an average of $127,000 monthly income.
Estimated start-up cost: $7,000 to over $15,000
If you plan to have an in-house team, you may also want to consider the additional costs:
Web Developer – $53,000
E-commerce manager – $59,000
E-commerce manager – $100,000
A very important expense you need to consider is the cost of your inventory. Make sure you find a supplier that offers you good quality products at reasonable prices.
Learn more about How to find the Right eCommerce Product Suppliers for Your Store