How Much Does It Cost To Start An Online Medicines Business ? (In 2023)
Wondering how much it costs to start an online medicines business ?
- The minimum startup costs for an online medicines business : $12
- The maximum startup costs for an online medicines business : $27,209
- The average startup costs for an online medicines business : $13,936
Here's a detailed list of an online medicines business startup costs:
Learn more about starting an online medicines business :
Where to start?
-> Pros and cons of an online medicines business
Need inspiration?
-> Other online medicines business success stories
-> Examples of established online medicines business
-> Marketing ideas for an online medicines business
Other resources
Software Expenses
Your online medicines business needs software to run efficiently!
Why spend money on software? Because it can help you save time and automate certain parts of the business, so you can focus on the most important matters. Software and technology can help you grow your business, and save you from expensive personnel costs.
| Cost | Required? | Min Cost | Max Cost |
|---|---|---|---|
| File Hosting Service | Recommended | $0 | $299 |
| Email marketing tool | Recommended | $0 | $100 |
| Accounting & Invoicing Software | Recommended | $0 | $50 |
| Project Management Software | Recommended | $0 | $25 |
| Internal Communication Tool | Recommended | $0 | $20 |
| Design Programs & Software | Optional | $0 | $50 |
| IT Support ➜ | Optional | $150 | $2,000 |
| Social Media Management Tools | Optional | $0 | $50 |
| Payroll Software | Optional | $0 | $200 |
Office Space Expenses
It will be your call to determine if you need office space. It is not a requirement but may be necessary as your online medicines business grows.
| Cost | Required? | Min Cost | Max Cost |
|---|---|---|---|
| Rent ➜ | Optional | $0 | $5,750 |
| Utility Costs For Office Space ➜ | Optional | $0 | $1,150 |
| WiFi & Internet ➜ | Optional | $0 | $100 |
Inventory Expenses
If you sell a physical good, you'll likely have to start with some inventory.
| Cost | Required? | Min Cost | Max Cost |
|---|---|---|---|
| Upfront Costs For Inventory | Optional | $300 | $5,000 |
| Inventory Storage | Optional | $0 | $5,000 |
| Package Design ➜ | Optional | $50 | $3,000 |
| Shrinkage | Optional | $0 | $1,000 |
| Distribution costs | Optional | $0 | $750 |
Website Costs
Every business should have a website, and it's worth spending a bit of money to set it up right.
| Cost | Required? | Min Cost | Max Cost |
|---|---|---|---|
| Domain Name ➜ | Required | $12 | $200 |
| Business Email Hosting Service ➜ | Recommended | $1 | $15 |
Advertising & Marketing Costs
| Cost | Required? | Min Cost | Max Cost |
|---|---|---|---|
| Customer Research & Surveys | Optional | $0 | $300 |
| Affiliate Marketing Commission & Fees | Optional | $0 | $250 |
| Influencer Marketing | Optional | $0 | $750 |
| Press | Optional | $0 | $500 |
| Google Ads | Optional | $0 | $300 |
| Facebook & Instagram Ads | Optional | $0 | $350 |
Hey! 👋 I'm Pat Walls, the founder of Starter Story.
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