Over the years WooCommerce has risen through the ranks to be the world’s best shopping cart system. Currently, it supports about a third of all eCommerce websites. While it is possible to get a free WooCommerce plugin, any serious online merchant will want to go for the premium version in order to access better and more reliable features. There are unusual costs that a lot of first-time entrepreneurs forget about like maintenance costs and support, website optimisation and product copy creation. Here is a rough breakdown of how much you might have to spend should you decide to jump onto the WooCommerce bandwagon:
It is important to take into consideration the cost of WordPress themes and developers costs when rolling out your eCommerce project. While there are several free WooCommerce themes, you’ll opt to purchase a commercial theme for high impact, and you can get it from anything between $50 and $100.
You might end up purchasing multiple themes throughout the design period, therefore, budget on the high side. It is noteworthy that you can hire a designer to build a custom website design from scratch.
Web Design Estimated Cost: $250 – $600 (One Time Fee).
Take time to research the different payment processors out there as choosing the wrong one can significantly increase your costs. The payment processing fees usually vary depending on the service you choose to use. PayPal’s rates are arguably the best around, at 2.9%+0.30 on each transaction.
You may decide to go for a traditional merchant account which means you’ll pay slightly lower rates in processing fees. However, you should anticipate to be billed monthly on account-related fees, and that will remarkably increase the costs. Moreover, traditional merchant accounts use third party payment gateways which means additional processing fees on the merchant account statement each month. For a startup, these fees are enormous and can eat up a huge portion of the profit.
Payment Processing Estimated Cost: 3.4% of each product sale. +30p every time someone pays for a product.
You will need web hosting, and it is beneficial to go for a managed WordPress host simply because when you run a store, it will allow you to focus more on selling rather than hosting and upkeep issues. Managed web hosting is well worth the extra couple of dollars you’ll shell out for the service.
Website Hosting and Maintenance: $30 – $90 Per Month.
As you may already know, there is a wide range of extensions for WooCommerce out there ranging from Google Analytics extensions to Facebook ads extensions. You must ensure that the extension you opt for comes from a reputable and reliable developer. Premium extensions are generally better supported, better coded, and come with some kind of guarantee. It is worth noting that the kind of extension you get entirely depends on the site you are starting.
For the first year, premium WooCommerce extensions might set you back $750.
Any serious online store needs to have a professional domain such as .net, .com, etc. There are plenty of hosting companies that can let you register a domain through their service, an option you should consider if you want to save money. But you can also purchase a domain separately. Depending on the domain type, you can pay an average of $10 every year for a domain name.
Domain Estimated Cost: $15 Per Year.
SSL Certificate with WooCommerce
In order to use SSL on your online store you’ll need to purchase and install an SSL certificate. Several providers sell certificates of various prices. The web hosting service provider may also sell the SSL certificate. Depending on the certificate authority, the SSL may cost anything between $49 and $65 annually.
Full Estimated Cost of SSL: $50 – $60 Per Year.
These are rough estimates. The real cost will depend on what you want exactly and how much you are willing to spend on each extension or plugin.
Full Cost of Running a WooCommerce Store
Here are the estimates for running a WooCommerce store online:
Website Design – $500 One-Off Payment
Payment Processing – $80 Per Month (Assuming you are making $2000 of sales per month)
Web Hosting – $50 Per Month
WooCommerce Extensions – $800 One-Off Payment
Domain – $15 Per Year
SSL Certificate – $50 Per Year
Full Cost: $1,300 One-Off Payment and $135 per month