How to Make Money on Shopify: The Ultimate Guide for 2024

Shopify is currently one of the world’s leading eCommerce platforms for dropshipping. People are buying online more than ever before, especially in the wake of the Covid outbreak and other complex global circumstances.

Whether you want to keep up with the trends – increase your store’s online sales, or simply make some extra money, Shopify has some ways for you.

We’ll show you how to make money on Shopify by utilizing its tools and services, as well as some advice to keep in mind in order to make your business a tremendous success. Check it now!

Things to do before you start a business on Shopify

Whether you’re a beginner trying to figure out how to make money on Shopify or an experienced entrepreneur looking to expand your business with an online platform, you’re bound to be perplexed and in need of some basic guidelines. Here are a few things to think about when deciding which path to take to make money on Shopify.

Make sure you have your business plan

This is almost self-evident. Before investing, you must create a detailed, authentic business plan and thoroughly examine your business idea.

Business type: This is what you mean when you say you’re choosing and displaying your product. What type of product or service do you wish to offer or sell?
Effort: What skills will you need, what experience will you require, and how much time will you have to devote to your venture?
Profit potential: Expected profit from your business
Startup costs: A budget for getting your company ready for business.

Have a marketing plan before making money on Shopify

You are confident in the quality of your products, but how do you communicate this to customers? A well-thought-out marketing strategy will propel your company forward.

Define your niche and the types of clients you want to attract (target audience).Define the theme you wish to use, and then pick suitable product images and descriptions to go with it.
Select the digital platforms on which you want to promote your products and how you intend to market them.
Remember to choose the correct set of SEO keywords to help your product rank at the top of search results.

Create a strategy for the store’s operations

Shipping: One of the most difficult aspects of running an internet business is shipping. You must carefully measure product weight, packing expenses, shipment location, carrier rates, and your potential profit on each order.
Tax: Most tax computations will be handled automatically by Shopify using default sales tax rates from throughout the world. Shopify, on the other hand, is not liable for any mistakes you make with your tax returns. To be safe, seek advice from an expert.
Payment gateways: You’re almost done with your store’s setup. Choose the payment method and currency that best suits your needs. You can also add identification verification and postal code to enhance safety and prevent fraud.

Related topics:

10+ Simple Ways To Make Money On Shopify

These are the 10 most straightforward suggestions to assist you to answer the question of how to make money on Shopify.

Start an Ecommerce Store
Build a Shopify Dropshipping Business
Monetize Your Social Media
Sell one-of-a-kind handmade products
Print on demand
Online courses and workshops
Become a Shopify Affiliate Partner
Blogging
Media
Become an influencer

Start an eCommerce Store

One of Shopify’s core values is to assist e-commerce businesses. Shopify allows users to quickly and easily create an online store. You can sell almost anything as long as it has value to the user, both physically and mentally. Shopify provides a user-friendly online business platform for both merchants and users. Your store is very simple to design, display the goods, and buy and pay for.

Furthermore, you can create a blog for your Shopify store to attract a lot of traffic from your customers without having to pay any website maintenance fees. You may utilize Shopify applications to boost your sales in addition to blogging. Also, to properly optimize the product, remember to investigate the SEO keyword system. You can also use Shopify’s web structure to optimize your business, particularly if you have various digital platforms.

About Shopify pricing:

Shopify, like most ecommerce platforms, has tiered feature plans with corresponding prices. Each tier is intended to provide a variety of services tailored to the business while also maximizing the owner’s revenue. Shopify pricing plans offers various options including Shopify, Basic Shopify, Standard Shopify, and Advanced Shopify.

You can use Shopify for free for two weeks before deciding on the best structure for you. The 3-day trial period will give you enough time to set up your online store, operations, and business on Shopify. Then, you can decide which Shopify’s options are best for your company.

✨✨✨ More details about Shopify pricing plan

Build a Shopify Dropshipping Business

When you have limited capital and are stressed with capital or inventory, there are a few options for running an eCommerce business. Dropshipping is a business model that can help you to make money on Shopify.

Dropshipping is a business model that eliminates the need to find suppliers and enter inventory. Instead, when a customer purchases something from your store, your Shopify Store sends order information to your dropshipping supplier automatically. Finally, the dropshipping supplier will be in charge of delivering the item to the customer.

>>> How to Start a Shopify Dropshipping Store Quickly & Effectively

There are some products category at Shopify that has impressive business and revenue results: women’s clothing and accessories, jewelry, home and garden, and beauty.

Having this type of dropshipping business in front of you has a lot of advantages. You will have the opportunity to work with some of the world’s leading dropshipping providers, including Oberlo, Spocket, and DSer. You can also use integrations with other sales channels, such as Pinterest, Instagram, or Facebook Ads, to easily market and advertise your products.

However, you must recognize that there will be a significant obstacle to overcome. Many other parties with the same level of competition and greatness will offer your product.

>>> How to Do Wholesale on Shopify Successfully – The Answer is Here!

Monetize Your Social Media

Media is a broad term, but it is a lucrative market with thousands of ways to profit from it. You can work as a music producer, video editor, magazine editor, or podcast host.

The best aspect of business media is that it allows people to express themselves online. Artists and creators can now use their love and support to build brands, gain followers, and make money online.

Another great option to consider when self-employed is to create a link, convert a social media fan into a loyal fan, and seize the opportunity to turn it into a revenue stream. Inquire about how to make money on Shopify.

However, Shopify’s strategy to push the company specifically into social selling allows you to add links and a “buy now” call to action to Instagram and Facebook posts.

>>> Read more: 5 Key Pillars of Shopify Social Media Marketing to Boost Your Brand

Sell one-of-a-kind handmade products

Although the above methods of making money on Shopify have many advantages, particularly not having to worry about capital expenditure and storing and shipping goods, the rate of stores having to close is also high due to the high degree of complexity. You can’t imagine the competition. Your product is drowning in a sea of potential products that are unique and different.

And, in comparison, most of the brands that have a direct impact on consumers have one thing in common: the original products always create meanings and accompanying messages. The unique and interesting nature of each product creates a trend that makes everyone want to own them, regardless of how many people wear them or like them. The similarities between your shop and these stores are purely coincidental.

A person with a distinct personality, identity, and sense of self-affirmation. This notion has never died and is now out of date. As a result, you must take advantage of it and start making money on Shopify.

Handmade products are very popular in industries such as jewelry, fashion, and home decor. You can also offer custom design services. This business model gives you complete control over the development and quality of your products. The disadvantage is that your product will be unpopular, and scaling will be difficult if you are working alone. The costs of creating products by hand must also take into account a number of factors, including the cost of raw materials and labor.

You do not, however, have to design it entirely by hand. You can identify potential manufacturers, explain your vision to them, and collaborate with them to produce your products. Because of the minimal ordering and storage, this will require some upfront investment, but it’s a good way to maintain control of your product while keeping your cost per unit low.

Print on demand – a trending of making money on Shopify

Print-on-Demand enables sellers to customize products with their own designs and only manufacture them for sale after a customer has placed an order, reducing the risk of backlogs and issues. When a customer places an order, the print-on-demand company will incorporate your design into the product, process the order, and ship it to the customer.

The most significant advantage of print-on-demand over dropshipping is that you have control over the aesthetic of your product, which is a key differentiator in product categories where design is important, distinguishable, such as t-shirts or merchandise fans.

If you want to make money on Shopify by printing on demand, you can try the following options:

Sell a variety of products such as t-shirts, books, shoes, bags, mugs, phone cases, laptop skins, wall paintings, and so on. You can edit it yourself and then sell or print it on your own request.
Print celebrity photos to sell to fans and sell them online.

Online courses and workshops

This is one of the Shopify ways to make money that is both an opportunity and a challenge. It is difficult to create a truly excellent online course. You must have solid knowledge and experience working with a specific topic, as well as the ability (and dedication) to systematize that knowledge and write or document your best advice for customers. And, of course, you must market in order to persuade your customers to pay for your expertise.

There is, however, a reason why online courses are so popular. Once a course is created, it gains all of the advantages of any digital product: the cost of making the product available to more customers is essentially zero, with the exception of storage costs. store. When you compare that to the inventory maintenance requirements of all physical product businesses, you’ll notice that you’ll have fewer product-related headaches as you scale.

However, you must contend with the fact that there are numerous websites all over the world that provide free and high-quality courses.

What you must comprehend is why people pay for your course not only for the information but also for the manner in which it is organized and presented. Another benefit is the time saved by not having to sift through hundreds of YouTube videos and websites to find the essential information.

If at all possible, share your on-the-job real-life experiences and incorporate them into a course. And if you help clients get raises and promotions by teaching them new skills, you’ll thrive.

Become a Shopify Affiliate Partner

How do we make money on Shopify with the Affiliate Partner program? Publishers and individuals can sign up for affiliate programs and become Shopify Affiliate Partners. When your request is approved, you will be sent a link that promotes the product or service you want to promote. Remember to include a disclaimer!

When someone purchases a product after clicking on your link, you will be paid a referral fee as well as a commission. The commission amount is determined by the Shopify affiliate program and the product sold, and it can range from hundreds to thousands of dollars.

A focused website that provides insights to customers is frequently used as the foundation for using Shopify affiliate marketing. As a result, you must concentrate on factors such as search engine optimization and article content. Especially the approach (separate niche) and expansion (development into new areas) in a way that suits your interests and abilities.

Blogging – Offer Your Freelance Service

You’ve probably come across a business blog at some point. Businesses use blogs to share knowledge and insights, build an audience, generate leads, and increase sales. Blogging has numerous advantages, including developing thought leadership, expanding knowledge, sharing writing skills, and utilizing essential marketing tools.

Without any limitations, you may become a blogger, create appealing, useful content, and monetize it.

The following are some examples of basic blog implementations:

Share their ideas, interests, or life experiences.
Educate readers on topics they are already familiar with.
Offer products or services for sale
Developing a personal brand

When your blog has a certain number of followers, you can earn money in one of three ways:

Sell physical products that your readers will appreciate, such as pillows or t-shirts. (This is usually the case with blogs of a review or product experience nature.)
Provide digital products such as designs, courses, or photography for hire.
Selling freelance services like consulting, writing, bookkeeping, and so on.
Sell account subscriptions along with memberships that include incentives to use specially created content.

>>> Discover now: 10+ Best Shopify B2B Themes For Successful ECommerce Enterprises

Make money on Shopify with Media

When considering how to make money on Shopify, consider social media monetization. It’s similar to an affiliate program in that you turn your social media following into a revenue stream.

Selling on Instagram with Shopify could be a great way to go if you or your business are making the most of your product marketing on social media platforms and want to turn these social channels into a revenue stream. It’s a great way to supplement your income.

One popular way to make money online is to work as a social media consultant. Successful TikTok and Instagram creators are now promoting their abilities.

Brands will contact you as a social media consultant to generate creative ideas, develop content strategy, produce videos, and more. Because you can run your business from your smartphone, it’s a smart money-making opportunity for digital nomads.

Your objective will be to raise brand awareness and audience size. You must be able to create viral videos and manage communities.

Related articles:

Become an influencer

Influencer marketing is one of the most recent marketing methods that businesses of all sizes are employing. You don’t have to be a celebrity to be an excellent influencer, but if you are competent and an expert in your field, nothing can stop you from becoming one.

To become an influencer, you must first have a large following and engagement, and then you must create a small community. Influencers today do not need to have millions of followers. With around 50,000 followers, you can become a KOL.

YouTube and Instagram are the two most important platforms that will help you. These platforms are extremely user-friendly, have a large user base, and are exceptionally well designed.

Best practices to make money on Shopify

Display and describe your products clearly

This means you should use clear, sharp, and stylish photos that describe your product in detail while also capturing the reader’s attention. You also have a “Support” button to answer customer questions.

Market research

Investigate your competitors’ pricing strategies for specific products or services, then compare yours to determine whether you should charge more or less. It’s critical to strike the right balance between being competitively priced and profitable.

Offer great customer service

Excellent customer service can entice customers to return again and again. Make it easy for customers to contact you during the buying process if they have any questions, and make it easy for them to contact you after the sale if necessary.

Be proactive and flexible

Whether it’s about what you sell, how you set prices, or who you market to. Investigate analytics and trends, as well as consult with your customers, to determine the best course of action.

Wrap up

We’ve attempted to explain how to make money on Shopify using the most common approaches. Hopefully, they will inspire you and help you succeed in your pursuits.

Don’t forget to check out the Shopify Partner Program if you want to make money with Shopify. Alternatively, if you require any assistance with your Shopify business, or know more about how to make money on Shopify, please do not hesitate to contact us at BSS Commerce Shopify.