How to Make Money on Shopify 2021: 10 Superb Ways

The internet has made it possible for anyone to start a business. But not all businesses are created equally.

Some companies require more capital or an initial investment before they can even get started. This is where Shopify comes in handy and has been revolutionizing digital e-commerce.

Shopify provides the ability to create your store and be up and running with minimal upfront costs. With its easy-to-use interface, you can set up your online shop within minutes.

Shopify stock has been on fire, and is the most valuable tech company in Canada.

If you are looking for ways to make money on Shopify, keep reading because I have ten tried-and-true methods that will help you do just that.

How to make money on Shopify

What Is Shopify?

Shopify is an all-inclusive platform that allows anyone to create their online store and sell their products directly to consumers. Shopify provides the ability for its users to set up their store with just a few clicks.

They also provide merchants with an opportunity to generate revenue through different payment options and shipping methods.

Whether you are looking to sell goods or services, Shopify has a solution for both.

You can choose from three different plans: Basic, Regular, and Advanced. All plans include an unlimited number of product listings and 24/7 support. Deciding which plan is best for you generally depends on how much business you’re doing on their platform.

Why Should You Sell On Shopify?

why

Shopify is the world’s fastest-growing retail platform. More than 1,000,000 businesses use Shopify around the globe. By selling your products on their platform, you are tapping into this massive audience for potential customers.  

Shopify also provides free resources to help you sell your products online.

Whether you are starting small or looking to expand your business, Shopify has built an environment that allows merchants to expand into new markets across North America and beyond quickly.

10 Best Methods to Make Money on Shopify

1. E-Commerce Store

Ecommerce Store

Startup Costs: $50-$300
Level of Effort: Medium

The requirements for becoming a managed merchant on Shopify are pretty straightforward: you need your domain name, hosting set up, SSL certificate (Shopify provides free SSL certificates through Let’s Encrypt), and a basic understanding of HTML and CSS.

It’s also helpful if you know how to manage your site without much assistance from Shopify Support.

Advantages

The main advantage of building a Shopify merchant is that you will have complete control over the products and services you offer. This also means few restrictions on what types of products or services you can sell on your site.

This provides an opportunity to experiment with different revenue models, such as dropshipping, wholesale selling, retail arbitrage, etc.

Disadvantages

One of the significant disadvantages of going into business as a Shopify merchant is that it can be hard to stand out from the crowd. There are millions of merchants using Shopify.

They all have their unique style and branding, making it a little harder for a new store to attract attention without an excellent marketing strategy.

2. Dropshipping

Dropshipping

Startup Costs: $100-$500
Level of Effort: Medium

Dropshipping is one of the most common ways to make money on Shopify. Dropshipping is a business model where retailers sell products without having to maintain stock or ship orders themselves.

Instead, you work with manufacturers and distributors who handle product fulfillment for your store by shipping directly to the customer. This means you don’t have to invest any upfront costs into getting started.

Advantages

Many advantages come with working with dropshipping suppliers. The main advantage is that all you need to start this business is an account with Shopify and access to a supplier (or multiple suppliers). You can set up your online shop within minutes with the platform.

Disadvantages

The main disadvantage of a dropshipping business is the lack of control. Since you are working with a supplier, they will control the inventory and product prices. For this reason, you must establish strong relationships with your suppliers so that if problems arise, you can work together to solve them promptly.

It may also be difficult for some merchants to accurately track their profits since they don’t have visibility into their business selling costs and store expenses.

Margins have also been steadily declining as the competition for dropshipping has intensified.

3. Print-on-Demand Products

Print on Demand

Startup Costs: $25-150
Level of Effort: High

Print-on-demand products are a great way to start your own e-commerce business. To get started, you will need to find a third party that prints and ships on-demand products, such as t-shirts. Shopify integrates with dozens of third-party providers for this service, such as Printful, Teelaunch, Printify, and JetPrint.

Once Print-on-demand sites are established, they can become a reasonably passive income source.

Advantages

One of the significant advantages of selling print-on-demand products is that there are very little or no upfront costs involved whatsoever. Since there is no inventory, there is nothing to worry about when storage fees for unsold goods or paying back a supplier.

This also means less time spent processing order forms since every item will be custom-made once ordered through your store.  

Disadvantages

Printing services sometimes take up to 4 weeks before customers receive their order, which is not ideal for people who rely on fast fashion trends.

4. Selling Digital Products or Downloads

Digital Download

Startup Costs: $0-$100
Level of Effort: Medium

Selling digital products or downloads is another excellent way to start your own e-commerce business. Since there is no inventory to worry about, managing your store will be pretty straightforward. You simply have to create something people will want to purchase from you!

Advantages

One of the most significant advantages of selling digital products through Shopify is giving your business a professional look and feel. You can use web apps, which are third-party tools created for merchants using Shopify.

These apps help streamline certain aspects of running an online store, optimizing for making money, but some free apps are available.  

Disadvantages

One of the biggest problems of selling digital products is that you need to rely on more than just Shopify to market your products online effectively.

5. Affiliate Marketing

Affiliate marketing

Startup Costs: $0-$100
Level of Effort: Low

Affiliate marketing is a popular way to generate revenue on Shopify. Affiliate marketing is a form of performance-based marketing in which you promote items from other retailers and receive a commission for every sale that you refer.

It’s one of the oldest forms of making money online, and it is an effective way to market products from affiliate partners!

Advantages

The advantage of working with an affiliate program is that you don’t have to worry about inventory or fulfillment. All you need to do is share your unique referral link, and when someone clicks it and makes a purchase, you get paid. No muss, no fuss! Affiliate marketing also offers a high return on investment.

Disadvantages

Working with an affiliate program can be time-consuming if you don’t have a system in place to track your links. You will need to implement tracking pixels from the merchants you work with and then maintain these across your site.

Most importantly, you want to ensure that all of your links are working correctly so that when a customer clicks on them and makes a purchase, they get directed to the correct product page!

Another disadvantage is that it may take time for your efforts to payoff since some programs have minimum payout requirements before funds become available in your account. 

6. Shopify Developer

Shopify Developer

Startup Costs: $0-$50
Level of Effort: High

Are you a talented web developer with an eye for design? Why not join the herd of other developers and designers who have already made money on Shopify by becoming a Shopify partner. If you have experience developing e-commerce websites or apps, this is a surefire way to generate revenue.

Shopify partners are handpicked by their support team based on their skills. To get started, you will need to create your website showcasing previous work and any past projects that worked well for your clients.

It’s also essential to ensure your social media portfolio is up-to-date and includes your position as a Shopify partner. Join the official Shopify Partner and Developers Facebook group and start networking.

Advantages

The main advantage of working as a Shopify partner is that you will have access to many resources available through the platform. You can maximize your earning potential by utilizing all of the available tools.

All partners receive their affiliate link, which they can use to track all sales from Site Stripe, reports in Partner Dashboard, and insights into customer behavior. It’s also possible for developers to add apps to existing shops or build apps on behalf of clients. This offers potentially unlimited earning opportunities.

Disadvantages

A disadvantage of becoming a Shopify partner is that there is not much flexibility when it comes time for deadlines, so carefully read any contracts before signing anything.

7. Sell Freelancing Services

Freelance Service

Startup Costs: $0-100
Level of Effort: Medium

Do you have a particular set of skills or expertise that people would be willing to pay for? Maybe you’re good with computers and can fix problems, or perhaps you know how to create professional PDF documents.

If so, then there’s no reason you cannot turn your unique talents into a money-making freelance business using Shopify.

Advantages

One of the most significant advantages of selling your services on Shopify is that it makes it easy for customers to purchase your services. All they have to do is click on one button – no forms to fill out or registrations necessary! You also have complete control over what payment methods are accepted on your site.  

Disadvantages

One of the most significant disadvantages to running any website is that you will need to invest time and effort into marketing your services online. This can be especially difficult if you are not tech-friendly or do not have any formal training in marketing.

8. In-Person Store

In person store

Startup Costs: $150-$300
Level of Effort: High

The requirements for opening a physical store on Shopify are reasonably straightforward: you need a location and products. It’s also effortless to add tax information to your Shopify account to automatically calculate it into all of your reports.

Shopify offers a very user-friendly POS system for processing credit cards and cash.

Advantages

All orders placed in person can be processed through Shopify POS (Point of Sale), making it much easier to track sales and inventory.

Disadvantages

One of the significant disadvantages of opening up a physical store instead of an e-commerce site is that it can be difficult for customers to find your location if you do not have any social media presence or local following.

Another problem with opening a physical storefront is that you will need more people to manage the store properly and attend to customers, which comes with additional costs related to salaries, taxes, benefits, etc.       

9. Blog

Blogging

Startup Costs: $30-$100
Level of Effort: High

Starting a blog is a great way to create an online presence and get yourself out there. You can monetize the traffic on your blog by selling advertising space or even promoting affiliate products that you feel would be valuable to your readers.

Advantages

One of the significant advantages of running a blog with Shopify is that it is easy to set up.

Another advantage of blogging on Shopify is that visitors stay longer because they enjoy browsing around and reading new content since you are in total control of how the site looks.

Disadvantages

Blogging takes time! Depending on your expertise level, it could take months before people trust your advice enough to want to purchase something from you. Many bloggers recommend starting a blog as a hobby and working your way up rather than looking to make money right away.

10. Become a Shopify Affiliate

Shopify Affiliate

Startup Costs: $0-$50
Level of Effort: Medium

As a Shopify Affiliate, you will be given unique links and banners to share with your readers and prospective customers. When someone clicks on one of these links and purchases something from the Shopify store, you will receive a commission that comes out of the merchant’s pocket!

Advantages

One of the most significant advantages is that it takes very little time to get started since you have to create some content – either in writing or video.

Disadvantages

You need to have an existing audience. That could be a YouTube channel or a current blog. You will need to rely on others to click on the links and purchase something. Creating content that inspires others to sign up for Shopify can take time as well.

Can You Actually Make Money on Shopify?

The short answer is yes! There are countless ways to make money on Shopify. However, not everyone can expect to make a massive profit off of this.

Like any other business, how much money you can earn is a factor of your time and dedication to having an efficient shop that generates income. 

How to Make Money on Shopify With No Money

If you’re starting with no capital, there are still plenty of opportunities for you to generate income. Take advantage of the 14 day free trial of Shopify.

You can get started by running a print-on-demand store or creating a dropshipping store. These are two of the most popular ways to make money on Shopify, and it does not require any upfront investment!

How Fast Can You Start Making Money on Shopify?

How fast you can make money ultimately depends on your time, dedication, and monetization method.

For example, if you set up a dropshipping store and start running ads, you could start earning money within a couple of hours.

Alternatively, if you’re starting a blog, it could take months before you start earning any income from it.

The Possibilities With Shopify Are Endless

Shopify is a powerful tool for business owners who want to start an online store. You can use many strategies, but some disadvantages should be considered before investing in the platform.

The best choice will depend on your goals and the type of audience available to promote your products or services. If you’re looking for other ways to make money online, be sure to check out these 99 proven methods.

Photo of author
Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Wealthawesome.com. Read about how he quit his 6-figure salary career to travel the world here.

Check Out These Posts:

Leave a Comment