INTRODUCTION
Dropshipping is one business that allows you to sell products to customers worldwide. Starting this business model is a great first step into entrepreneurship . One thing about this business model is the fact that you do not need to keep stocks of the products , you only need to set your own product prices and market your very own brand
With millions of people shopping online , ecommerce sales have amounted to nearly 5.2 trillion dollars worldwide in 2022 and it is expected to go beyond this in 2023. This is a strong indication that starting an online business is a lucrative and great option right now
In this post , you will learn everything you need to know to start dropshipping, how to start a dropshipping business . Before I continue , if this is your first time seeing this post , I encourage you to join my mailing list for post updates, bonuses and free offers.
Having done that , let us continue
WHAT IS A DROPSHIPPING BUSINESS
Dropshipping business is a business model which you can use to run your store without ever holding any physical goods or stocks. Once a customer places an order for a product on your store , all you need to do is to pay the expected price of the product to the supplier while keeping a certain amount determined by the settings on your dropshipping application. The supplier will then ship the products from their warehouse straight to the customer’s doorstep. This way , you never need to worry about storing , packaging or shipping the products.
image credit : Oberlo
HOW THIS BUSINESS MODEL WORKS
There are three basic elements involved in this business model – the supplier( manufacture) , the retailer(you) and the consumer ( customer) . The supplier or manufacture creates the products, inventory , shipping the products to the final consumer or customer on your behalf , in addition to this takes care of customer support which includes replacing faulty or defective products and restocking them . The Manufacture sell products to the retailer at wholesale prices assuming the risk of unsold inventory.
The retailer is responsible of selling the products on your website under your own brand . You will be responsible for choosing and promoting those products, shipping costs and setting prices of the products so as to make profit
IS DROPSHIPPING PROFITABLE ?
This is the question most beginners usually ask. I want to say it here that this business model can be the most profitable business to start because it requires no start up cost , you are not responsible for cost of shipping the products and manufacturing the product. With the right product for the right audience from the right suppliers, you can be earning $6000 monthly . It is a good business to start in 2023 .
It’s a great entry into entrepreneurship because you can start your own dropshipping business by yourself during your leisure time especially on weekends. It will require daily work when it comes to processing orders from customers . Most of the order processing steps are automated and require just a click of a button .
Infact the opportunities associated with this business model are endless, you only need to take the first step .
CAN YOU MAKE MONEY THROUGH DROPSHIPPING?
The answer is simply yes, there are many people who are consistently making millions online through dropshipping . I believe you too can also make money through it . All you need to do is to invest more time into promotion of the products you are selling on your store .
Dropshipping allows you to find products with huge profit potential, and set up a business selling them. Dropshipping is worth the time and money you invest into it . If you do not invest these resources , you will never reap the rewards and that leads to quit. Many people who quit dropshipping is due to lack of perseverance . This is a business model that takes time to grow . You need to first set up a store, import products , decide your pricing strategy and start selling
I DON’T WANT TO BUILD THIS BUSINESS FROM SCRATCH
Many people do not want to stress themselves building a dropshipping business from scratch. In this case , i recommend Exchange . This is a marketplace of shopify stores for people looking to invest in a fully functioning business . They have a great collection of online stores for sale including dropshipping ecommerce businesses
STEPS INVOLVED IN STARTING A DROPSHIPPING BUSINESS
These are the steps you need to take if you want to start a dropshipping business
- Choose a dropshipping idea
- Do a Competitor Analysis
- Find a supplier
- Build a dropshipping store on shopify or WordPress platforms
- Promote your dropshipping Store
- Optimize your droshipping store
Once you have spent time building your dropshipping store or website , you can start to analyze the results of your hard work . look at your pricing against your competitors and make adjustments to make things more competitive.
Use tools like Google analytics to evaluate your online traffic to make sure that traffic is increasing, not decreasing
By applying these steps mentioned above into your online store you work towards building an online empire of your own.
Hope this helps , thanks for reading , Remember to like and share this post with your friends or anyone that will find it useful
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Great post however I was wondering if you could write a litte more on this topic? I’d be very grateful if you could elaborate a little bit more. Thank you!