It has never been easier to start a business than in this day and age. With nothing but some time and the internet, you can create your own business in a few days. Dropshipping, in particular, has become one of the most popular choices.
What is Dropshipping?
In simple terms, dropshipping is an order fulfillment method that connects customers with wholesale, factory, or retail sellers. In essence, a customer will order a product through the dropshipping site, and the site will then send that order to the wholesaler/retailer/factory.
Dropshippers don’t have to order or hold anything; from product to packaging strapping, the dropshipper doesn’t need to buy or own any of it. This also makes it an incredibly budget-friendly business, as initial costs are incredibly low.
Choose a Niche
When starting a dropshipping business, the first thing you must choose is your niche and what you want to sell. One of the best ways to do this is to look at platforms like Google Trends and even Amazon to see what people are searching and buying.
You will want to choose a popular product, but not one that is sold by a large number of other sellers or dropshippers. Another important consideration is customer buying behavior and potential market size, as you want to pick a product that appeals to as many people as possible.
Once you have chosen a niche and a product, you must look into who can supply you. There are a few factors to consider when choosing a supplier: reputation, quality, delivery speed, cost, and minimum order quantity.
It would be best if you had a supplier that would not only create high-quality goods but also deliver them on time to your customers. You also need to know all the costs and additional fees involved, as well as if there is a minimum order quantity and some wholesalers and manufacturers won’t ship individual items.
Build Your Brand
Building your brand is one of the most important steps of the process. There is no use in finding a great product if nobody knows about your business. Make it relevant to your business concept or product, but also make it unique.
You should pick a catchy name that sets you apart from the crowd and is memorable. In a sea of other sellers and the internet being as vast as it is, making it relevant to your business concept or product and making it unique is the best option.
Utilize the power of social media. It is one of the most affordable forms of advertising, and taking great product photos, shooting videos using your product, etc., will get more people talking and spreading your posts.
While you don’t have to have all the products to be a drop shipper, buy a few for yourself to use for your social media posts and marketing campaign.
You will then need to create an online store/website where you will send your customers to buy the product. There are many websites you can use, with Shopify being one of the best, that will make setting up an online store incredibly easy.
You need to put in the time and effort to create a storefront that is attractive and easy to use, as well as one that allows for returns, fast payments, and a customer service option.
One step that many new drop shippers often need to remember is splitting their finances. Dropshipping isn’t free, and you need to be able to keep track of the money going out and going in daily.
To do this, have a separate bank account used only for your business. When your business is registered, you can open a business account under your business name. This allows you to see your finances, create a budget, and, more importantly, know how much money is available when there is a problem.
Keep Up-To-Date with Trends
Once you have picked your product, have your online store operational, and make sales, it doesn’t mean the research and work stops. While you can stick to just selling one product, there will always be growth opportunities.
Researching current trends and sales figures can allow you to stop your next opportunity, and once you have created a business once, it is much easier to replicate it.
Know When to Expand
Finally, there will always come a time when you think you need to expand. While you can stick to just one product, more often than not, there will be products within the same line that you can add to your store.
Scrub Daddy is an example, as you have the original, but you also have a Scrub Mommy, Erase Daddy, and many more. If your product has variations or additions, consider adding them to your store, as this not only generates more income but also makes you the one-stop shop for that product line.
Starting a dropshipping business takes a lot of effort and patience. The market is filled with others trying to do the same thing, but if you work hard, research, and provide the best service possible, becoming successful stops being “if” and becomes “when.”