Dropshipping has become one of the most popular online businesses in the past few years.
There are a lot of people doing dropshipping business and making thousands of dollars.
Some people are making millions of dollars within a year.
Dropshipping is definitely one of the best business to do,
the reason why dropshipping is so popular is because you don't have to have your own inventory of products.
Getting on dropshipping business is very cheap, you can start your own dropshipping business with $200.
Dropshipping is still very popular this year but the drawback is the competition is very high.
HOW TO START DROPSHIPPING BUSINESS
Starting a dropshipping business is very easy and cheap. Just a couple of hundred dollars and you will have your own business within some minutes.
Follow these steps and you will have your own dropshipping business:
1) Choose a niche
2) Do product research
3) Choose a trustworthy supplier
4) Make your store
5) Promote your store
1) Choose a niche
Choosing a niche is very important in any kind of business nowadays.
If your dropshipping business isn't niched down, it will be hard to get the targeted audience in your store.
The reason niche store is better than general is because people like to buy stuff which they are interested in.
and when they visit your niche store there is a high chance of getting alot of upselling because they will find products very interesting.
but,
if you have a general store and when people visit your store they will find something else than their interest then it is hard to get sales.
So, pick a niche that you are passionate about as well as you need to make sure that you are choosing a niche that will make you money.
Not every niche makes the same amount of money, some niche makes tons of money whereas some only make less money.
so, you have to choose a profitable niche and you will love doing it.
Which niche is popular?
Like as I have said above not all niche are the same, there are some niche that makes tons of money and you have to get in those niches if you want to make a good amount of money.
Some of the most profitable niches are:
a) Jewelry
b) Bags and wallets
c) Phone accessories
d) Watch straps and bands
There are tons of niche you can get into and make money, you can find more niche here
when you are choosing a niche you need to consider the following things:
a) How popular the product is
The product you will be selling should be popular, the product is not popular it means people are not interested in that niche.
Try to find the level of demand for the products, if the demand is high it is good to go for it.
b) The amount of profit you will be earning.
You have to aware of the amount of profit you will be making from the products you will be selling.
Even if the product is selling like crazy but you aren't making a profit out of it then what the point of doing business.
c) Capacity of audience
The capacity of the audience is very important because if the capacity of the audience if low for the niche you are in,
the demand for that product will also be low and you won't be able to make tons of money out of it.
2) Do product research
You have chosen your niche and now it is time to find a winning product to list it in your store so that people can buy it.
Even though you have picked a very demanding niche, it doesn't mean that the product you will be listed in your store will sell.
You need to be very pessimistic to find the product to sell because not every product will sell like crazy.
To find the right product at the right time you need to go for a product hunt.
Once you have found the right product it is showtime.
How to find the right product to sell?
There are a lot of ways to find the right product to sell. You can do product research from social media, and big stores like Amazon.
You can know the demand for the product on Google, follow these steps to know if the product is in demand or not:
a) Go to google.com
b) Search " google trends"
c) Click on google trend
d) Once the site opens, type the product you want to sell and hit enter
e) You can get good knowledge if the product is in demand or not.
You can search for winning product on Facebook by this method:
a) Go to Facebook and click on the search bar.
b) Type " 50% off" or " free shipping".
c) You will get tons of ads and that's what we are looking for.
d) Analyze the engagement of the ads, the more engagement the more possibility of being your winning product too.
There are a lot of other ways you can research your dropshipping products, you check them here
3) Choose a trustworthy supplier
Having a trustworthy supplier is very very important because everything depends on them from packaging to shipping of the product.
If you choose the wrong supplier you will get some hard time running your business smoothly.
Your job on dropshipping business is to make a great store, list a product in it and promote the store,
when someone makes a purchase from your store, you simply have to do some clicks to fulfill their order and the rest of the work depends upon the supplier.
If the supplier doesn't ship the order on time or if they ship the wrong product then you are the one who will be responsible for it.
So to prevent such problems it is better to choose a trustworthy supplier who does their job on time and with a great inspection.
When you are choosing a supplier make sure to have some questions with them about the products and their services.
Since a lot of suppliers are overseas, it is very necessary to know about the product as well as their communication skills.
If you have any issue with the product and when you email them about the query and if they couldn't answer you then that's the problem.
so, choose a supplier with good research.
Here is the ultimate guide to finding the dropshipping suppliers
4) Create a store
You have chosen your niche, chose a product and trustworthy supplier, now its time to create a store.
As I mentioned above creating a store takes as little to no time, it is very easy to create a store.
There are a lot of platforms you can choose to create your own store and start your own business.
some of the famous dropshipping platforms are:
a) Shopify
b) WooCommerce
c) Magento
d) Opencart
e) BigCommerce
you can go with any of these platforms as these are one of the most popular platforms.
Shopify is one of the most recommended platforms you can get into as it provides 14 days free trial.
It doesn't even cost much, you just need $29 per month,
It is a very low investment business, if you can do well you will make fortune out of this business.
5) Promote your store
Now everything is done its time to promote your store and get visitors on it.
If people don't visit your store then you won't have any sell and you will earn no money.
So promoting your store is very important for the next reason too.
The sales conversion rate on online stores is 3% which means if 100 people come and visit your store only 3 people will buy the product.
This definitely shows that you need a lot of visitors to make a lot of money.
In terms of promoting your store, there are different methods to promote your store.
You can choose any promotion method, the main goal of promoting your store is to get tons of visitors.
You can go with these three methods of promotions which works the best of all:
a) Facebook ads
b) Google ads
c) Instagram shoutout.
You can choose any one of these methods and get started.
Pros and Cons of dropshipping business
Every business has its good side and bad sides. Dropshipping isn't any different.
although it has cheap investment and is easy to start it has some downsides too.
Here are the pros and cons of dropshipping business:
Pros
a) You don't need to have your inventory
b) It takes less investment to start this business
c) Low risk of the low sell of product
d) You can test different types of product without any problems
Cons
a) As near to no control over packaging and shipping of the product
b) No information about the stock of the product
c) Low-profit margin
d) You have to be responsible for a mistake you haven't even done
e) High competition
CONCLUSION
Dropshipping is definitely one of the best startup business.
If you don't have much knowledge and money to start a business then dropshipping is what you need to consider.
Starting dropshipping costs less amount of investment and still, you can make millions of dollars if used the right strategy.
sure there is a lot of competition but if you consider the world what doesn't have competition.
You can definitely give it a shot, if you manage to learn the process of this business properly, you can have great success.
Let us know in the comment if you are starting this business.
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