In this video, I will show you a step-by-step process to go through when trying to make money from dropshipping online.
Dropshipping is a great home based business option that can make a lot of money with very little maintenance if done correctly because you never even have to handle the products or shipping yourself.
Enjoy the video and let me know what you think in the comments below!
Here are the processes and resources I recommend for making money from a dropshipping business:
1. Make sure you have a business entity
Having an LLC or Corporation tax structure is extremely beneficial and will help protect your from whatever liability comes with your dropshipping business.
2. Find a good supplier
There are many great suppliers, but you may want to go with one in the same country as you (or where the majority of your customers are) to help with faster shipping.
3. Research products extensively
Find products that you could mark significantly while still being very competitive.
4. Go after the right potential buyers
Buyers who are either hobbyists, businesses, or repeat buyers are who you should target.
5. Sell stuff that ships free from supplier
Free shipping is almost a must when it comes to maximizing your profit from dropshipping.
- Amazon Prime
- Walmart with free 2 day shipping on orders $35+
6. Find the best place to sell online for your situation
This will all depend on how much you want to get your own traffic and what you're willing to give up to eCommerce websites to sell with them.
7. Use cash back, rewards cards, etc. if possible
These can help you increase your margins by 5-10% potentially.
- Ibotta – Use this referral code at signup and get your $10 signup bonus: hbabpjp
- Amazon rewards credit cards
8. Make your offer better than competition by far
One way to get more sales as well as happy customers is to give away information like how-to guides, tutorials, ebooks, and bonuses along with your products. Don't forget to make your sales pages better too.
9. Automate as much as possible and supply good support
You don't want to do dropshipping if you have to work day and night. Also, for the few people that need customer support, make sure they have a good experience.