The Top Three Things You Need to Become a Successful Dropshipper
When independent ecommerce started to gain traction, dropshipping was everyone’s golden ticket to fast cash. Today’s entrepreneurs may want to have their own startups from home, but they are unlikely to make any leeway in today’s overcrowded market without the right education, approach and angle for their business. You can sit and watch hundreds of hours of webinars online, but they tend to focus more on selling the host’s multi-thousand-dollar training course than actually providing you any useful information. Rather than waste time and money pursuing the wrong help, focus on acquiring these three elements for your future business.
Mid- to High-Priced Products
Rather than having to sell dozens of cheap items, you’re more likely to succeed by selling a smaller quantity of more expensive products. The amount of marketing efforts it takes to make a sale is roughly the same for someone trying to market $10 socks and a $250 piece of jewelry. If you expect to earn a profit as a newcomer, then you’ll want to make sure you’re walking away with at least $25 to $50 per sale. This means you need to not only home in on a high-ticket niche but also select the right products for your target audience. A smaller demographic doesn’t always mean less sales. In fact, with the right products, you can actually earn far more marketing to a highly niche group than trying to stand out among the sea of mass-produced popular dropshipping products.
A Realistic Budget
Starting a business from home is certainly more affordable than traditional small business ventures. But it’s still an investment, and you’ll need at least several hundred dollars to get your dropshipping startup off the ground. Paid advertising on social media is the primary way to get seen, and visibility is everything for a new company that’s trying to not only make its first sale but also establish itself as a trustworthy brand. Take a close look at your current budget. Are you able to realistically put money away each month to funnel into your business? If you’re still a student, how will you balance the cost of your college expenses? Exploring private student loans could help you in this case. Private lenders can even afford larger sums of money that you’re able to invest in other areas of your life.
A Reliable Shipper
It can be tempting to sign on with the supplier who gives you the biggest cut of each sale, but make sure you investigate each one thoroughly. Suppliers might not be the person your audience connects with, but their actions impact every stage of your business. Your future success weighs on how good their products are and how fast they reach your customers. Make sure that you look for reviews, ask to see products and order samples before you begin working with any manufacturer. When you have the right company backing your own, you’ll be able to build a better reputation. No matter how good your store looks or how great your marketing strategy is, no dropshipper can succeed if their supplier is bad at their job.
Author: Jay Watt
Photo Source: stock.adobe.com – Prostock-studio
Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.
