9 steps in starting a PROFITABLE dropshipping business!

Waddup, dencies! This is Dencel. So, for this video, I’ll be sharing with you how to start a profitable dropshipping business with Shopify and this video is sponsored by Shopify. So, if you want to start your dropshipping business today then I’ll have the link down in the description box for a free 14-day trial. So, without other further ado, let’s begin.

Learning how to start a dropshipping business as with any type of venture isn’t easy. Nevertheless, it is a great first step into the world of entrepreneurship. You can sell directly to customers without holding any inventory. You don’t need to pay for products upfront and if you are really serious about this new venture then you can build a sustainable source of income in the long run. So, how does this drop shipping business model works?

So, drop shipping is actually simple. For example… I’ll just explain it this way.

You are this Drop shipping store, and this is your customer. If the customer purchased from a drop shipping store there is a third-party supplier that will ship that product directly to the customer and this customer will pay the retail price that you set and for you, you’ll pay your third-party supplier at the wholesale price that they set and the rest is profit.

Here in drop shipping, you don’t need to do inventory. You don’t need to hold the product, or you don’t need to make an effort on packaging and shipping because your supplier is doing it already. The easiest drop shipping process for Shopify stores is through Oberloh.

Here, you can source millions of products from the Oberloh marketplace through AliExpress. There. You will just connect Oberloh and AliExpress in your Shopify store and the product will be imported directly to your store. Also, in drop shipping, you’re responsible for making your own website marketing your products, and all the ways to have customers that would buy your products. Now, I have here 9 steps in starting a profitable drop shipping business.

First, we need commitment. You need to decide if you would commit to drop shipping business. In this commitment, we will invest two things. That is time and money. But here, what we advise or what we recommend for you to invest is time instead of money.

Why time? First, you’ll know how the business operates. Second, you will know your business and your customers, and it will help you to make the right decision for your business. The third reason why you need to invest time is for you to not have additional… expenses that are not aligned with the success of your business. It’s like, “Nothing. Just an extra.” “I just want to spend because I thought it would help my business.” So, you can avoid that if you’re the one handling your business or you really invest time to learn this drop shipping business.

Lastly, you would develop skills for you to become a better entrepreneur. So, these are the reasons why we least recommend investing a bunch of money here in dropshipping store. First, if you don’t know how your business works, you’ll be at the mercy of expensive developers, marketers… What else? Programmers and they will eat any profit that you were gaining. But it doesn’t mean you’ll be alone with these things that are needed to do your dropshipping business. The point here is you need to learn how it works or you are the driver in your business.

I’ll just mention this, but about investing money. Yes, you still need to invest small cash to get your business launched and operational.

It’s because you still have things to pay, and those are the minor operating expenses like web hosting and your drop shipping suppliers. It’s up to you if you want to run ads right away or reach out to influencers and other stuff. The second step is to choose a drop shipping business idea.

Here, we will think about the niche of our drop shipping business what are the products that we’ll sell the teams. Choosing products that we’ll sell is very tricky, so I have this video. These are the trending products that you can start selling right now. I’ll just link down in the description box so you can see the things we can sell now because it is really difficult to brainstorm and do product hunting. I hope that the video helps.

The third step, do a competitor research. Here, you will study– In other words, you’ll look at the businesses that have the same niche as yours. Of course, it is really unavoidable that almost all the products on the market are the same. So, what I mean in competitor research is you’ll study their website how they present their products so that at least– Wait, my necklace. So that at least you know how you will market your products differently.

The thing you know that no one has. Where you will stand out. If they are all the same and duplicates one another you need to have something that will make you stand out.

So, you really need to study your competitor’s store. Fourth step is, choose a drop shipping supplier.

As I said earlier, the Oberloh through AliExpress. Those will help you to find products that you’ll import to your stores. I will put the link of Oberloh and AliExpress down in the description box. Fifth step is to build your e-commerce store. This is where Shopify enters because Shopify is so easy to use as your store’s website.

In other words, this is where your customers will be directed to the products they will buy and this is the link you will share where they can buy those products. You will also see here the orders, payments, and traffics that your business gets. As I said, Shopify is a complete package. It is also user-friendly and not too complicated to use. That’s why you can try it because I have a free 14-day trial that I will link in my description box.

Sixth step is to decide on a business structure. This is it, guys. I studied this when I was in Senior High. You will decide if what structure do you want for your drop shipping business. Its sole pry… pry…Oh my God. proprietorship. Throwback in my Senior High. So, sole proprietorship is the simplest structure in business. There’s also the limited liability company.

There’s also C corporation where you have more protection on liabilities. It’s better if you research more about that. Try to read. Seventh step is to get your finances in order. Meaning, you will separate them as much as possible because more likely, you will not have… you know…

What’s the right term? You can’t track much of the progress because it’s like you have your business income, then you have to spend for your personal needs the money is just coming in and out. You don’t see much the total of what you save, your income, how much you spend because they mixed up so more likely it would be confusing and you’ll end up feeling “Wow, I have more money left.” But what you don’t know is, you have to buy this, you have to pay for this.

As much as possible, I will recommend that you should separate it.

Eight step, market your dropshipping store. This is where you will run ads like Facebook ads. That’s a big help because more people can see your businesses. Influencer marketing where we will reach out to influencers. Commonly, these are paid.

You will pay these influencers just like running ads. You really need to have an allocated budget for that. This is what we say you will really invest time and money. That involves here on running ads, influencer marketing content marketing, and mobile marketing. All of the marketing is there.

It’s up to you as a dropshipping business owner if how you can market the products and how you can have orders. That’s your main role here. Check also the order details if it’s correct. About running ads, you need to study it. That’s why we need to invest time because we need to know if what is the appropriate for our business if influencer marketing is better than Facebook ads so that we would not spend money on others.

We’ll focus where we are gaining profit.

At first, you’re not used to it, but… Our last tip is to analyze and improve your offering.

What it means is you need to see if what is happening on your drop shipping business. Big help because Shopify has Shopify Analytics where it answers your questions about sales, shopper behavior, and profit margin. How much is your profit? What month has the big income? Why did that happen?

There. You can see those there.

That is also one thing you need to study and search and learn. All of that. You really need to analyze, then if you analyzed it already improve what needs to be improved.

When creating a drop shipping e-commerce store you want to create a data inform analytics system. It may be inconsistent with what you analyze overtime. It measures your store’s performance. This will help you make smarter decisions for your store and take your small business to the next level. So, that’s our video for today.

This is my fourth video about Shopify. I’ll link down in the description box three videos that I made because this is the fourth one, and I will make fifth video about Shopify. That is all about how to have your first sales in Shopify. Again, my Shopify link for a 14-day trial is in the description box. So, thank you so much for watching.

If you reached until this end of the video then comment…this emoji, if what will I put here. Thank you so much for watching.

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