Dropshipping allows anyone anywhere in the world to start a profitable business with very little startup cost.
What is Dropshipping?
The term “dropship” is originally defined as a flying transport that drops troops or equipment onto the ground. In the same manner when it comes to business, it’s all about supply chain management.
It is a process in which the Dropshipper does not keep the goods in stock but instead links the demand and shipment details to the manufacturer, who then delivers the good directly to the customers.
There are known five basic steps to start your own revolution doing dropshipping!
1. PRODUCTS TO SELL
Focus on what’s the current demand with low volume of competitors. Research and think about trends in the market, what you see on YouTube videos, what are people talking about, and what is a product you specifically understand? The key is to stand out from the others some how.
2. FIND SUPPLIERS
Connect directly with Manufacturers, Wholesalers or Retailers and understand who these players are on your supply chain of dropshipping. These are the people who will be able to supply the products you want to sell and it offers different pros and cons.
3. BUILD THE BUSINESS
Identify your business type - you can start as a Sole Proprietor, Partnership, Limited Liability Company and/or Corporation. Check to see if you need a business license and open a business bank account with a credit card to start buying and selling. There is a lot of other work here, so if you have questions check out our eBook!
4. IDENTIFY SALES CHANNELS
eBay and Amazon have been the best tandem for startup dropshipping companies together with your own online store. The reason for this is they are the largest and most worldwide retailers.
5. CREATE STRATEGIC MARKETING
This is creating a shoutout to the world that your dropshipping company exists. Implementing advance marketing online techniques like SEO Optimization, Social Media Interactions and Sponsored Posts are best first options to try.
Always remember that the real name of the game is consistency. Take care you business’ growth with a high standard of maintenance. This whole process can’t be mastered overnight, as the business leap, you will be surprised that you will likely find new methods and ways to refine your business operations for better, efficient and increased sales.
Photo credit: Marvin J. Strauss