Getting Started with Your Dropshipping Business
Dropshipping is an online business that started to create a buzz among web users and entrepreneurs a couple of years ago, promising excellent returns with little to zero investment. Sounds tempting? It’s not a simple feat, though. Just like any other business, dropshipping requires time, hard work, strategy, and commitment for it to be successful.
If you are planning to start your own dropshipping business, there are a few basic guidelines to consider before you start earning profits. But before we dig into these steps, let’s make sure that you are fully aware of the business you are planning to run.
Understanding the Dropshipping Model
Dropshipping is a type of e-commerce business where you build an online store and sell products to customers, without stocking up on inventory. When a customer orders from your website or online shop, you forward the order to your supplier, and the supplier will fulfill your customer’s order under your business name.
This means that you, as a dropshipper, is not obligated to carry the products or invest on buying in bulk and not being able to dispatch them all. All you have to do is market your store or your business to potential customers, and your supplier will take care of the fulfillment, shipping, and delivery.
It’s that simple. This is the reason why dropshipping has become and continues to be a popular business venture among entrepreneurs — minimal investment with great returns. Now, if you’re ready to get started, read on.
How to Run Your Dropshipping Business
Here’s a simple guide to help you get started with dropshipping.
1. Select your niche.
Running an e-commerce business requires extensive research and assessment on the competition. You can’t just choose products to sell just because you “think” they are great or because you “feel” they have a good market.
Choose a niche that isn’t too saturated, but profitable. This way, the competition isn’t too tight, and you can have a good chance to stand out and earn decent revenue. To help you find a good niche, take time to research and analyze the market.
What are people looking for? What problems do they need fixing? How much are they willing to spend on these products. These are just some questions you need to keep in mind when doing your homework.
2. Find a reliable supplier.
Once you’ve identified the niche you will be working on, as well as the products you plan on selling online, the next important action to take is to find a reliable supplier who can provide you these products continuously and give you a great deal. Make sure that they are legit, easy to communicate with, have experience working with dropshippers, and deliver fast.
3. Build your online store.
At this point, you can now create your online store because you already know which products to sell and you have a supplier to help you fulfill orders. You have several options on which platform to use for your dropshipping business. The most popular one are Amazon and eBay. These are online selling platforms that receive billions of visits daily, which you can easily take advantage of.
If you wish to create your store independently (or outside of these platforms), you may choose to use WordPress, Shopify, or Wix. However, they may require a bit of technical set up, so make sure that you’re familiar about using these platforms for setting up an e-commerce store or hire a professional web developer to help you create your online store.
4. Market your products.
If everything has been set up, you can start marketing your products to friends, colleagues, acquaintances, and potential customers. There are a lot of ways to promote your business, including blogging, social media posts, email send outs, viral videos, as well as word of mouth. Be sure to take advantage of different channels in order to get the word out about your online retail business.
Once your dropshipping business is up and running, all you have to do is accept orders, fulfill them, and receive payment. By managing it correctly, you will soon discover that it’s easy to become successful in dropshipping as long as you commit your time and energy to it.