Is It possible to Become a Multi-Millionaire Dropshipping?
As soon as the lockdown began, I started thinking about different ways that I could make money. I was under the impression that I required a fallback plan because, after many years of having poor monetary health, my checking account was consistently in the red.
I did some research on stocks, which is pointless if you don’t have any money to invest in anything, even if it is Tesla, and I attempted to study online (undoubtedly crap however something I have actually done to make fast money considering that university days).
I ultimately decided to give dropshipping a try after being exposed to the concept on Instagram, where it was being promoted by men who appeared to be successful and were driving expensive cars. TikTok users, YouTubers, and regular people alike are all claiming that it has actually made them very wealthy, very quickly, while allowing them to work from the comfort of their couch. This get-rich-quick scheme is all the rage right now.
The idea behind drop shipping is an easy one to grasp. You start by purchasing something on the cheap, then move on to spending money. This is accomplished by means of an online store that you promote on social platforms such as Facebook and Instagram and that you set up by utilising the e-commerce platform Shopify, giving the appearance that whatever you’re selling is hip and professional. It would appear that this contributes significantly to the success of the business.
According to a report from the BBC in 2020, prominent dropshippers claim they have actually made “millions.” How? Dropshippers, in contrast to the typical online store, do not deal with inventory at all. As soon as a customer makes a purchase, the item is sent out for delivery by a third party (normally the Chinese e-commerce site AliExpress). Dropshippers are simply considered to be the intermediaries that generate the revenue.
Check out this other article on how to make a million dollars from China. Dropshipping
In contrast to the slow and uninteresting capital of traditional brick-and-mortar businesses, dropshipping can be an extremely attractive alternative. The titles of some of the explainer videos on YouTube include attention-grabbing phrases like “How I Made $10,000+/Month on Shopify in the House” and “How I Made $6,100 Drop Shipping in 1 Day.” Why bother learning the time-consuming process of looking for loans and leasing a store front when you could start an online business and become very wealthy in less than two weeks?
Dropshippers, much like beauty influencers and forex traders, publish regularly online in order to make their lives appear appealing and aspirational to average people such as myself, whose primary mode of transportation is a bus.
SOURCING A PRIME DROPSHIPPING ITEM FOR SHOPIFY
According to the findings of a study that I conducted on YouTube, the majority of dropshippers spend weeks or even months looking through the obscure pages of AliExpress in order to find a product that can be sold. In most cases, the item is something that you would be able to locate in your neighbourhood hardware store. Items such as the “crazy phone holder,” “pet accessory” that transforms your cat into a lion, and “cleansing slime” are examples of popular dropshipping products. That’s one approach to take.
Another option is to make an effort to penetrate the mass market utilising a strategy that is more generalist in nature. This is the path I chose to pursue because I was interested in making a lot of money as soon as possible.
My company was known as “Doze…”, and its primary focus was on rest and relaxation. I would sell eye masks, specifically high-end “hot shit” eye masks, to customers who purchased “Doze…” so that they could have a luxurious nap.
Also Read Our Review of Zendrop Dropshipping and Our Comparison to Other Suppliers Why?
Since a few years ago, the topic of trying to get a good night’s sleep has been one that has received a lot of attention from where I stand. Millennials do not get the hours they require, and numerous products have actually appeared on the market in an effort to fix this problem. These products range from books (such as Why We Sleep by Matthew Walker) to lavender-scented pillow sprays and jersey bed sheets. I desired in.
My eye masks were simple and straightforward enough to satisfy the dropshipping requirements, and most importantly, they were ridiculously affordable.
I purchased what appeared to be a premium silk sleep mask from AliExpress for $0.95 (about 0.74), and I imported it to my Shopify store using an app called Oberlo (a technological intermediary, if you will). After that, I would sell this item to someone else at a significant markup of ten pounds. This seemed unreasonable to me as well, but you’ve got to think like a winner if you want to be a winner, youngster.
RELEASING A DROPSHIPPING SHOP
Putting together the store by utilising Shopify’s pre-built templates was a fairly simple process. What I had not taken into account was the amount of time that would be necessary to write product descriptions, tag lines, link-outs, and the most effective way to carry out all of these tasks. Dropshipping influencers on YouTube frequently move quickly through the process of building their shop (J Abundant built one on his YouTube channel in just 20 minutes), making the process appear to be quick.
You Should Also Read This Comprehensive Guide to Beginning DHgate Dropshipping.
In point of fact, the opposite is true. I was required to develop a web page, a landing page for each product, a drop-down menu, and a great deal of other components that are typically present on genuine and superior product websites. In addition to this, I located a URL that was available but not yet being used ( 13) and invested a small amount of time in the website’s code, ensuring that everything appeared as it should and that all of my items were pulled through correctly.
In the course of my work as an associate editor at VICE, it took me somewhere between a week and two weeks to get everything organised. On September 6, I launched dozelseepmasks.com to a moderate sense of fulfilment and, to my knowledge, no acknowledgment from anyone else, anywhere.
It was time to market the product and make sure people knew that premium sleep masks were now available. Honk honk.
MARKETING MY DROPSHIPPING SHOP
Many dropshipping guides state that the most effective method to get customers is to get in touch with an Instagram influencer and ask them if they will publish an affiliate link. If they do, the Instagrammer will get a small portion of any potential sales from their numerous tens of thousands of followers. If only I had access to Kylie Jenner, there is no doubt that this endeavour would be very fruitful; however, I do not.
I went with the tried-and-true method of marketing, which consisted of purchasing advertisements on Facebook.
This is our very own service, which is being provided by the author of the blog.
Shopify store configuration for dropshipping.
The further I got away from the dropshipping rabbit hole, the clearer it became that dropshipping isn’t just about pushing buttons. It requires a certain set of skills, specifically, the knowledge of how to market an item through e-commerce as well as an expert understanding of the material management systems and terms associated with doing so.
Read on for an analysis of the benefits, drawbacks, and alternatives offered by Wiio Dropshipping.
Having to perform a function that I was clueless about how to accomplish was taxing on me. Each question led to the discovery of another problem, which illustrated how ineffective I was at developing an e-commerce business in a largely unexplored field with a limited amount of capital to invest in it.
I would go to sleep with my mind racing with the various aspects of dropshipping, and when I woke up, I would be filled with anxiety about the various aspects of dropshipping that I had to learn in order to make a sale.
THE RISKS OF DROPSHIPPING
My experience with dropshipping has been the single most frustrating one of all the self-imposed challenges I’ve faced in recent memory. Enticing guarantees made by YouTubers disintegrated into a web of time-consuming and complicated microprocesses that grew more onerous with each brand-new action. (To whom should I direct my marketing efforts for my advertisements? How can I get in touch with them? Should I make my images into a carousel? How can I get people in the audience to become customers? What is the procedure for making a return? And so on and so forth…) I established a website and marketed my goods for close to two hundred British pounds, but I never saw a return on my investment.
However, hey, maybe it’s just me who does not understand the functional side of dropshipping, and maybe I’m not sufficiently business-minded to join the dropship elite. There are a lot of people online who claim that dropshipping has helped them achieve financial success. There are a great number of tweets and short articles written about it, in addition to a subreddit that has over 86,000 subscribers.
However, the more I dug beneath the surface, the more it became obvious to me that a significant number of so-called expert dropshippers are, in reality, selling a variety of online courses to their clients, and that the number of unsuccessful dropshippers significantly outnumbers the number of dropshippers who have actually managed to make a respectable quantity of cash.
Also Read: The Ultimate Guide to Finding Wholesale and Dropshipping Party Decoration Suppliers
Jared West, who is only eighteen years old but has 98,300 subscribers on YouTube, is a YouTube content creator who focuses on financial topics such as day trading and making money on the freelance services website Fiverr. He also made an effort to dropship products.
The very first time he attempted it, he described himself as a “novice” who had a “bad product” and did not make any sales. He documented this process in a video titled “COSTS 1 WEEK STRAIGHT DROPSHIPPING,” and he made no sales. He claims that the second time around he “truly thought” in the product, had a “good” store, and invested a little bit of money on advertisements to acquire 200,000 impressions on Instagram. However, there were no sales this time. Zero, nada, zilch, nada.
Is the dropshipping age fake?
Jared tells me that it is possible if I just do it the right way, just like anything else. However, it seems to me that dropshipping has become a get rich quick scheme for people who are just starting out in the business. That is not the issue. You need to have a great deal of success in online marketing and be extremely competent in a wide variety of skills related to sales if you want to be successful in this field. It is not something that one can just go out and do easily.”
The idea that you can become wealthy through dropshipping reminds me of those paper leaflets that are affixed to lampposts at freeway interchanges. These leaflets promise an opportunity to “make quick money while working from home.” It’s true that there are some people who can rake in huge sums of cash while doing nothing but lounging around on their posteriors. If, on the other hand, somebody is shouting about it, then it is most likely not real either.
Also Read Our Comprehensive Analysis Of The Sourcinbox Dropshipping App Here!
My dropshipping journey began with me getting high off the fumes of expensive Instagram videos, and it ended with me getting lost in a sea of never-ending concerns about marketing, sales, and the items I was selling. I have no doubt that there are people who are successful as dropshippers in the world; however, if you are anything like me—that is, an average person who is not knowledgeable about e-commerce—then that is not going to be you. I beg you, please do not waste both your time and your money. Sell something on Depop, start a side business, or do whatever makes you happy. However, resist the temptation to fall for the dropshipping scam.
Build your drop shipping business into one worth multiple millions of dollars.
Because of the proliferation of the internet, starting a business is now within the capabilities of virtually anyone. There is still a sizeable market for brick-and-mortar services; however, with over 3.2 billion people connecting to the Internet on a regular basis, it should come as no surprise that businesspeople who are focused on making money would rather develop websites than open physical stores or, for that matter, storage facilities.
It is in this kind of digital environment that a new way to make a living, known as drop shipping, has gradually taken shape. This new way of making a living allows one to work from home and set their own hours. If you haven’t come across the term previously, “drop shipping” refers to a product fulfilment model in which stock is bought from a wholesaler and then sent out directly to a customer after an order has been placed. The chances are high that you are already familiar with the term, but just in case you aren’t, here’s a definition in case you haven’t:
This suggests that there is neither a store nor a storage facility, nor any inventory to manage. As a consequence of this, business owners are able to direct their attention toward the expansion of their companies rather than squandering their valuable resources (time and energy) on irrelevant concerns. Even better, there is a significant amount of money to be made through drop shipping businesses. Having said that, how exactly should somebody go about breaking into the rapidly growing industry that generates millions of dollars?
You should also check out my review, pricing, and other features of Yakkyofy Dropshipping.
Yes, totally free e-commerce courses provided by industry leaders in drop shipping like Oberlo help new drop shipping business owners on their way to making their first million selling products on the internet; however, for the time being, it is very important to take a step back and look at the bigger picture.
Even though this is by no means an exhaustive list, if the idea of launching, maintaining, and growing a drop shipping business has at least piqued your interest, the following three points will provide you with the information you need to get moving in the right direction:
Start with a broad item spectrum
The drop shipping business model is flexible enough to accommodate virtually any kind of product, from glow-in-the-dark ornaments and mouse pads to portable electronic devices and fashionable clothing. Having said that, when you’re just getting started, it’s best to pick a product niche that’s more general and easy to identify due to the fact that it will bring in the most customers. After that has been taken care of, you should begin narrowing the scope of your originality.
For example, kitchenware currently holds a respectable share of the overall e-commerce market. On the other hand, rather than jumping from one thing to another, you should keep conceptualising and testing different ideas until you find one that will stick. Continuing with our previous illustration, you might find that the best route to take is to purchase coffee mugs that have snide remarks printed on the side. Find your specific niche, become an expert in it, and stick with it no matter what it is.
Build your online storefront from the ground up.
Every new owner of a drop shipping business has the same hope: that his or her website will quickly become the second installation of Amazon. The most likely outcome, however, is that things will remain relatively modest in the beginning. In general, at this stage in the development of your e-commerce service, the simpler and less complicated you are able to make things, the more lucrative your business will most likely be.
Grow a Multi-Million Dollar Drop Shipping Company
Equipped with this frame of mind and a particular product specific niche to inhabit, you need to begin testing the waters of your brand-new business by using Shopify or another similar ecommerce platform. Be patient and wait for sales to begin trickling in before you engage in any other activities. Although it is only natural that you will want to adorn the location with a personalised logo, profile, and branding products, you should wait until sales begin before engaging in any other activities.
The natural inclination is to look around to see what other people are doing and then try to do the same thing yourself. Despite the fact that it is tempting, if you have not yet demonstrated your product line through a series of preliminary sales, you may find that you are doing a little bit more to lose a business owner’s two most valuable products, which are money and time.
Make use of marketing strategies that are both effective and affordable.
Is the value of your product line higher now than it was before? If this is the case, you are moving in the right direction and are prepared to move on to the next step, which is marketing. However, do not make this any more difficult than it needs to be; as was previously mentioned regarding your store, make sure that everything is simple, dependable, and inexpensive.
Google Ads and search engine optimization (SEO) are great for developing a connection with an audience that is already interested in the products your company sells. However, if you want to find new customers, you should use visually-driven social media channels like Instagram and Pinterest to generate leads. In a similar vein, the Customized Audiences feature on Facebook makes use of highly targeted advertisements and achieves exceptional conversion rates.
Additionally, read this article: How to Dropship from Amazon to Facebook Marketplace?
The creation of a drop shipping business that is worth multiple millions of dollars is a process, and a healthy financial situation is not something that can be achieved overnight. However, as evidenced by the experiences of others, achieving success quickly is not entirely outside the realm of possibility. Start with the basics, and the rest will fall into place relatively quickly, regardless of the situation you find yourself in or the perspective you have on entrepreneurship.