Are you looking to make money online? Perhaps you tried out those mediocre online opportunities and realized that it’s not working out for you.
Trust me, I have been there, and I know what it feels like. You take your time and effort to do the tasks that are set out for you, and all that you get in return is a few cents, not even dollars. That is the reality of working with some of these sites.
But today we are going to talk about a completely different business model. Dropshipping. Yes, there are folks who are making good money with it.
Can dropshipping make you a millionaire? In this article, we are going to talk about why dropshipping is so popular. I am also going to share with you some studies of folks who made dropshipping their millionaire business.
And finally, I will give you some pointers that most drop shippers believe are the key to their online success.
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Can Dropshipping Make You A Millionaire?
With dropshipping you can make $10, $20, $100, or $10,000, and yes, even a million dollars! There is proof that folks have made it to that point. But like any business model, it’s NOT a guarantee that you will get there.
Whilst there are some attractive features to doing this business such as a low barrier to entry, flexibility, scalability, and a global reach, it still does not mean that you can or will become super successful with dropshipping.
I will highlight some folks who have made a million dollars with dropshipping. Whilst hard work is paramount to becoming successful with dropshipping, there are other factors as well that will help you to become an online success.
And that is what I am going to talk about in this article.
Recommended Reading: Is Amazon FBA A Pyramid Scheme? [No, But Still Be Careful]
What is Dropshipping All About?
Dropshipping is basically an e-commerce business model whereby you have an online store, WITHOUT having to keep any physical products on hand.
You create a partnership with a drop shipper or a supplier who will do three things for your business.
They will (1)store and (2)package your products. When a customer visits your online store and makes a purchase of one of your products, then the drop shipper will also (3)deliver the products to your customer.
So, dropshipping takes the headache out of having to deal with the storage of the actual products. You can see that the huge benefit is that it saves you the cost of having a storage warehouse.
This allows you the time to focus on the marketing of your online business, and ultimately getting more eyes on your business.
In a moment, I am going to show you that there are still a lot of other things that you need to focus on in order to have a profitable dropshipping business on your hands.
The Millionaire Dropshippers- It Can Happen To You
There are various entrepreneurs out there who made it a success with dropshipping.
One such entrepreneur is Richard Lazazzera. He is the founder of A Better Lemonade Stand.
A Better Lemonade Stand is Richard’s reflections on the ups and downs he experienced on his journey to becoming a success within the e-commerce world.
His store Lazazzera sold products using the dropshipping business model.
But, he also went on to create another brand selling men’s grooming products. The company reached the 5 million dollar mark within 2 years.
Cole Turner turned his dropshipping business in a period of just four years into a business that made $2 million in sales. It was initially a case of trial and error selling a variety of different products.
He then narrowed down his niche and concentrated on selling jewelry items. Eventually, with his third store, he made over $2.1 million in sales.
There are many other millionaire drop shippers such as Fred Lam, Alex Becker, Adrian Morrison, and Gretta van Riel.
Can you make it big with dropshipping? It is possible. However, there are things that you need to master to become a success.
Recommended Reading: Why Affiliate Marketing is Booming In The 21st Century and Beyond!
How To Become Successful With Dropshipping?
Like with any business, the focus should be on providing value to your customer. There are other competitors selling similar products to yours. How do you stand out? How do you provide them with value?
One of the best ways of providing value is to select a targeted niche or audience. As you have seen with Cole Turner’s case, when he narrowed down his niche, his business became more successful.
When you choose a niche that is in high demand but has limited competition, you choose a topic that makes it easier to talk about or specialize in.
You become an expert in the niche, and you can provide MORE VALUE to your customer. Since you focus on a select group of audiences, you can tailor your online store to have specific products.
It will feel like the ‘go-to-store’ for your audience and your conversion rates will go up!
You need to become good at marketing. You can choose from a number of ways to get eyeballs to your online store. You can use SEO, social media, paid advertising, or even influencer partnerships.
It’s all about increasing brand visibility, attracting new customers, and making those great commissions!
You need to establish good relations with your supplier. Try getting the best prices for your items, and make sure that everybody is on the same page when it comes to quality control. At the end of the day, you want fewer returns and happy customers.
Is Dropshipping The Right Business For You?
You know now how the dropshipping business works. You have seen the proof that you can become a millionaire with dropshipping? That is possible.
But the big question is, ‘Is dropshipping the right business model for you?’
Let me show you some of the other stuff that you would be doing if you were to own a dropshipping business.
Firstly, you would need to set up an online store. For this, you can use various marketplaces like Shopify, WooCommerce, or Amazon.
Then you need to research products that you are going to include in your online store. That means keeping an eye on what is trending and what your audience will find appealing.
You also need to establish good relationships with your supplier.
Then you got to set up your online store. Add your product, and its listings, descriptions, etc.
Then you got to learn about marketing. What are the methods that you are going to use to get visibility to your store? You can use organic traffic methods such as SEO. One of the best places to learn about SEO marketing is Wealthy Affiliate.
You can use the paid route. If want to do paid advertising, then you need to make sure, that you have got a good budget for this. It’s about testing and testing, and very rarely will your first ad be the ad that gets you the conversions.
You also have to forward all orders to your supplier. Keep in touch with your supplier and make sure that the fulfillment process runs smoothly.
And lastly, you need to make sure that your customer is happy. If not, you may have to process the returns.
That is what is involved in doing a dropshipping business.
If that sounds like your cup of tea, then dropshipping is for you.
As I said it is possible to make big money with dropshipping, but it’s not the easiest of business models out there.
You have your fair share of challenges such as the intense competition, having to rely on suppliers, and maintaining customer satisfaction whilst at the same time you do not have any control over the shipping process.
If it sounds too much for you, it’s not the end of the world.
You can make good money online without having to communicate with suppliers or customers.
With dropshipping your success depends on volume. The more you sell the more you earn.
With my recommended business model, you can market a product or service and earn both high and low ticket commissions. That means that if a product carries a high commission like $1,000, you do not have to worry about selling high-volume to reach your income goals.
How I Earn An Income Online
I transitioned from the health field to the online world.
I faced a major health challenge that affected my ability to do my day job as a pharmacist, and I had no choice but to find another way to bring in the money. You can read my story here.
It’s thanks to affiliate marketing that I can earn a passive income online.
With affiliate marketing, you do not have to focus on recruiting people at all. There is no cold-calling or having “tea parties” or having to do any door-to-door selling.
You also do not have to worry about after-sales customer support. You do not have to have an online store and sell many products to earn.
It’s a great business model for newbies. Even if you have no marketing or any technical experience with website building and so forth.
You have the freedom to build your business around a topic or niche that you enjoy talking about. And you are not restricted to marketing only ONE product or service.
It would my pleasure to show you more about how I made money with this business model since 2016. Let me show you how it can benefit YOU as well by clicking here.
Thanks so much for joining me on this article about dropshipping.
I hope that it has helped you out.
Looking forward to hearing from you.
Regards
Roopesh