The age of dropshipping has come, and it’s here to stay. Dropshipping has many advantages over traditional ecommerce models, including reduced overhead costs and the ability to sell products that may not be available in your market (or even country!). Although you may feel like you’re starting out at a disadvantage compared to other ecommerce store owners, there are many ways to use dropshipping to your advantage. In this article, we will go over 5 secrets that will help you take advantage of dropshipping and gain an edge on your competition.
1) It’s So Much Easier Than I Thought
A lot of people assume that setting up a dropship business is hard to do. While there are some complexities and details you need to keep in mind, it’s really not all that complicated if you have a solid supplier. There are a few things every retailer should know when it comes to working with dropship supplier, especially new ones. If you want to create a successful dropship store, these 5 secrets will help.
2) Choose a niche you are passionate about
Before you even think about opening up a dropship business, first choose a niche that is interesting to you. If you’re not passionate about what you sell, you probably won’t be successful because there are too many reasons for failure when it comes to running a dropship business. Choosing an industry that interests and excites you will help keep your motivation levels high enough to get past some of those challenges that come along with being a dropshipper like mydepot. By choosing a niche that interests and excites you, it will make your overall job easier and provide more opportunities for success in your business.
3) Stop Procrastinating
So you have a killer idea for a business. What’s next? Making it happen, of course. In an ideal world, you’d have millions in seed funding and 100+ employees to carry out your idea at a moment’s notice. But most of us are not working with those kinds of resources, so we just need to get our proverbial butts in gear. Here are five ways to stop procrastinating and make your dream a reality
4) Accept Failure as Part of the Journey
When you’re first starting out, it can be tempting to see dropshipping as a way to avoid failure. After all, you don’t have to put any money on-the-line up front. Instead of launching your own business, you simply partner with a company that will handle all of your order fulfillment (this is an oversimplification—but you get my point). In some ways, that’s true. But it also lets you ignore the very real fact that failure is still part of business.
5) Do your homework
When dropshipping, it’s crucial to do your homework. By doing so, you’ll be able to buy products in bulk at a low price, which will lower your costs. Do some research on competing businesses and determine what they’re charging customers for similar products; then take a look at their shipping prices and find out how much cheaper you can ship from China or from other countries within your own country. Once you have all of that information, you should be able to determine what kind of profit margin (or markup) is reasonable for your business model. Ideally, you want something between 10% and 20%. Any more than that and it becomes increasingly difficult to compete with online retail giants like Amazon.