(ThyBlackMan.com) You know what? The best time to start a business is now. And with it, a ton of new and exciting opportunities for entrepreneurs to make money!
As if the expanding global economy wasn’t enough, now drop shipping is becoming easier than ever.
But what exactly is drop shipping? And how can I start a business when my hands are kind of tied up right now? There are so many questions that come up as you consider dipping your toe into these exciting new waters. We’ve got all those questions answered in this article. Let’s get started and see how simple starting a successful drop shipping business could be.
What is Drop shipping?
Drop shipping is a business model in which a retailer does not keep the products it sells in stock. Instead, when a customer makes a purchase, the retailer purchases the item from a third party and has it shipped directly to the customer.
Simple, right? No need for warehouses, hiring staff for inventory storage, and keeping up with stock. In fact, drop shipping can be more profitable than conventional e-commerce since you are cutting all costs that go into the shipping and storage of goods.
Drop shipping may be the perfect business if you’re just starting out and have no capital to give your business a big boost.
How do I Start Drop shipping?
You may have heard of the term “drop shipping” but you’re not exactly sure what it means? Are you looking for a drop shipping business model to start in 2021? Here are some key steps to understand exactly how it works.
1) Choose Your Product Line: Now, this is the most crucial part of starting a successful drop shipping store. You need to start with one product line because keeping things simple is the best way to start. You can always add more lines later on, but it’s best to start with one.
2) Choose a Business Model: There are two main business models for drop shipping: direct selling and B2B. The second option is ideal for those who are just starting out because it helps you generate as much revenue as you can to maximize your profit potential.
3) Define Your Target Market: There are several different ways to define your target market such as niche, geographic location, size of the market, and so on. But here’s a general idea – first try to figure out what people want to buy from you and then use that as a basis for marketing your product line.
4) Set Up Shop: After you’ve chosen your product line and decided on a model, it’s time to set up your shop. Once you have done that, you’re ready to get the business going. The next step is creating a great website optimized for drop shipping.
5) Master Social Media: Now we get to the formal part of this guide – setting up social media accounts for your business. You can start from Facebook, Instagram, and Twitter as well as Pinterest and others. And don’t forget about the e-commerce platform of your choice; Shopify in this case.
6) Build Traffic: Now that you have your business set up, you need to generate traffic. Here’s the deal – there are two main ways to do it. The first one is to find a site with lots of traffic and the second one is to build your own site and let it go viral on the internet. If you opt for Option 1, then be sure to follow their rules!
7) Start Growing: You need to work hard to get your drop shipping business off the ground. First things first, try not to focus on profit right away; you’re going for volume here.
8) Learn to live with a Few Mistakes: Finally, remember that starting a drop shipping business is not an easy task. There are going to be many tasks that you’re not familiar with. Don’t be afraid to make mistakes, but learn from them afterward!
That’s all folks! Do you have any questions about drop shipping? Shoot us a message and we’ll try to assist you as soon as we can. Keep in touch and stay tuned for more updates.
Staff Writer;Â Corey Shaw
Have any Tech Tips? News? Hit up our Tech Guru at; CoreyS@ThyBlackMan.com