Intro to Dropshipping
Dropshipping is based on the economic principal of buying low and selling high.
You find a wholesale product on a inexpensive website and list for sale for a higher price on a different website such as Amazon. When a customer makes a purchase, you fulfill the sale on behalf of the customer.
You ship it directly to them so you don’t require inventory! You do need some money set aside for the first few sales that come in because on some websites like Amazon and Ebay you won’t receive the funds for a few weeks.
The Highs of Dropshipping: You can make a lot of money in a short amount of time with out much investment, knowledge of business, economics, web design, products, etc There are TONS of resources to learn how to be successful at Dropshipping
Some great Youtube channels to learn from are:
- Wholesale Ted: https://goo.gl/c15Wve
- Steps to Success: https://goo.gl/u5bmqB
- Freedom Formula: https://goo.gl/YDxsgv
Some Lows of Dropshipping: There is a high competition for selling items but pick the right niche product with a high profit margin and you can become very successful Sometimes returns can get messy so do your project research!
Easy to use research tools are:
Links to Dropshipping Websites:
- SalesHoo: https://goo.gl/n4r3yX
- Worldwide Brands: https://goo.gl/TKp8LT
- Wholesale2B: https://goo.gl/PvdoBQ
- Aliexpress: https://www.aliexpress.com/
Aliexpress doesn’t have any fees to get starter so it’s a great place to start! Their app is really fun to use, they have lots of freebies and giveaways. It’s great for when you’re waiting, you can look through it and look over potential products to sell. Make sure to compare them to Amazon’s pricing as some products are NOT cheaper.
Typically, your profit goal should be over $10. NEVER sell items for less than that as it's a big waste of time. You can check costs and profits on Amazon's Profit calculator here: https://sellercentral.amazon.com/hz/fba/profitabilitycalculator/index?lang=en_US