Essential Keys to Starting Your Own Drop-Ship Business
Business Overview:
Learn the ropes of how to start your own drop-ship business and you’ll soon have an online retail business with little overhead, no inventory, and high profits. If this sounds like an online business idea that would suit your career ambitions, read on to discover more about the drop-shipping business. In the online dropship business, you will set up an online retail store on your own website or on a selling site like eBay where you’ll feature any items that you are interested in selling—usually trendy or highly sought-after products that you buy at wholesale prices. The items you sell in your drop ship business will be listed at retail prices or auctioned off to the highest bidder. The beauty of drop-shipping products is that you will never house any of the items you sell; your inventory will reside with a wholesale company that will ship your product directly to the buyer on your company’s behalf. When you make a sale, your customers pay you the retail price and you pay your supplier the wholesale price plus any shipping costs. As a result, the dropship business can yield great profits if you find a very competitive wholesaler with excellent products and price points to match. From there, you can sit at home on your computer and watch your profits grow, or you can expand this business idea and bring in employees to help you manage your online retail store and track your sales.
A Day in the Life of an online drop-ship business owner:
If this trade appeals to you, consider the typical work day of someone in the drop-ship business. You will likely begin your day with a check of your online store, ensuring your site is up-to-date and your products are showcased to provide maximum exposure. You will then check your orders to see what has been purchased and what will be shipped from your wholesaler. Next you will want to review your payment spreadsheet to see that your customers have paid in full and that you have paid your supplier for shipped merchandise. Finally, you will want to be on the lookout for new items to add to your inventory. Whether you will be completing these tasks yourself or hiring staffers to do it for you, the drop-ship business will leave you with plenty of free time in your day.
About Your Customers:
Your customers will be online shoppers who are looking for specific products—think designer apparel and accessories, entertainment equipment, video gaming products and the like. They can become return customers if your price is right and your turnaround is fast, or they might just be looking to buy a hot item in a one-time shopping excursion. Either way, it’s up to you and your wholesaler to provide a positive shopping experience for them.
What You Need to Start:
- A competitive wholesale drop-shipping company
- An online selling site to “house” your retail store
- Financial-tracking software
The Good:
- This business has all the perks of a retail store with none of the inventory.
- You can truly work from home.
- You can carry as many products as you like in your online retail store.
- Profits can be very high if you find a good wholesaling source.
The Bad:
- Some wholesalers’ prices are so close to retail, your profits will be slim.
- There are a number of retail stores online, so competition could be stiff.
Resources:
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