Skip to main content

Starting a Dropshipping Business with No Money: A Comprehensive Guide

 

How to start a dropshipping business with no money

Dropshipping is a concept related to e-commerce.

It’s a method in which the online store doesn’t produce or stock the product it sells.

Instead, the store first sells the product then purchases it from a third party for a lower price and gets it shipped directly to the customer’s address.

Dropshipping is an excellent business model because you just need to set up an online store, make sales and earn profits.

You don’t need to worry about stock, inventory, packing, shipping or handling.

It’s a great business model for someone who has very little money to invest because you don’t have to buy a product unless you’ve already made a sale and have been paid by the customer.

So, basically in this business model, you are using customer’s money for purchasing a product and making the profit without investing your own money.

Who is this ideal for:

Anyone who loves e-commerce.

What skills will you need:

1. Ability to deal with your clients and suppliers in a confident way. You should be able to answer their queries, solve problems and instruct them correctly.

2. Excellent written and verbal communication skills.

3. Ability to spot trends, opportunities and adapt quickly.

4. Analytical skills.

5. Up to date knowledge of the industry.

How much time is required to get started:

The hassle-free way to get started is by signing up on Shopify.com.

What is Shopify?

Shopify is a website which provides you all the technical things that you’ll ever need to setup your online store.

You’ll get hosting, domain name, design, themes, payment gateways and almost everything at one place. 

Shopify makes online store setup so easy that anyone without much of technical knowledge can do it.

It’s great a great choice if you want to focus and spend more time on your business growing activities rather than technical setup and maintenance.

Shopify is not just like any website generator or CMS like WordPress. It’s a complete e-commerce platform with more than 1.2 million people using it for selling products online.

Some helpful tips: 

1) Decide what you are going to sell

Before you can start setting up your online store on Shopify make a list of things that you want to sell.

You can sell anything from wristwatches to t-shirts, necklaces, accessories and so on.

If you still can’t decide what to sell then try to make a list of things you like or which interest you the most, this will give you a heads up. 

2) Do some initial research

Once you have the list, you must conduct some research. Find the answers to the questions such as:

  • Does the product you are intending to sell have demand in the market?
  • How much price are people willing to pay?
  • Where are people visiting to buy these products?
  • On which social media channel you can find your best potential customers?
  • What is the age group of your potential customers?
  • What are the current trends?

The best way to find the answers to above questions is to visit top e-commerce stores such as Amazon.com find which product designs are selling the best, read the customer reviews to get more insight into customers expectations. 

You can also visit product forums, join social media groups, popular blogs to collect more data about your potential customers. 

This data will help you to select the right products that will appeal your target audience and thus fetch you more sales and profits.

For example, if you plan to sell wristwatches visit Amazon.com and check out best-selling wristwatches note down their price range, observe their designs, read customer reviews and note down important points. 

Find out other similar e-commerce sites like Amazon and repeat the above method.

After that move on to watch forums, fashion blogs to collect more data about your potential customers.

3) Find the suppliers

Once you’ve finalized the products you want to sell, you can visit sites like Everbuying.net, Aliexpress.com or Bangood.com to find the suppliers who can provide you the products.

Shortlist some good suppliers, discuss your marketing plan with them and see if they are the right fit for you and can deliver agreed products within the time limits.

4) Set your store on Shopify

 Once you’ve completed the first 3 steps it’s the time to setup your online store.

Do this, register on Shopify.com, verify your email and start store creation process.

Here you’ll need to choose your custom domain name, theme, product category and finally, add products. 

While adding products you can use the images and description used by your preferred supplier.

5) Pricing strategy 

Your pricing strategy is going to define how much money you are going to make.

Use the data you collected during the research step to decide your product’s pricing.

For example, if you’ve decided to sell wristwatches and they cost you $17 per piece on Everbuying, and your research data is suggesting you to sell it for maximum $30, then you can sell it for $27 and make $10 profit on every sale. 

6) Promote your product links 

Once you’ve added products to your Shopify store you can start promoting them wherever you want.

Social media is the best place beginning your promotion campaign. You can also offer discount codes to attract more customers to your store. 

7) Orders and shipping

Once anyone places an order use that money to place the order from your supplier on Everbuying or Alibaba and provide him your customer’s shipping address.

Your supplier will himself make the arrangement for packing and shipping. You don’t need to worry about anything.

The more targeted people visit your store and make the purchase, the more money you make.

Comments

Popular Posts

How to Earn Money on Fiverr: A Comprehensive Overview

Fiverr is a website that connects buyers and sellers . This marketplace is primarily geared towards services that people perform for you, or tasks you can ask them to carry out. You can also find products here as well. The marketplace is HUGE with nearly 4.7 million visits per month. With traffic as high as that, your primary goal will be to try and get your piece of that traffic.   How Fiverr works: You offer what is called a Gig. A gig is a service that you may provide such as a voice over or a task you can perform such as data entry.   The system at Fiverr handles the promotion of your gig within their site. When a visitor finds your gig and wants to make a purchase, Fiverr will then handle the transaction for you. You focus all of your efforts on producing a great product or delivering high-quality stellar service so that you can collect and maintain high ratings, which in turn will help lead to more sales. You can list your gig at any price you want, but you may...

How to Earn Money by Answering Questions Online

  You can earn a good amount of side income by answering other people's questions online. You might think, why would anyone pay to get answers to their questions if they can find answers on the internet? But the truth is people always have some personalized questions, which only arise in a specific situation, something only relating to them. It has been proven that even the mighty Google couldn't provide the answers to such personalized questions. That's where QnA sites come in. QnA sites provide a platform where people can ask personalized questions and get answers from experts tailored explicitly for them. Experts on QnA sites get paid for providing accurate answers to the questions asked. If you're an expert in any particular domain, then you can earn some extra cash by providing accurate answers to people's questions. How to get started: Sign up on the following QnA sites and start answering questions. JustAnswer Experts123 LiveAdvice PrestoExperts Expected earn...

Renting Your Car: A Guide to Making Money on the Road

  Does your car spend most of its time sitting in the driveway? You can make hundreds of dollars a month by renting out your car to people by the hour, day, or week. The side income you'll get from this is pretty passive, but you'll have to communicate with the renters, do hand-overs, and maintain the cars. Why Should You Consider Doing Mystery Shopper Jobs Online? How to get started: List your car on online marketplaces like Turo and Getaround to find customers. Next, lay your own ground rules for using cars, set your own daily price, or let Turo or Getaround automatically adjust your price to maximize your earnings. When a guest books your car, you'll confirm where and how to hand over the keys before the trip. Check your guest in with the Turo or Getaround app, then sit back and relax until the trip is over. Expected earnings: You'll earn 65% – 85% of the trip price, depending on the vehicle protection plan you choose. Turo's website mentions that you can earn ...

Making a Product Comparison Website Free: A Comprehensive Guide

The product comparison website aggregates comprehensive information about various products in a particular niche.  It organizes and presents this information to help potential buyers know more about a particular product and decide if they should buy it. Why create a PCW? PCWs popularity is high in today's world as multiple companies offer similar products, and PCWs help the buyers decide which company's product is right for them. For example, if you want to buy a smartphone with a $500 budget, you'll find many confusing options to choose from.  This is where PCW sites come in to help you make the best decision by comparing all available options and providing other important information such as pricing, features, reviews, shipping, availability, discounts, offers, etc. in one place. PCW sites provide significant value to the buyers as they help them save lots of their product research time. How to get started: There are three essential steps you must follow to build a succes...