Can Drop Shipping Make You Rich?

Can Drop Shipping Make You Rich?

This is one of the most common questions I get, so today I'll be answering it. I'm going to answer the question based on my own experience so you can understand why I have made the decisions that have led me to this point in my life, but remember that there are always risks when doing anything. 

So really quickly what is drop shipping? Drop shipping is a fulfillment method, where instead of buying products from companies you do not own and reselling them yourself, you source goods from other companies (wholesalers) and sell them through your website (dropshipping) to you customers.

So what does it actually take to be a successful dropshipper? Well let's break it down...

1. Get your mindset right and set your GOALS

If you want to be a successful online entrepreneur then you need to have the right mindset and set yourself the right goals. You can't get anywhere if you don't know where you're going, so you need to decide what you want out of this business, write down your dream situation and WHY you are even doing this and then use that as your guiding light moving forward.

2. You NEED to learn the trade

To be a successful dropshipper you don't need to have any special skills, however being computer literate is important as you'll need to have your own website or at least have access to sell products from your own hosting space. You will need to know how to create a website and if it doesn't come naturally to you you should look into a course online, this can really shorten the learning curve, give you a blueprint and fast track everything you are working on.

3. Find a great NICHE product line

You will need to know what kind of products you want to sell as this will determine your niche. There are hundreds of niches available and it all depends on what you like and what people like to buy. Also remember that there is no such thing as a 'one size fits all' niche so if you come across a product that sounds great but doesn't fit your niche you can always find other products or companies that fit your niche and drop shipping them instead.

4. Do in depth market RESEARCH 

Learning a little bit about a lot of markets is a great way to learn the in and outs of each niche. If you're in a niche that has a few large well known companies then it's going to be harder for you because people will have built relationships with the other companies and for that reason they don't want to switch. However, if there are no big well known companies in your niche then you have much more potential to grow and become an authority in the space.

Select a few FANTASTIC products

This is another one of the most important steps to starting your drop shipping business. Now you have found a niche, researched it and know what kind of products are selling in the space. You now need to decide what you are going to sell. My advice is to choose 3 or 4 niche products that are selling well in the space and start with those. If they work out great then now you can move on to expand out the products if they don't work out, don't worry about it just keep testing.

Have a solid PLAN of action 

Write out a business plan and stick to it. This will help you to stay focused and show the rest of the world that you are serious about this business. What I suggest is that you keep it simple. A basic business plan should include what your company name is, what your website is, what kind of products you sell, who they are targeted at, why your company exists and your marketing plan. Check out this blog post we did on the subject if you like.

In Summary

All we are doing is taking advantage of the value that drop shipping crates. This business model works, it has been amazing to us. It has allowed us to leave the 9-5 grind, work on our terms, live in exotic locations and really travel... not a one week holidays BUT really immerse ourselves in different cultures.... This alone has made us RICH...

So look to answer the question whether or not drop shipping can make you rich monetarily, the simple answer is 100% YES... One of the biggest drop shippers in the world, Wayfair.com is a billion dollar company, so the sky is literally the limit with this business model.

The real question is are you ready to go after your piece of the action?

Hope you enjoyed this post, if you would like to learn more about setting up your own drop shipping store in Australia, feel free to check out our FREE Australian dropship training here. It has 2 hours of fantastic info that will fast track everything you are working on now.