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Dropshipping has become super popular because it takes very little investment to get started.
Dropshipping has become super popular because it takes very little investment to get started.
This business model has been around for decades but Shopify made it extremely easy to build an online store and import dropshipped products.
Start a 2 week free trial on Shopify here.
There’s also a ton of other dropshipping options which we are about to cover.
Location: Anywhere! 🌎
Income Potential: Very High
Difficulty: Hard/Very Hard
What is dropshipping?
Dropshipping is selling products online but the main factor is you don’t need to hold inventory of your products. A supplier holds your products and they ship it to your customers for you.
HERE’S AN EXAMPLE OF HOW IT WORKS:
A customer buys something from your store
You take your customer’s money and buy the product from your supplier (and keep the profit)
The supplier ships the product directly to your customer
It’s cheap to get started because you have zero inventory and only buy products once you have customers.
You only job is to create customers and fulfill orders (some platforms don’t even require you to fulfill orders).
How to get started
Step 1: What should you sell?
First, you need to decide what you want to sell and what your theme will be.
The options are endless so we recommend choosing a niche you’re passionate about so you stick with it and not get bored.
Brainstorm 3-5 topics that you’re interested in and do some research to find out which one is the most marketable.
If you like cars, you can sell car accessories and gadgets. If you like fashion and design, you can dropship your own clothing and so on.
For inspiration you can browse the categories of Amazon or AliExpress to brainstorm ideas for categories and products.
Step 2: What products will sell?
Once you pick a niche you should research and sell products that are not generic. Why would customers buy a product from your store if they can get it at Wal-Mart or Amazon? Your potential customers trust Wal-Mart and Amazon, they don’t trust your store so they won’t buy from you.
For example do not sell headphones. This a generic item that people will always choose Amazon before your store. You could make sales, but if you’re a beginner this path is more difficult and not necessary. Don’t. sell. generic. stuff.
Your success will more likely come from selling unique or exciting products that can’t be found easily.
Step 3: Pick a platform
Once you figure out your niche, you need a place to build you store. Here are the main platforms to consider:
Shopify + Aliexpress
Shopify + Ebay
Shopify + Printful (for starting a clothing line)
Teespring (for starting a clothing line)
Each have their own pros and cons but Shopify and Amazon are by far the most popular. Aliexpress and Ebay can be used for finding products and suppliers.
We’ll cover these in a little more detail…
Shopify is the most popular platform for dropshipping right now.
They let you build a online store very quickly and easily. On Shopify you can have your first store with products live in under an hour.
The best suppliers to dropship products from are:
Teespring or Printful (if you want a clothing line)
To begin you sign up on Shopify and start a 14 day free trial. No credit card is needed to sign up.
Then you can download apps from the Shopify “App Marketplace” that let you import products from these websites above.
For example, if you want AliExpress products, add the “Oberlo” app from the Shopify App Marketplace. Oberlo connects to AliExpress which has thousands of products that range from clothes, to watches, to accessories, and the list goes on.
Oberlo lets you import any products from AliExpress in just a few clicks. Then you can set your prices, product names, descriptions and more.
You can also find apps that connect with Ebay products. The advantage of Ebay is you can choose products that ship from USA which which will get to customers much quicker than Aliexpress.
For step by step to setup your Shopify store read our article.
I recently came across, Frank Hatchett, an expert on Shopify dropshipping. Frank has one of the top reviewed dropshipping courses on the market. It will teach you how to build a profitable online business I recommend checking it out!
Amazon FBA (Fulfillment by Amazon)
Another option is to dropship via Amazon FBA. Note that this may require a more substantial investment.
Amazon FBA is a model that makes Amazon handle your inventory using their warehouses, fulfill the orders, and provide customer service for you.
It’s like running a business without handling every single technicality. So how do you get started? Here’s a step-by-step guide:
Create an Amazon Seller Account at Amazon Seller Central
Select either “Individual” seller or “Professional” seller. Choose professional if you’re looking to build a business for the long run.
Use the Jungle Scout app for Amazon Product research, this will help you when launching your Amazon FBA business.
Identify a product that you can sell for less, and improve on.
Launch your product, the process of importing products, and using suppliers is found on the Amazon Seller Central help guide.
Start learning about Facebook Ads or influencer marketing to generate sales
The key here is finding the gold mine product. The product that WILL sell.
With Amazon FBA you get the advantage of leveraging their brand to access millions of people visiting the site every day.
Teespring and Printful
Teespring allows you to design and sell shirts, leveraging social media and crowdfunding. All with no money down, and with holding NO inventory.
Teespring might be your option if you’re good at making designs.
Sign up with Teespring here
Then it’s very simple, make appealing designs.
Either create a design yourself (if you go this route use Canva.com, it’s a free, high quality solution to creating simple designs), or simply hire a designer on Fiverr.com or Upwork.com to create a design for you.
Apply the design to the apparel you want to sell.
From here, you should learn about facebook ads or instagram influencers to sell your merchandise.
Teespring is one of the EASIEST dropshipping solutions that requires very little investment. All you’d need to spend money on is a designer (if you take that route) and spending some money on ads.
Still not convinced? Check out more information about Teespring here.
Printful is a similar option if you want to sell clothing and merchandise. You can compare Printful to Teespring here.
You’ve just learned 3 options to begin dropshipping. All have their own pros and cons but Shopify or Teespring have the lowest up-front investment and is what we recommend for beginners.
But now that you have an overview of dropshipping your next step is to keep learning and take action.
If you’d like to learn from a mentor I recommend Frank Hatchett’s dropshipping course which will teach you everything you need to know to build a profitable business online. There’s also a ton of free information out there. For that I recommend Alex Becker, The Real Zaki and Hayden Bowles on YouTube to learn more about dropshipping.
The company was conceived after its founders put anair mattressin their living room, effectively turning their apartment into abed and breakfast, in order to offset the high cost of rent in San Francisco; Airbnb is a shortened version of its original name, AirBedandBreakfast.com.
In 2017, over 100 million trips were booked on Airbnb in over 190 countries! If you have an apartment, house, or just an extra bedroom chances are you can start making money as an Airbnb Host.
Here is how you can make Airbnb an income stream:
Works in 191 Countries 🌎
Income Potential: Medium/High
How Does AirBnB Work?
All you need is a spare room, apartment or house, however small or big it may be. If you have that simply sign up as an Airbnb Host and create your listing.
If you don’t have an extra room or don’t own a home there are still options:
Rent out your place while you are travelling/not at home
You can convert one of your rooms into an extra bedroom
Ask your landlord for permission to use Airbnb (maybe give them a cut)
Buy a property to use for Airbnb
Find a friend who has a room(s) and make a deal with them
Use other people’s properties and start an Airbnb management company
How much can you earn?
Some people can cover their mortgage payments with Airbnb others are running a full time business with multiple properties. There is no limit to how much you can earn, it depends how serious you want to take it.
In general, your location and the type of space you have is what will determine your income. A luxury condo in Las Vegas will earn more than a 1 bedroom house in a small town. Click here to see how much your place is worth.
Here are some variables that will determine your income:
Your nightly price
Your vacancy rate – how many nights will you be booked
Your place – How many guests you can accommodate, size of home, amenities etc.
Your location – is there tourism, heavy business area, a travel hotspot, a large city?
Time of year/season
Competition – Supply/demand in your area affects the price
Automation – if you want it to be 100% passive there will be more expenses
How to Get Started
Here is the basic process for getting your first booking:
Make an airbnb account – You can sign up here
Airbnb will ask for some personal information.
Create a listing – Airbnb walks you through the process
Price your listing – You can choose your price manually or use Airbnb Smart Pricing to do it for you.
Start receiving bookings – Make your listing as attractive as possible. You may want to consider a lower price until you get 1 or 2 reviews on your account.
Welcome your guest – Prepare the property and wait for your guests to arrive
Get paid – Once your guests finish their stay you automatically get paid! Airbnb keeps 3%.
Set up systems (optional) – Set things up like self-check in, cleaning services, and more so you have a passive income stream.
Pros of Airbnb
Potential for high earnings
Can be almost entirely outsourced and set up for passive income
Can be scaled and turned into a business (optional)
Sometimes you can make a lot more than having long term tenants
You set the rules for your guests
No professional experience required
Cons of Airbnb
Takes a lot of effort and time to earn good reviews
More challenges if you don’t own a home. For example getting landlord’s permission
Lots of initial setup before it’s passive
Income potential is very different for everyone (location, number of rooms, etc).
What types of properties can I rent?
Anything. You can share everything from a room, a basement, to a treehouse or a whole estate with pools and everything included.
Can I rent out multiple properties at once?
Of course. You can rent as little or as many properties you have available, as long as you work according to Airbnb’s rules and maintain them.
Does the property need to be available all the time?
No, it’s completely up to you how many days you offer the property and you can set check-in times and check-out times.
What if my property gets damaged?
Airbnb has an “Airbnb Host Guarantee”. This provides protection for up to $1,000,000 for property damages caused by a guest. There are certain things exempt from the Airbnb Host Guarantee, such as cash and securities, collectibles, rare artwork, jewelry, pets or personal liability, so it’s best to relocate these object before the guests arrive at the property. Upon sign up, Airbnb also collects government ID and validates everyones identity for an additional layer of security.
Find Out How Much Your Unit Will Make
Millions of people are using Airbnb. If you want a slice of the pie find out how much you can earn in your area!
If you want to travel on Airbnb, I do have a $50 Airbnb coupon here. If you want to become an Airbnb host, click here.
Money is a resource that everyone is after, but the secret which everyone isn’t aware of, is that money don’t just come. It is attracted by the environment one would have created. Instead of pursuing money, pursue an idea. Why? Because money pursue ideas.
Take a deep look at how money circulates from one person to another. If you do not have an idea you won’t have money. Money doesn’t stay in one pocket, on one person. Why? Because no one owns money, no one has power over money. The only thing that has power over money is an idea. An idea is the power of humanity over money. When you have an idea you attract money but it does not mean to say you are going to have it forever.
Keep improving, upgrading your idea because money is attracted to the best idea. That is why people believe that money comes and goes. When money leaves your pocket it goes to someone with a better idea than yours. If you want to have money and success in life be a problem solver. Look for problems and turn them into opportunities. There are a lot of successful businesses that fell because of lack of new ideas on how to upgrade and improve their departments. Every rich and successful person started with an idea. These clothes we are putting on started as an idea, these chairs we sit on started as an idea, the light bulb started as an idea, everything else started as an idea, so there is a need to come up with an idea before money. Money is the last thing to consider because it follows our thoughts. The most critical thing needed in life to be successful is not money or anything material but just an idea.
Take a deep look into your life and be true to yourself. How many ideas did you come up with and how many have you pursued? Don’t blame the economy or anyone, blame yourself and your thinking. Your thoughts made you! Change the way you think and start thinking positively abt your life and take progress. Money is always hidden behind an idea!!!!!
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