4 answers
Pogba
Student
New York, New York
5
Questions
Asked
688 views
is dropshipping the best way of business to profit a lot and how would you go about it and get notice with so many competitors in the field?
I'm about to be a college freshman trying to start earning money while sleeping with a successful business and it's hard for me because I want to step in with the right foot and lessen the chances of failing. #career #business#July
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4 answers
Marc Miller
Strategy Consultant
9
Answers
Huntington Station, New York
Updated
Marc’s Answer
Dropshipping is becoming a very competitive field and as long as you are selling products that are not unique from everyone else's, you will compete on price to the point that you cannot make a profit. Might I suggest a different hustle that takes advantage of you being in college that worked for me. At the end of every semester, offer to buy textbooks for cash. Offer 40-50% of the Amazon sale value, then ship them to an Amazon Fulfillment Center using the Fulfillment by Amazon service. By being a student, you are recognizable to your friends and they'd rather work with you than the bookstore. You also have literal access to dorms so you can go door to door. I made $6-8K/semester in profit doing this and it was really only 2-3 weeks of work per semester. Unlike drop shipping, you have a true advantage here in that you are on campus and can get books for a lower cost than your competition. THis way, when you begin to compete on price, you can still make a strong profit.
Make flyers and a Facebook page to promote that you are buying books for cash
https://sell.amazon.com/fulfillment-by-amazon.html
Marc recommends the following next steps:
Dr. Sudeep Mohandas
Advisor, Board Member, Author, Soccer Coach, Consultant
43
Answers
Cockeysville, Maryland
Updated
Dr. Sudeep’s Answer
Why are you afraid to fail? It is because you are looking at the issue that not being able to do something as not being successful. Instead consider life as a form of 'corrections'. Not being to do something or just not doing it to the way you wanted is possibly getting you closer to where you should go. Imagine you are not failing all the time, what will your story be? how can you advise or mentor anyone, friends or loved ones in future of what is the best possibilities or opportunities. I wish you much success and take the risk. What you will gain will be exponentially beneficial. You will be successful.
Bill Russo
Program Manager, Professor
18
Answers
Dayton, Ohio
Updated
Bill’s Answer
Hello, Pogba. You question shows that you are thinking ahead and you recognize you will not have a lot of time while in college to pursue a business.
You also recongize it is not enough to have products to sell. You must also connect with potential customers. That can be time consuming and more expensive than you may wish.
Dropshipping (having others pack and ship orders you solicit and give them) is a good way to avoid needing to have inventory on hand.
Dropshipping has potential major disadvantagers, however, such as:
1. You have no direct control over the quality of the product. (or changes in the product that may make it less valuable or desireable.)
2. You have no direct control over the speed at which the product is shipped and how fast it arrives at your customer's destination.
3. Warranty servicing can be complex and time consuming, since, again, you have to rely on the drop shipper's policies and effectiveness.
In other words, your dropshipper is always in the path of a sale and your image as someone good to do business with largely depends on THEIR performance.
So what happens if you pick a good dropshipper who does everything carefully as if they were you? Most likely, they will already have lots of sellers shipping the same product through them. That means you will have a tough time convincing potential customers they should buy through you and not one of those other dropshippers. That means lots of MARKETING effort on your part (and time.)
And no, do not reduce your prices to edge the others out - you did want to "profit a lot" - right?
I would suggest you look into marketing something intangible (no production or inventory needed) that you can create (with some effort) and then duplicate at no cost - such as INFORMATION or COMPUTER or PHONE APPS, or online HOW-TO books or videos. Sell them in on line stores.
Inventory your interests and skills to see what intangible products you could create. Have you found a better, faster, cheaper way to do anything that could be marketed? Do you have a concept for a "new" product?
Do you know anyone who could create the product for you (for a royalty on each sale)?
Cruise on line for HOW TO products to see how others do it. Go to their websites and go part way through the ordering process. What do you like, or not, about how they do it?
Inventory your available time to get a product ready to sell. You have little time before this fall's fall college starts to get it all together, unless you are doing all your classes remotely. Will a delayed start (6 to 12 months) still meet your profit cash-flow needs?
Meanwhile, look into a part time job at college, if you are attending in person. Not great pay per hour, and usually not much time to rack up a numberof hours due to college studies, but most PT college jobs work around your class schedule, and you are right there and can likely walk to work. BONUS: If you can, get a job of a similar type to the one you are looking into for creating your product. BONUS 2: See if any of your instructors or even classmates can be resources to help you get your own product off on solid footing.
You also recongize it is not enough to have products to sell. You must also connect with potential customers. That can be time consuming and more expensive than you may wish.
Dropshipping (having others pack and ship orders you solicit and give them) is a good way to avoid needing to have inventory on hand.
Dropshipping has potential major disadvantagers, however, such as:
1. You have no direct control over the quality of the product. (or changes in the product that may make it less valuable or desireable.)
2. You have no direct control over the speed at which the product is shipped and how fast it arrives at your customer's destination.
3. Warranty servicing can be complex and time consuming, since, again, you have to rely on the drop shipper's policies and effectiveness.
In other words, your dropshipper is always in the path of a sale and your image as someone good to do business with largely depends on THEIR performance.
So what happens if you pick a good dropshipper who does everything carefully as if they were you? Most likely, they will already have lots of sellers shipping the same product through them. That means you will have a tough time convincing potential customers they should buy through you and not one of those other dropshippers. That means lots of MARKETING effort on your part (and time.)
And no, do not reduce your prices to edge the others out - you did want to "profit a lot" - right?
I would suggest you look into marketing something intangible (no production or inventory needed) that you can create (with some effort) and then duplicate at no cost - such as INFORMATION or COMPUTER or PHONE APPS, or online HOW-TO books or videos. Sell them in on line stores.
Bill recommends the following next steps:
Suddhasattwa Das
Career Coach, Friend, Guide
38
Answers
Bengaluru, Karnataka, India
Updated
Suddhasattwa’s Answer
Hi Pogba,
I loved your question as you have the courage to dream big!
"Earning money while sleeping with a successful business" - to this stage of life there is lot of hard work beneath. But if you start now..you will surely be there sooner or later.
I am sure if you are thinking of Dropship model then it must be TANGIBLE, something you can see and touch.
But ensure that its not PERISHABLE that have a chance of getting spoil.
So to answer your question to the point on how would you go about it and get noticed:
1. Study the market you want to do business
2. Define the Product, Demand, Labeling, Pricing, Buyers, Logistics and risks associated
3. Connect with experienced folks who comes with experience on above, never try to win alone, build your team who dream alike
4. Try to reach out to the manufacturer directly, find out what is costing the end product expensive to end customer
5. work on those challenging areas and you will hit a success to reduce the cost than your local competitors
--------------------
6. This point is bit different as here you can buy products directly like China or any other country of origin where its found cheap and import it to your city for sales. Those products must be unique, appealing and must be useful. That's where you will be niche supplier.
Good luck with you business.
~Suddho
I loved your question as you have the courage to dream big!
"Earning money while sleeping with a successful business" - to this stage of life there is lot of hard work beneath. But if you start now..you will surely be there sooner or later.
I am sure if you are thinking of Dropship model then it must be TANGIBLE, something you can see and touch.
But ensure that its not PERISHABLE that have a chance of getting spoil.
So to answer your question to the point on how would you go about it and get noticed:
1. Study the market you want to do business
2. Define the Product, Demand, Labeling, Pricing, Buyers, Logistics and risks associated
3. Connect with experienced folks who comes with experience on above, never try to win alone, build your team who dream alike
4. Try to reach out to the manufacturer directly, find out what is costing the end product expensive to end customer
5. work on those challenging areas and you will hit a success to reduce the cost than your local competitors
--------------------
6. This point is bit different as here you can buy products directly like China or any other country of origin where its found cheap and import it to your city for sales. Those products must be unique, appealing and must be useful. That's where you will be niche supplier.
Good luck with you business.
~Suddho