3 Things I Learned Shopify Dropshipping
Mansions, fast cars and private jets are some of the images conjured up when you hear Shopify Dropshipping. Just search on YouTube and you’ll find an extraordinary number of ecom gurus promoting their lifestyles and courses.
But how much of this is possible? Within the past year there has been a rise in anti-gurus (they go by all sorts of names) exposing the some of the scams out there.
These flashy images are what many gurus want you to think ecommerce is all about, however here are 3 much more important lessons that I learnt the hardy way
Numbers Matter
If you’ve ever watched Dragon’s Den or Shark Tank, then your probably familiar with this all too common scene. The entrepreneur seeking investment take torn to pieces when it comes to their figures.
Things like spreadsheets, margins and monitoring expenses, they’re not interesting, quite frankly they’re plain boring, but they are key to your business surviving.
A free way of doing this can be a spreadsheet, but a better way is to use a software like QuickBooks or FreshBooks, they’re relatively inexpensive and automatically factor in things like taxes, making your life much easier.
Money Is Made On The Backend
Another big thing that will make your Shopify store more profitable is know that there is no real profit in front end sales. It can take between 7–12 points of contact with a prospect before they buy from you.
On that note someone who has already bought from is 12 times more likely to buy again (provided they had a good experience) than someone who’s never heard of you before.
Key takeaway: Focus on creating fans and returning customers
Email List
Following on from the previous point, building an email list is of paramount importance to your store. Many people are focused on Facebook ads and social media following, but the saying ‘the money’s in the list’
The best part of an email is that there’s no advertising cost no trying to guess search engine algorithms. You get direct contact with your customer to build rapport and earn sales.
Just like with all businesses, Dropshipping comes with a learning curve and you can expect to make a lot of mistakes but that doesn’t mean it’s not worth it.
That being said Dropshipping does also require some capital to start up. If you’re looking a a side hustle with lower start up costs then you can download a PDF of 21 great side hustles I’ve complied here: https://bit.ly/3hD5EY7
