How to start a successful dropshipping business and earn handsome money as a student?

If you are a student, want to earn a handsome amount of money, and thinking about starting a business but have no capital to invest, then you should consider a dropshipping business. 

what is dropshipping business?

There are countless models and structures in business that take so much time and resources to gain a profit. However, that became easier with the introduction of a new business concept called “dropshipping”. This model does not involve you pulling out some money to buy goods from a supplier and selling them to customers.

It is generally the opposite of that. Dropshipping is a method that allows you to sell goods to the public without actually holding a stock of the product.

How is this possible?

Risks are inherent when you have a stock of goods that are waiting to be bought by customers. Now, the problem is when they are not sold and will just pile up in your warehouse, occupying space as well as creating waste.

Dropshipping lessens this risk by letting you sell products publicly at a retail price, collecting the payment, and using this payment to buy from a supplier, manufacturer, or wholesaler who will directly ship the product to your customer. You can earn profit from this concept through the difference between the retail price and the price the supplier charges.

Dropshipping is relatively easy as it sounds because all you have to do is look for suppliers, market and advertise their goods, and send your orders to them.

However, there are also disadvantages when following this method since there are times when dropship suppliers are the ones that do every aspect of logistics, so there is a tendency that you never see and handle the product at all. But isn’t this a good thing? We have some tips for you to begin.

1. For starters, dropshipping involves selling products of a certain niche. Do you want to sell clothes, phone accessories, toys, or home supplies? You have to select a niche that is profitable enough for you to start. To do this, you have to understand your target market. Are you targeting couples, teenagers, kids, makeup artists, or bakers? Afterward, ask yourself if this particular audience can afford the products you are selling. You can also look at products trending in your community, or create a demand for products not known in your community but are trending in other areas. This will help you choose which kinds of products to sell.

• Don’t look for suppliers at the start. Instead, try contacting manufacturers first. If you are already familiar with who manufactures the products you want to sell, then contact them directly and ask if they can drop ship products for you. While there is the option to email them, calling is easily accessible and will give you quick replies. But if they don’t dropship, then you can ask which distributors they supply their products to. This will give you direction to contact these suppliers afterward.

• It is true that there are many dropship suppliers online like Doba, Oberlo, AliExpress, Wholesale Central, and more. But you should be aware that most suppliers do not prioritize Search Engine Optimization (SEO) in their business, meaning you won’t find them by searching on Google. Start looking for local suppliers in trade magazines, forums, or online groups depending on the type of niche you are targeting. These will yield you results that are not common to your competitors but are also unique and of high quality to sell to your customers.

• Look at reviews of the dropship suppliers, manufacturers, or wholesalers online. It is good to check out their reputation since this will give you a background on how they operate and handle their relationship with drop shippers like you. For instance, browse over the Better Business Bureau (www.bbb.org) to know how many months or years since they started, or if there were any complaints about them.

• Be genuine to your customers. Because you are a dropshipping company, you have to let your customers know that you currently do not have their goods in possession but these goods will be shipped directly to them through your supplier. However, there are other instances where you will be the one to ship them. Just make sure to properly communicate with them, so you will build your trust in them.

Starting a business as a student is challenging, especially if you have a lack of money and resources. But through dropshipping, making money has never been easier and with these tips, you are already a step forward on how this concept works. Don’t let insufficient money stop you from making money.

We, at whilestudy.com, help students with access to information and resources on how to achieve other things while studying.