Dropshipping is one of easiest ways to make money. But it requires some skills, knowledge and experiences. When I start Dropshipping, I had lost $200 at the end of the month. Yes, I did make some sales, but the total income subtracted by total expenses was negative $200. Even I wanted to give up, I said to myself at least I should recover the lost. So I continued.
In the upcoming month my profit was $50, but I wanted to continue. By understanding by mistakes and with proper market analysis, I could increase my profit to $500 within few months. Now my profit is around 10K per month, but as you can see, I have far more to go. There are people in the market, who earns 100K per month. In this article, I’m going to share my experiences and then go to some of the dropshipping sites and analyze them.
My Dropshipping Mistakes and Experiences
Don’t Stick to One Niche
You should always try different niches. If you stick into one, you’ll not understand which sells and which doesn’t. Your first product may be successful one or not, it’s always good to start with few niches. First I started with electronic toothbrushes and failed. But my friend, started with the same product and he got many sales. What would happen, if I stick in to toothbrushes, because my friend had sales? It’s always best to work with few niches.
Don’t try to achieve high expectations in your first month. I was wise on this and only spend $500 to start Dropshipping. I know some of my friends spent 50K at the beginning, without having any experiences and lost. To be clear, I haven’t heard any successful stories from people who have spent such a money for the first time on drop shipping.
Be smart, trail with a little and then invest like a pro. Once you know the rules, and have the experiences, the more capital you have is better.
Social Media Influencers
You have to be wise when selective social media influencers. According to me, there are two type of social media influencers. First type is the kind that do not get any respect from their followers. The meme pages, even some celebrities’, and hatred pages belongs to this category.
The second type is the respected ones. Their followers respect them, and even some of them try to be like them. These are the ideal influencers. They may be little bit expensive, but you’ll get sales.
Even if you think a product is great, you may not get any sales. There could be many reasons behind this. But it’s always good to do some market analysis. This is a kind of huge subjects. May be I’ll write a article about how to do marketing analysis. For now, you can use AliExpress and Amazon to get a rough idea.
If you’re not beginner, you can spend some money on SEMRush which is a great SEO analyzing tool for amazon. In my opinion, Ahref is not that good for amazon research.
This is something that some of the newbies try to do, when they have no sales. If you’re going to start a email marketing campaign, that’s great. But if you’re going to email them daily, it’s a spam. Within few weeks, even your non-promotional mails will be delivered to the spam box.
Now, lets see the sharks…
Profit & Loss Reports
From few website auctions, I could gather reports of few dropshipping sites. You can get a rough idea by looking at these projects.
Materrollc is an 8 years Dropshipping website. Their strategy is reselling name-brand business and industrial supplies on Amazon.com and Amazon.co.uk at a markup of 20 percent on average. As they claim, the monthly income is $32K.
IceBrooks is a 1 years old private label jewelry Dropshiping business that makes $43K per month. The platform used in this site is Shopify and the site has generated $200K within this year.
- Facebook Advertising – $75,680
- Shopify – $39
- Klaviyo – $50
- SMS Marketing – $9
ShoppingZoe is a 6 years old website, but it has succeeded and generated income since February 2021. It’s only a few months. The platform used for this site is WooCommerce. Unlike any other dropshipping sites, this has sold smartphones.
It’s kind of hard to believe that this site has this kind of amount within such a small time period. May be they’re lying.
Bee Mission is a 10 months old dropshipping site.
ShopperOwl makes $ 6K monthly profit. Since the site has sold, the new site is under construction.