Hello everyone! I started dropshipping back in 2018, was a completely beginner. Made a few hundred dollars then stopped it.
Started again in 2019 will full swing, scaled the store after August for Q4 made 100K in sales then COVID came and disrupted everything.
Stopped and started again in 2020, made 50K so far. I was not a member of BHW but I learnt a lot from here so I am thinking of giving back. I can answer questions on anything (products, ads, suppliers, scaling) I’m not selling anything but just trying to help.
Absolutely, it is! Just dive in and you will learn. It’s easy. I would say keep atleast 1500USD in hand to start. If you are a beginner.
There are many ways, my favourite is competitor research, just research and see what’s selling and replicate, see what they are not doing (for example if they are not targeting a country in ads, or maybe the customers are not happy) understand the pain point and do better.
I have been doing FB ads from a long time so I started with 300$ since I knew what I am gonna do.
Roughly 1500 if you are a beginner, if you have any experience in ads than 700-1000
Yes you will if you work hard and stay focused
I saw the ROI from the third day. You have to understand how things work. Let’s say you are running ads of 15$ per day (3 ads of 5$ each) and you sell a product for 49.99 and considering everything is good you sell a product. You get 49.99 from that you pay 15$ to ads, and 5$ to the supplier. You will still have some money left. But now you know what doesn’t work. So you kill those 2 adsets which are not making sales and scale (increase the price of this to 15$). The point is you have to start slow, you can’t be like spending 100$ from the day one. That’s what a lot of beginners do. You have to go slow, understand the data.
What do I mean by understand the data?
Lets see you are running ads and you are getting clicks but they are not buying the product, so you troubleshoot the problem, change the theme maybe. Or go through the flow as a customer. These things you can only do when you run ads with a small budget, because let’s say you spent $100 and things doesn’t work your 100$ will be gone. So the rule number one is start slow and understand the data.
As far as mentor is considered, yes 900-1000 is a fair price I would charge the same. But you have to have a deal, maybe have a proper contract and discuss what is he gonna offer. Because the thing is it’s very easy to fool beginners, so choose someone whom you trust.
Product research is a very broad topic but you can use Aliexpress to check the best selling products in a niche. My personal favourite is women’s cosmetics, I don’t intend to sell apparel because of the sizing issue. Just sell cosmetics, bracelets, or if you wanna sell electronics than sell those cute moonlight lamps,Valentines is here so I would have sold Relationship Styled moonlight lamp and targeted couples..
Competitor research is also easy just go to https://myip.ms/browse/sites/1/own/376714 explore the stores from 50-100 see if you find anything, look it up to Aliexpress and stalk their Facebook page see if they are running ads for their product and if they are just see if people are still interested in that (commenting or not or engaging or not) you can also use the ad library by Facebook to check. And just replicate the store.
How do you manage faster delivery and private labeling?
If the product does better I get a warehouse in US (online through ShipBob), and I ship in a day, so it reaches them in 3 days maximum (US domestic).
Private labelling — my supplier does that for me, he is in direct contact with the manufacturer and negotiates on my behalf.
what tool do you use for product research
I don’t use a tool, because let’s say you use tool XYZ and you find a product, don’t forget that you are not the only one which may have found it. So it increases the competition, better stick to manual methods for research. I have shared some info above, check.