In this tough financial phase, everyone is looking for some extra income with which they can sustain through this time. Let me show a way in which you are not only going to add some extra cash into your monthly income but with right strategy, it will become your primary source of income. It will not only help you in achieving your financial freedom but it will also assist you in giving you a time freedom as well which is even more valuable and you can spend that precious time with your family, friends or travel etc. This new income stream is Dropshipping and with the passage of time you would be able to automate it and enjoy the perks of this passive income.
I will show you five easy steps to achieve this goal with a Bonus tip to give a head start and a way forward which will help you establishing your dropshipping store on a faster pace. These steps are crucial and you need to follow in exact same sequence because it will cost you not only your money but also your time if these steps are not fulfilled.
STEP 1: CREATE YOUR BUSINESS
The first step is setting up a legitimate business. The easiest way to do this is to register as an LLC or an S Corp if you are in US. You can register an LTD if you want to establish your business in UK.
The rules may vary slightly from by region, but generally these are very easy to set up. It will take you a day or two to get the paperwork together and get it submitted.
You might need to talk to a professional to make sure that you are getting everything filled out properly. You don’t need to spent a lot of time on this step. The recommended way would be to hire a professional and this task can be done within a few days. You can hire professionals from the freelancing sites like Fiverr or Upwork. Once it’s done, you’ll be able to use this status to grow your business. It’s worth it to do it right from the beginning.
While it may be tempting to skip this step, there are two major reasons to go ahead and invest the time in getting it done: liability and legitimacy.
Liability
If you are selling products online, you don’t want to be liable for a malfunction or defect. In the unlikely scenario that a product’s dysfunction causes harm, your customer could attempt to sue you for the damages.
If this happens, you want to make sure that your money, your house, and your livelihood are all protected. Having LLC or S Corp status helps provide that protection. It also provides peace of mind because you don’t have to worry about a potential lawsuit wiping out your life savings. Business liability is very important as it save you from a lot of headaches as stated above.
Legitimacy
The second reason you want to invest the time and effort into getting officially established as a business is that it will help you reach your monetary goals.
If you are hoping to make $10,000 a month in profit, you will need to partner with reliable companies who are producing and dropshipping high-quality products. They are much more likely to work with you if your business is legitimate and comes across as professional and serious.
Having LLC or S Corp status helps establish that legitimacy.
STEP 2. CHOOSE A FOCUSED NICHE
You want to pick a niche for your products. This is what allows you to build out a focused, well-developed website that’s going to be the hub for your sales. It would not be necessary if you are planning to sell on platforms like Facebook Marketplace or Facebook Shops because on the Facebook platform, you can list any category item that is in high demand and have a low competition. To know products that are in high demand and low in competition, you can use MarketplaceFlow product research tool (marketplaceflow.io ).
But if you are planning to establish your own store like on the Shopify platform, then you would need to determine your niche, consider the dual impact of passion and utility.
Passion is what makes people feel alive and excited. These are the hobbies and collections that people invest in. Products centered on passion help customers define their identity and often are central focal points of their pastimes and social lives.
Utility is day-to-day function. Items that people need to make their lives work are always going to sell well. Think about the daily functions people do to keep their household and work lives running. Products related to these actions are utility-focused.
Start with passion or utility (or, even better, both!) If you do, you’ll find demand. Then go a step deeper and find the brands that are doing well in these areas. Go after customers who are searching for these products and brands.
STEP 3: MAKE YOUR WEBSITE
You’ve established your business. You’ve chosen a niche to focus on for your products. Now it’s time to actually start building the site you’ll use to make sales and hit your monthly goal!
Shopify is probably one of the best ecommerce sites available right now. You can get an account set up quickly, easily, and affordably. Once you have your Shopify account set up, it’s time to start building your website. For building a Shopify store, you can take assistance from Fiverr and Upwork.
This step is highly recommended but if you are planning to start your dropshipping business right away and cash flowing IN ASAP, then you can be delay this step and start on Facebook Marketplace or on Facebook shops.
Reasons why I am encouraging to dropship on Facebook Marketplace and Facebook Shops:
- Low chances of account suspensions which are very common on giant eCommerce platforms like Amazon and Ebay.
- High profit margins can be gained because competition is low as compared to Amazon and Ebay.
- Easy and simple interface of the Dashboard of Facebook gives you more confidence.
STEP 4: FIND SUPPLIERS
A lot of people feel overwhelmed by this step. But an easy way of doing this would be to use Amazon, Ebay or Walmart as your suppliers. Most of the people use these suppliers for the reason that they offer FREE and FAST delivery which is a crucial step for any Ecommerce business. You would always want that your customers are satisfied and for that you need to ship them the products on a faster pace which will satisfy them and you would be able to take advantage of the FREE shipping as well. Another reason is competition on Amazon, Ebay and Walmart etc. can be very beneficial for you. You would be able to select the product and gain higher profit margins from it.
STEP 5: RUN FACEBOOK ADS
You’ve got your business and you have made of your products on you Facebook store. The beauty of Facebook Marketplace and Facebook shops is that your products will be noticed by customers and if you are lucky then you might get orders very soon BUT just to make things easier for us, you can run ads on your products to boost its clicks rate and it would help you in getting sales faster and in high number.
Once you have these ads running, you will get a lot of clicks and sales on your listed products. Once you make successful sales on your account and you are able to fetch some good reviews on your account, then afterwards, things will get a lot easier and you won’t be needing to even run Facebook ads to boost your products because you will have a legitimate profile with customers reviews on it which will helps you attracting more customers.
BONUS TIP: MarketplaceFlow
MarketplaceFlow (marketplaceflow.io) is an application/extension of Google chrome with a web interface as well. It is especially designed for Facebook Marketplace and Facebook shops with an all-in-one feature you would need to establish and run a successful business on Facebook. It has product research tool which would assist you in filtering out products that are in high demand and have low competition. It has a valid tracking generator as well which you would need to insert once you fulfill your order on Facebook. The bulk listing feature is a massive time saver in which you would be able to select products and list them all with a single click.
For more details about the working and features of MarketplaceFlow, you can visit:
blog.marketplaceflow.io/advantages-of-using..
blog.marketplaceflow.io/what-makes-marketpl..
blog.marketplaceflow.io/reasons-why-to-choo..
Customers Reviews on MarketplaceFlow tool
Conclusion With dropshipping you would be able to increase your monthly income exponentially by following the five steps which will give you a boost in the Ecommerce field. The MarketplaceFlow tool will help you in giving a head start in the game and will make your life easy and save plenty of time in dropshipping on Facebook Marketplace and Facebook Shops.