How to Make Passive Income Through Dropshipping
For anyone that has used the internet to research how to get rich quick or make a lot of money with minimal effort, please don’t take everything at face value. It really isn’t as easy as it is made out to be, but it certainly isn’t impossible. Passive income is very much real, but so is the work that you will need to put in to set it up and maintain it. The more thoroughly you research and dedicate time to building this income stream, the more successful you will likely be, but if you are constrained by time, you can easily dedicate a few hours a day for a few weeks or so in order to set up these streams.
Most people would be happy with a few hundred pounds extra in their pocket at the end of the month. This could help with expenses; go towards building another or expanding your current stream, or just be a luxury. Here are the brief steps you could take to make passive income through dropshipping.
1) Find a niche market or product
“Build it and they will come” – this saying is especially true for niche products. Many people are unaware of certain products that can help solve a problem they have or fulfill something they didn’t know they wanted, no matter how small or unique it is. An example of this would be pyjamas for pets; not the most obvious or common products to source and try to sell, but this also means there is less competition, great for the first retailers, especially if they have a solid marketing plan to work off.
2) Find a trusted supplier
Easier said than done, especially when they are on the other side of the world and you will unlikely ever have face-to-face contact with them. It may be hard enough finding a supplier who has the product you need in the first place, but you need to be sure to vet them thoroughly before engaging in business with them; after all, your business will be reliant on theirs. Look at everything from previous customer feedback, responsiveness to messages, to the product descriptions – sizing varies worldwide so what may be a small mens waterproof jacket in the US may be a large in Asia.
3) Build a website
This is one of the most time consuming parts of the process but is crucial you do it well. E-commerce is not a new thing so customers are much more aware and sensitive to a website’s appearance and will obviously make positive or negative associations with your brand according to this. Spend a few hours every day working on your site, as you can easily change the products on it, but the site itself won’t be the easiest or quickest part to change. Plan everything out well from the product images to the different pages – it doesn’t make sense to show rain jackets for men alongside womens shoes, for example – and you’ll surely be on your way to a winner.
4) Market your website
What use is your brand new, beautiful website if no one knows it exists? Create a marketing plan to draw people to your website – this may be through email, social media or paid ads. If you are just starting out, just focus on one channel at a time, as they can be overwhelming and the last thing you want is to have substandard marketing for a new brand.
Follow these steps to the best of your ability. It will certainly be full of trial and error, so don’t be disheartened if it doesn’t work out at first. Persevere and use everything you pick up along the way. Soon enough you will have yourself a website that will require minimal attention, and can potentially be a very profitable source of passive income!