Make money dropshipping | 2023’s best side hustle
It’s 2023 and financial stability is your top priority. But how to make more money? There are a million-and-one potential side hustles out there — some are cash cows, others scams; some time-consuming, others automatic. It’s enough to make your head spin.
Thankfully, there’s at least one proven side hustle that has helped countless entrepreneurs reach their financial goals.
Have you heard of drop shipping?
Dropshipping is the perfect fully-online business model for anyone looking to earn extra income.
Here’s how it works:
- Customers visit your website and buy popular products at retail prices
- Orders are then fulfilled by you plus a supplier who you pay wholesale prices
- The difference is your profit.
Drop shipping means you never have to purchase a product before you’ve already sold it. It’s a low-risk, high-reward side hustle…It’s really that simple.
But, you might be wondering, what type of products would you sell? How would you connect with suppliers? How does order fulfillment work, and, of course, what are the required skills?
Don’t worry, eMerchantClub is here to help with our 2023 guide to dropshipping.
What is dropshipping?
Dropshipping is a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product, it purchases the item from a third party and has it shipped directly to the customer. As a result, the merchant never sees or handles the product. This allows businesses to sell a wide range of products without having to invest in and store inventory.
How to get started dropshipping
The five basic steps in creating a successful dropshipping business are:
- Find the right niche
- Identify your target audience
- Connect with dropshipping suppliers
- Build an e-commerce store
- Start digital marketing
If you are trying to create a drop shipping business from scratch, the process can involve quite a bit of work. This is where eMerchantClub comes in. If you’re interested in starting a drop shipping business but need help with website development, connecting with suppliers, order fulfillment, or anything else, check out eMerchantClub.
How to find the right dropshipping niche
Finding the right dropshipping niche can be challenging, but here are a few useful strategies to help you narrow down your options:
- Consider interests and passions: Look for products that align with your interests and passions. This will make it more enjoyable for you to work on and market your business. And all-the-better if your passions align with lucrative dropshipping categories like electronics, cookware, and home decor.
- Research trending products: Use tools such as Google Trends and Amazon Best Sellers to identify products that are currently in high demand.
- Analyze competition: Look at the competition in your chosen niche to see if there is room for another player in the market.
- Consider profit margins: Look for products with high-profit margins to ensure that you can make a profit after all your expenses are covered. Typical dropshipping margins are between 10% to 20%.
- Validate product demand: Utilize tools such as Facebook Ad to do research on audience interest, engagement, and conversion rate.
How to find a dropshipping target audience
Honing in on the right target audience is essential when it comes to effective digital marketing. Here are some stops to consider when thinking about your potential customers.
- Gain deep product knowledge: Knowing your products inside-and-out will help you understand the types of things potential buyers will be searching for when looking for your product. If you understand this, then you’re well on your way to an effective SEO strategy.
- Define demographics: Consider factors such as age, gender, location, and income level to identify your target audience’s demographics.
- Understand psychographics: Think about your target audience’s interests, values, and lifestyle to understand their psychographics.
- Research online behavior: Use tools such as Google Analytics, Facebook Insights, and Twitter Analytics to understand how your target audience behaves online.
- Analyze customer data: If you have existing customer data, use it to analyze their behavior, purchase history, and preferences.
- Build buyer personas: Create a detailed picture of your ideal customer, including their demographics, psychographics, pain points, and goals.
- Test and validate: Use marketing campaigns to validate your buyer personas and make adjustments as needed.
Once you have a clear understanding of your target audience, you can tailor your marketing efforts to reach and appeal to them more effectively.
How to connect with dropshipping suppliers
There are several ways that would-be drop shippers can connect with suppliers:
- The first and easiest way to connect with high-quality suppliers is by working with eMerchantClub. Rather than having to connect with individual sellers, work with eMerchantClub to set up your online store, help you fulfill orders, manage your marketing, track shipments, and more
- Wholesale directories: Wholesale directories such as Worldwide Brands and Wholesale Central provide lists of suppliers that drop shippers can contact directly.
- Trade shows: Attending trade shows and industry events can provide an opportunity to connect with suppliers face-to-face and build relationships.
- Cold emailing: Reach out to potential suppliers via email, introduce yourself and your business, explain what you are looking for, and ask if they would be interested in working with you.
- Networking: Network with other entrepreneurs in your niche and ask for supplier recommendations.
It is important to note that when connecting with a supplier, verify the supplier’s authenticity, reputation, and customer reviews. Also, to protect yourself and your business, be sure to read and understand the terms and conditions of the supplier, payment and shipping policies, and return and refund policies.
How to build a dropshipping e-commerce store
Building your own e-commerce storefront some technical skills. For those looking for a less time-consuming way to enter the dropshipping world, consider working with eMerchantClub to set up your online store.
How to market an e-commerce store
The major types of online marketing for e-commerce stores include:
- Search Engine Optimization (SEO): This involves optimizing your website and its content to rank higher in search engine results, making it more visible to potential customers.
- Pay-Per-Click Advertising (PPC): This involves placing ads on search engines or other websites, and only paying when someone clicks on the ad.
- Social Media Marketing: This involves promoting your products and building a following on social media platforms such as Facebook, Instagram, and Twitter.
- Email Marketing: This involves sending targeted marketing messages to your email list of customers and potential customers.
- Content Marketing: This involves creating and sharing valuable content such as blog posts, videos, and infographics to attract and engage potential customers.
- Influencer Marketing: This involves partnering with popular individuals or brands in your niche to promote your products to their followers.
- Affiliate Marketing: This involves partnering with other websites or individuals to promote your products, and paying them a commission for each sale they refer.
- Retargeting: This involves using cookies or pixel tags to show targeted ads to people who have previously visited your website.
- Viral Marketing: This involves creating content that is designed to be shared and spread quickly through social networks.
All these methods are known to be effective to reach out to different types of customers, and the best approach will depend on the type of products and services you offer, your target market, and your budget.
Effective online marketing is complex, and there are plenty of ways to waste money. If you’re interested in proven marketing strategies that work for dropshipping businesses, work with eMerchantClub to come up with an effective plan for your e-commerce store. Otherwise,
Is dropshipping worth it?
Yes! Dropshipping is an incredible opportunity for anyone looking to make more money.
Some of the biggest advantages of drop shipping include:
- Low startup costs: Since you don’t have to purchase inventory upfront, the financial risk is relatively low.
- Flexibility: You can sell a wide range of products without having to worry about storage and shipping.
- Easy to scale: Once your business is established, it can be relatively easy to expand and increase sales.
- Low overhead: You don’t have to worry about the costs associated with maintaining a physical storefront.
Is dropshipping better than other side hustles?
Dropshipping offers many benefits over other side hustles. One, drop shipping has low startup costs and offers flexibility, scalability, and the potential for a passive income. It also gives entrepreneurs the ability to control their businesses and the freedom to test different products and niches.
Unlike traditional brick-and-mortar businesses, with drop shipping you don’t need to invest in inventory or a physical storefront. This means that you can start a dropshipping business with minimal financial risk.
Another advantage of drop shipping is flexibility. As a drop shipper, you have the freedom to sell a wide range of products without having to worry about storage or shipping logistics. This means you can easily test different products and niches to find what works best for you and your audience. Furthermore, you can run your business from anywhere, as long as you have an internet connection, which makes it ideal for those who want to start a business while keeping their day job, or for those who want to travel.
Dropshipping also offers the potential to scale your business quickly. Once you’ve established your business, it can be relatively easy to expand and increase sales. This is because you don’t have to worry about the costs associated with maintaining a physical storefront or hiring additional staff. Additionally, you can automate many of the processes involved in running an e-commerce business, such as order fulfillment and customer service, which allows you to focus on growing your business.
When it comes to dropshipping versus something like Uber – for those looking to earn income passively drop shipping is far superior. Uber is a job that requires you to be physically present and to drive around, which can be time-consuming and tiring. Furthermore, you need to have a car, and you’re exposed to the risk of accidents and other hazards. Additionally, Uber’s commission can be high, which can make it difficult to make a decent profit.
Also, as a drop shipper, you truly own your own business. You have the ability to choose your suppliers, products, and pricing. This allows you to create a unique brand and differentiate yourself from your competitors.
Why diversifying your income streams is so important
Side hustles can provide a number of benefits for individuals looking to supplement their income or pursue a passion outside of their full-time job. Here are a few of the main benefits of side hustles:
- Extra income: One of the main benefits of side hustles is the potential to earn extra income. This can help individuals pay off debt, save for a major purchase, or simply increase their overall financial stability.
- Flexibility: Many side hustles can be done on a flexible schedule, which allows individuals to balance their work and personal life. This can be particularly beneficial for those with family responsibilities or other obligations.
- Career development: A side hustle can provide individuals with the opportunity to gain new skills and experience in a field they are interested in. This can be helpful for those looking to make a career change or advance in their current field.
- Personal fulfillment: Pursuing a side hustle can provide a sense of personal fulfillment and satisfaction. It can give individuals the chance to pursue their passions and interests outside of their full-time job.
- Diversification of income: A side hustle can provide an additional source of income, which can help to diversify an individual’s revenue streams and reduce financial risk.
- Networking: A side hustle can also provide individuals with the opportunity to meet new people and expand their professional network. This can be helpful for those looking to advance their career or build new business relationships.
The mental benefits of extra income
Extra income can have a number of positive mental benefits, including:
- Reduced stress and anxiety: Financial stress and anxiety can have a major impact on mental health. Having extra income can help individuals feel more secure and reduce stress and anxiety related to financial issues.
- Increased self-esteem: Having a sense of financial security can boost self-esteem and confidence. When individuals feel that they are in control of their finances, they are more likely to feel good about themselves and their ability to make good decisions.
- Greater sense of purpose: Pursuing a side hustle can provide individuals with a sense of purpose and fulfillment. It can give them the opportunity to pursue their passions and interests and contribute to something they care about.
- Greater sense of control: Having extra income can give individuals a greater sense of control over their lives. This can be empowering and can help them to feel more in control of their future.
- Improved mental health: When people have financial stability, they tend to have better mental health in general. They are more likely to be happy, optimistic and have a sense of hope.
- Increased opportunities: Having extra income can open up new opportunities for individuals, whether it be traveling, buying a new home, or investing in their education or business.
Of course, money doesn’t solve all problems, but having a comfortable financial situation can give you the peace of mind to focus on other aspects of your life and to improve your overall well-being.
How can entrepreneurs stay motivated while getting into drop shopping?
Staying motivated and keeping your eye on the prize is always important in business. Even in drop shipping where profits come much faster than other projects and side-hustles, you’ll need to stay committed and, if you do, you’re sure to see success.
Here are a few tips on how to stay motivated while starting an online business:
- Set clear and realistic goals: Having a clear idea of what you want to achieve with your business can help you stay focused and motivated. Set specific, measurable, and achievable goals that align with your overall vision for your business.
- Break goals down into smaller tasks: Large goals can be overwhelming, so break them down into smaller, manageable tasks that you can focus on one at a time. This will help you see progress and feel a sense of accomplishment as you complete each task.
- Surround yourself with positive and supportive people: Building a supportive network of friends, family, and mentors can provide you with the encouragement and motivation you need to keep going.
- Celebrate small wins: Recognize and celebrate small successes along the way, as they can help keep you motivated and remind you of the progress you are making.
- Keep learning: Stay curious and continue to learn new things about your industry, business, and technologies. This will help you stay engaged and motivated as you work to build your business
Financial stability and how to achieve your goals
Setting and achieving goals is crucial for entrepreneurs in order to grow and succeed in their businesses. Here are some best practices for entrepreneurs to set and achieve their goals:
- Set SMART goals: SMART goals are Specific, Measurable, Achievable, Realistic, and Time-bound. This framework helps entrepreneurs define their goals in a clear and actionable way. By setting SMART goals, entrepreneurs will have a better understanding of what they want to achieve and how they will measure success.
- Break down big goals into smaller, manageable tasks: Large goals can be overwhelming, so it’s important to break them down into smaller, manageable tasks. This will help entrepreneurs focus on one thing at a time and make progress toward their ultimate goal.
- Prioritize and focus on the most important goals: Entrepreneurs often have a lot on their plate, so it’s important to prioritize their goals and focus on the most important ones first. This will help them stay focused and make progress toward achieving their goals.
- Use a goal-tracking tool: There are many goal-tracking tools available online, such as apps, spreadsheets, or journals, that entrepreneurs can use to track their progress. This will help them stay on track and make adjustments as needed.
- Set deadlines and hold yourself accountable: Entrepreneurs should set deadlines for achieving their goals and hold themselves accountable to meeting them. This will help them stay motivated and focused on achieving their goals.
- Celebrate small wins: Recognize and celebrate small successes along the way. This will help entrepreneurs stay motivated and remind them of the progress they are making.
- Review and adjust goals as needed: Entrepreneurs should review their goals regularly and make adjustments as needed. This will help them stay on track and make sure they are making progress toward achieving their goals.
- Surround yourself with supportive people: Building a supportive network of friends, family, and mentors can provide entrepreneurs with the encouragement and motivation they need to keep going.
- Stay motivated and focus on the big picture: Starting a business is a long-term journey, and entrepreneurs will face many challenges along the way. It’s important for them to stay motivated and focused on the big picture, and to remember why they started their business in the first place.
- Keep learning: Stay curious and continue to learn new things about your industry, business, and technologies. This will help you stay engaged and motivated as you work to build your business.
By following these best practices, entrepreneurs will be able to set and achieve their goals more effectively and increase their chances of success in their businesses. Remember that setting goals is an ongoing process of re-evaluation, adjustments, and refocusing. Entrepreneurs should be ready to re-evaluate their goals and make adjustments as needed in order to stay on track and achieve their desired outcomes.
Conclusion | Dropshipping, 2023’s best side hustle
Let’s recap: Dropshipping is a popular online business model in which entrepreneurs sell products without holding any inventory. Instead, they partner with a supplier who ships the products directly to the customer. This model offers a number of benefits for entrepreneurs looking to start a side hustle.
- Low startup costs: One of the main benefits of dropshipping is that it requires very little upfront investment. Entrepreneurs don’t need to invest in inventory or warehouse space, which makes it an accessible option for those with limited funds.
- Flexibility: Dropshipping allows entrepreneurs to run their business from anywhere, as long as they have an internet connection. This makes it a great option for those who want to start a side hustle while still working a full-time job or balancing other responsibilities.
- Scalability: Dropshipping allows entrepreneurs to start small and scale up as their business grows. This makes it a great option for those looking to start a side hustle and eventually turn it into a full-time business.
- Variety of products: Dropshipping gives entrepreneurs access to a wide variety of products from different suppliers. This allows them to offer a diverse range of products to their customers and increase their chances of success.
- Easy to test new products: Because the inventory and shipping are handled by the supplier, entrepreneurs can test new products with minimal risk. This allows them to try different products and see what sells best, without the risk of having unsold inventory.
- Low risk: Dropshipping is a low-risk business model, as entrepreneurs don’t need to invest in inventory or warehouse space. This means that entrepreneurs can get started without risking a lot of money.
- Automation: eMerchantClub offers automation tools that can help entrepreneurs automate repetitive tasks, such as product listing, order fulfillment, and customer service. This allows entrepreneurs to run their businesses more efficiently and focus on other important tasks.
- Increased earning potential: Dropshipping can be a very profitable business model, as entrepreneurs can sell products at a markup while not having to invest in inventory or shipping costs. This allows entrepreneurs to earn more money from their side hustle.
- Location independent: Entrepreneurs can run their dropshipping business from anywhere in the world, it doesn’t matter
Why dropship with eMerchantClub?
What does eMerchantClub do that makes us stand out?
- Your own custom-built website: Instead of just giving you the tools to handle everything yourself, eMerchantClub actually works in partnership with you to come up with a custom plan, choose your products, and build and launch your e-commerce store.
- Quality suppliers: For over 20 years has established an unrivaled group of exclusively US-based suppliers. No overseas shipping, and no cutting corners. eMerchantClub does all the supplier vetting for you, all you need to think about is which products you want to sell.
- eMerchantClub is about long-term partnerships. There are no upfront contracts that lock you in or make you uncomfortable. Try eMerchantClub out, and we’re sure you’ll end up sticking around like our other members — many have been with us for over 10 years.
- Great customer service: If you become an eMerchantClub member you’ll have real people there to help you and to provide personalized support whenever you need it.
- Grow as you go: eMerchantClub has a full range of online stores to suit every need. Start small, and grow as you go!
Want to make money drop shipping? Give eMerchantClub a call at 1-800-750-2871 to talk about how we can get your drop shipping business started today.