You are going to be amazed at the 5 steps that you can follow to make $10,000 per month from dropshipping. Although it may sound like clickbait, we are serious.
You can reach your income goal quickly if you have the right process in place. This post will walk you through the five steps required to achieve this goal.
STEP 1: CREATE A BUSINESS
First, you need to set up a legal business. Registering as an LLC, or S Corp is the easiest way to do so.
Although the rules can vary from one region to another, they are generally very simple to set up. You will need to gather the paperwork and submit it within a few days. Talk to someone to ensure that everything is correct. Do not get too excited about this step. This will allow you to use your status to grow your company. It is worth the effort to start it from the beginning.
Although it might be tempting to skip this step there are two main reasons you should invest your time: liability and legitimacy.
You don’t want your products to malfunction or be defective if you sell them online. Your customer may sue you if a product malfunction causes harm.
You want to ensure that your assets, including your home and livelihood, are protected in the event of such an unfortunate situation. This protection is provided by LLC and S Corp status. You don’t have the worry of a lawsuit destroying your life savings.
You should also consider the financial benefits of establishing a business.
Partnering with companies that produce and dropship high-quality products is a great way to make at least $10,000 per month in profits. If your business is genuine and professional, they will be more inclined to work with you.
Legal status can be achieved by obtaining LLC or S Corp status.
STEP 2: PICK A HIGH-TICKET ITEM CENTERED ON PASSION OR UTILITY
Once you have established your company, it is time to select a product to market. This is a crucial decision that you need to make carefully.
Choose a high-ticket item
You would like to choose a high-ticket item. What is considered high-ticket? Anything with an average price of $500. But don’t consider that limit to $500. There are many products that can be purchased for more than $1000. In one transaction, we sold product worth $10,000.
If you want more information on the process of choosing a niche, we have an episode in our podcast where we talk about high ticket dropshipping niches.
Limiting your choices to high-ticket items will make it more likely that you achieve your goal. Drop shippers make their money by getting a percentage of every sale. To make $1000 per transaction, you will only need to sell ten times a month.
It’s much easier to focus on a few high-ticket items than it is trying to sell 5000 products every month. The second part of this equation is to choose a product that is based on passion or utility.
Select a niche that is focused
Picking a niche is key to your products’ success. This will allow you to create a well-designed website that is the center of your sales.
Consider the impact of passion as well as utility when you choose your niche.
Passion is what makes us feel alive and excited. These are the collections and hobbies that people invest in. Passion-based products help customers to define themselves and are often the central focus of their social and pastimes.
Utility is the daily function of a product. Good-selling items are those that people use to make their lives run smoothly. Consider the everyday tasks people perform to maintain their home and work lives. These actions are the basis of utility-focused products.
You can start with passion, utility, or both! You’ll find demand if you have passion or utility. Next, look deeper to find brands that excel in these markets. Customers who are looking for these brands and products should be your focus.
STEP 3 – SIGN UP TO SHOPIFY AND MANAKE YOUR WEBSITE
You’ve established your business. Now you have a niche that you want to be the focus of your products. It’s now time to start building the website you will use to sell your products and reach your monthly goal.
Shopify is the most popular ecommerce website right now. It’s easy to set up an account quickly and easily. After you’ve set up your Shopify account, it’s now time to begin building your website.
This trial is free and you can start right away.
Flexibility is a virtue
It is important to allow yourself to pivot if you don’t like a product.
You may want to target a specific niche but you shouldn’t be tied to one brand or limited to selling products from one segment.
Finding a product that works is the best way to make $10,000 per month. Scale it up. You don’t want a path that doesn’t take you where you want to go if something doesn’t work. You need the ability to change your mind.
This flexibility is most evident in the domain name. While you can make any changes to your website’s content and design, it is important to keep your existing links and traffic intact if the domain name does not match your product line.
Your domain name should not be so specific that you end up picking the wrong product every time.
Let’s say we are talking about hats. You already know that hats don’t make a good product choice since they aren’t expensive, but let’s not worry about that and use this as an example.
If your niche market was hats, wouldn’t you want to create a site all about winter hats with faux fur? This is too restrictive. Even limiting it to winter caps is restrictive. To stay relevant, a website should be able to adapt to changing seasons and fashion trends.
You’ll be able to pivot if sales drop or a trend doesn’t work out as you planned. However, if you’ve chosen the domain name fauxfurwinterhats.com, you will not have that flexibility.
Your domain name can be used with many brands and styles. You can adapt your approach to meet consumer demand.
Design matters for websites
In Step 3, the second important thing you should consider is that website design matters. Your ultimate goal should be to convert as many customers possible. Your website is your hub for this. It is important to consider the customer’s perception when building it, but it’s also important to remember that good suppliers will be attracted to a website that looks nice.
When you visit a website to purchase, think about what makes it attractive. Images that are bright and clear, with clear themes, and simple text are what you like. It should be easy to navigate and understand. You should see evidence that the business is trustworthy and legitimate.
These are the exact things that your customers will look for on your site. It is important to work hard to create a responsive website that is attractive and user-friendly. Make sure to use eye-catching images. Create blog content that’s engaging and well-written (but don’t spend too much time creating blog content at first – just create a site that looks nice). You should pay attention to site layout and navigation.
These elements serve two purposes: to keep customers on your website long enough for them to make a purchase, and to send the message that your business is trustworthy and legitimate.
A quick tip is to emulate other huge retailers in your industry. So that buyers feel familiar with your brand, choose a similar color scheme.
STEP 4 – FIND SUPPLIERS and JOIN THEIR WHOLESALE MARKETING PROGRAM
This step can be overwhelming for many people. It can seem daunting to reach out to suppliers, but it doesn’t have to be.
Companies want to reach potential customers and are always looking for ways to do so more effectively. Your role is to help customers find their products.
You can simply Google the contact information of the supplier to find out if a product you like is available. You can call them and ask for a wholesale account.
Tell them about yourself (which is why they created an LLC in Step 1) It is important to explain how your product aligns with your niche (which is why Step 2 was created). Your website will be required. This is why you created a professional-looking website in Step 3.
We found that this was sufficient to start a conversation in 80% of cases. You will be asked to sign paperwork in order to become a wholesaler. After that, they will give you the price list and you can start selling.
STEP 5: USE GOOGLE ADDRESSES
Now that you have your website and business up and running, it’s time to connect with suppliers who offer products in your industry. It’s now time to drive traffic to your website so you can convert visitors into customers.
There are many options for driving traffic. You’ve likely seen some of the viral, flashy ad campaigns on social networks. These campaigns are often built around videos that take a lot of time and are costly.
Google Ads is our preferred platform over Facebook. Why? It’s easier for targeted ads to be placed at people looking to purchase the products that you just purchased.
When someone is searching for a product of high quality, they will usually search it on Google and not Facebook.
Google Ads are also easy to use. To target the right demographic and keywords, all you need to do is to follow the Google rules. It’s much easier than you might think.
These ads will bring traffic to your website. Some of these people will purchase once they visit your site. You only need to sell a few high-ticket products each month to reach your goal.
Although it can be tempting to spend too much time and money on advertising, this is not the best way to build a sustainable business model.
It’s like a start up. While you may see some of the most successful companies, such as Uber and Facebook, there are many others that make a lot of money every month. You are not trying to become the next Uber. You are trying to build a reliable and ongoing income stream.
BONUS STEP: REPEAT THIS PROCESS
One supplier might be able to give you $1000 per month. That’s fantastic! The next step is to find another supplier for high-ticket items so that you can double or even triple your income.
Do not start selling low-quality products on AliExpress. Keep going.
Increase your suppliers and run more ads to increase profit. It is possible to even create another website that focuses on a different niche. Keep building until your overall profit is $10,000 per month.
You will get there before it is too late.
Our flagship course, Instant eCommerce Asset, is the best place to start your dropshipping journey. We show you how to make your first sale in just 2 weeks. You’ll be guided step-by-step so there is no guesswork.