Starting an Online Business on a Shoestring Budget

Starting any business on a shoestring budget makes the likelihood of success very low. shoestring on blue sneaker

However, if it can succeed anywhere it would be online selling items and dropshipping them

What exactly does that mean? Dropshipping?drop shipping process

Dropshipping works like this:

  1. You (the Seller) find a source for an item that you would want to sell.
  2. You (the Seller) list it for sale on a website (i.e. your own, eBay, Itsy, Amazon, Pinterest, craigslist, etc.).
  3. The Buyer sees your listing and purchases it via whatever method you have set up for accepting payment (usually PayPal at first).
  4. You (the Seller) then order the item from your source and have it shipped directly to the Buyer.
  5. The Buyer is happy with their purchase and gives you positive feedback.
  6. You are happy with the Buyer and give them positive feedback.
  7. Repeat as often as possible for good profits.

What you need to know to Dropship successfully

  1. Which retailers/manufacturers like dropshippers and which do not.
  2. Which retailers/manufacturers will charge tax on your purchase and which will not.
  3. What fees you will need to pay your chosen selling platform (i.e. eBay fees) and your payment method (i.e. PayPal fees).
  4. How much to charge for your item.
  5. How to write the item description.
  6. How to write titles that sell.
  7. What keywords are and how to use them in your title and description.
  8. What actions to take once you get your order.
  9. How and what to communicate to/with your Buyer.
  10. What to do if your source is out of stock when an order comes in.
  11. What if the price has gone up on your item and you will take a loss if you fill the order.
  12. What about returns?  Should you accept returns or not? Pros and cons of each?
  13. Shipping charges – Free? Or charge S&H charge? Pros and cons of each?
  14. What about shipping internationally?  Pros? Cons?  How to?
  15. Methods to increase likelihood of receiving positive feedback after the transaction.
  16. Importance of feedback scores and how to track yours.
  17. What to do if you get negative feedback?

If you pay for a course on dropshipping, it should include all of the above topics plus lists of suppliers NOT to use and Brands of items NOT to list.

There should also be discussion of whether you should have an individual account or a business account with your selling platform and the difference.

There should be guidance regarding obtaining business license(s), setting up your business as a legal entity, how to find out about taxes that you are responsible for and how/when/where to pay them.

You need a way to track your business transactions so you will know if you are making or losing money.

Some of these topics can be covered by a simple search on Google or Yahoo or Ask.com.

However, for many of them you will need to know info specific to your situation and the info will not be the same across all selling platforms or in all locations.

I will be covering many of these topics in upcoming blog posts and webinars.

Sign up for my Making Money Online on a Shoestring Budget email list for more info.

It sounds like a lot to learn, doesn’t it?

Well, it is, when you are doing it alone.  But you are not alone!

You have me!

Sign Up now and start earning online income as soon as you wish!

Until next time,

Zona

 

 

 

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