There are so many ways to make money online — I mean hundreds. Over the past ten years I have tried them all, earning myself over six figures in profit.
Each side hustle has its own dynamics and its own pros and cons. I’ve talked a lot over my online outlets such as affiliate marketing, being an influencer, and creating videos via Youtube but there’s one I still haven’t completely broken down: dropshipping.
What exactly is dropshipping?
Take a coffee mug, for example. Retail giants buy coffee mugs in massive quantities from a distributor. They are likely only spending 50 cents on each unit but are selling them for 5 to 10 dollars in order to make a profit. Seems like a grand idea, right? But what happens when you’re stuck with thousands of unsold inventory? Chain stores have the resources to deal with hefty profit deficits, but everyday hustlers like me and you most likely aren’t prepared to take on that risky of an investment.
That’s where dropshipping comes in.
Instead of ordering in bulk, dropshippers make a deal with the manufacturer to buy each unit for more than what a bulk purchaser would pay, but less than what a retail store would charge. The manufacturer agrees to ship the product directly to your customer as opposed to them shipping it to you and then you mailing it to the customer. In the end, this means a more efficient and quicker distribution process that allows the dropshipper to still make a decent profit.
How Do I Do It?
First, you will need to find a product that you are interested in and believe will sell well. Make sure to do your research using Google Trends! (I talk more about the importance of this in this post).
Next, you want to make a deal with the manufacturer. Remember that they are doing you a service and that you are also helping them bring in a little extra cash. Create a fair deal that both of you will profit…