Not everyone has the money to put a business. Because of this, discussions on dropshipping with no money attracts entrepreneurs who want to try it. It became known because aspirants have tried to enter the business and became successful. Let us see if we can do drop shipping with no money.
Now the question is, can I dropship with no money? You can drop shop with no money. Money isn’t required upfront because you do not need a store for inventory. The suppliers deliver the product to your customers on your behalf. You pay for the item once you sell it. No bulk purchases needed for a wholesale price because the prices are pretty low.
To get started, allow me to explain further to help you get going on your dropshipping business with no money.
How to Dropship with No Money
1. Sign up for an online store account. This is where you will post the items you would like to sell. By setting up an online account, you can manage your business in the comfort of your own home. There’s a long list of online selling platforms that you can use. To name a few, there’s Amazon, eBay, and Shopify. However, since we are talking about dropshipping with no money, you can start with Shopify. It offers a 14-day free trial. After the 14-day trial period, it will cost $29 for the basic plan.
2. Source for suppliers. What you sell matters. Find a product that will be profitable for your business. Now that you are starting with no money, it is essential to choose the right product that will help your sales. You can select the products which you are passionate about. Check for products online that shows good reviews. You may sign up to drop shipping sites to help you with a list of products that are trendy. This will also help you search for legitimate suppliers. Later on, I will give you more details as you continue reading the article.
3. Advertise your products. At this point, you already have a product and a store to sell your products. This is where you need the power of social media. You can start by posting your products through Facebook. Make an amazing offer. Who would not go for products that are not on sale, right? You may also offer bundle offers. The goal is to sell more. More products sold means more profit.
What are the Pros and Cons of Dropshipping?
Advantages of Dropshipping
1. Cost. As an online retailer, you only sell your products online. You do not need upfront costs for inventory and warehouse to store your products. You can save up money for shipping fees and packaging for the items were delivered straight from your suppliers. No money needed for bulk orders, the items you are getting are sold at a pretty low price.
2. A wide range of products. Being able to sell products in different sizes and colors is not going to be a problem in dropshipping. Just list them on your store and let your supplier deal with the rest. You can post a variety of products available in your store. Just make sure to give the buyers a detailed description of the product you are selling.
3. Time Saved. Working at home is not going to be a problem with dropshipping. Managing your time checking your sales only requires a computer and an internet connection. You can communicate to suppliers on the other side of the world using messaging apps such as Skype, Viber, or via email.
Disadvantages of Dropshipping
1. Product Shortage. Due to high demands in drop shipping, there may be a shortage of stocks. Customers may rush the products that are sold out. Since orders are only placed and sent by the suppliers on your behalf, you don’t have a watch on the availability of products. To ensure that you do not run out of stocks, make sure to communicate well with your suppliers and ask for items that are running low. This is one way to plan your sales while keeping your customers happy.
2. Customer service concerns. The products are shipped out directly from the suppliers. This means that you have little visibility of the order status. Customers may be asking for delivery status, incorrect orders delivered or raise complaints about the products being shipped. Overseeing this may be a challenge especially if the supplier is on the other side of the globe, right. Well, with the technology running at a fast pace, these challenges can be addressed. Communication really plays a significant role in almost anything.
What Dropshipping Products Should I Sell?
Remember that the products you sell matters. It is based on impulse buying. Products promoted through a Facebook Ads or any social media platform are potential sales. We can, therefore, say that you have to make an attractive advertisement for the product to attract viewers who will then buy your product. Here are some tips to consider when choosing a product to sell.
1. Price. Some buyers do not necessarily need a specific product. If an impulse buyer sees an item for sale at below $10, even if he does not need it, he buys it. Remember that customers are concerned about saving money. Seeing a product for less than $10, makes them buy the product thinking that they’re up for a good deal.
2. Need or Demand. Buyers are browsing for products available online so they can save time queuing up in the stores. In today’s technology and busy schedule, people prefer purchasing online for convenience. Contrary to the first tip, if the person needs the product, no matter the price, he will surely buy your product.
3. Products availability. Some items are difficult to find because they are only available to specific locations. As an example, a skin-care product with good reviews that are only available in Asian countries. People will spend time browsing it online, and money getting the product and have it delivered to them.
How to Find Wholesale Suppliers for Dropshipping?
You already know how to start drop shipping, and what items to sell online. Now, let us talk about finding a legitimate drop shipping supplier. This is very important because not all suppliers are willing to do dropshipping. Also, we’re trying to avoid scam while ensuring we get quality products when selling. We also need to consider budget when sourcing for suppliers. Here are some tips on how to find wholesale suppliers.
1. Do your research. Drop shipping does not require you upfront costs but requires your great effort in putting up the business. Do an extensive research online sourcing for suppliers who are willing to do dropshipping. When you browse in Google, sure it will not give you a list of suppliers. But we are looking for something that will provide us with more savings while maintaining quality. This means you have to go on the fourth, fifth page of your search to look for suppliers.
2. Communicate. Not all suppliers are willing to do dropshipping. They may not have tried it before, or they just don’t want to do it. When I said you have to put great effort into drop shipping, this includes searching for and talking to different suppliers and making them an offer. Communication is critical in dropshipping. It will save you a great deal if you communicate well in this line of business.
3. Take advantage of technology. Since dropshipping is the “new thing,” there have been sites developed to manage and be successful in dropshipping efficiently. This includes sites to track popular products, validate the legitimacy of suppliers and check for reviews. Again, this is one of the advantages of drop shipping, being efficient.
Can I do drop shipping without a website?
Yes, you can do drop shipping without a website. Starting to dropship using Amazon or eBay gives you exposure to potential customers. They offer initial set up but charge fees for the service. Eventually, you can expand by making your own site.
Are there drop shippers with no membership fees?
Yes, there are drop shippers that do not charge membership fees. Some established drop shippers charge annual or monthly fees. Others will only ask you to pay for the products you’re shipping to the customer. Some charge additional shipping costs or fees.