Dropshipping is a business model that allows entrepreneurs to sell products to customers without holding any inventory. Instead of purchasing items in bulk and storing them in a warehouse, dropshippers work with suppliers who ship products directly to the customer. This means that you can start an online store without the need for a large initial investment in inventory.

One of the key benefits of dropshipping is that you can run your business from anywhere in the world as long as you have an internet connection. This flexibility allows you to work from home, travel, or even manage your store as a side hustle. Additionally, dropshipping eliminates the costs associated with warehousing, packaging, and shipping, making it a low-risk option for budding entrepreneurs.

Key Takeaways

• Dropshipping allows selling products without holding inventory or dealing with warehousing.
• Entrepreneurs can run the business from anywhere with an internet connection
• Profit margins can be high (e.g. selling a $6 product for $34.95)
• Building relationships with suppliers is key to getting better pricing over time
• Will cover setting up the Shopify store, theme, collections, and policies in the next session

Dropshipping Overview

• No inventory stocking or shelving required
• Order from supplier after receiving customer payment
• Integrate apps like DSERS and USADROP to automate order flow to suppliers
• Handle customer issues by working with suppliers

Profit Potential

• Example: Sell $6 weed puller for $34.95 = $28.95 profit
• Offer upsells, shipping protection to increase average order value
• Negotiate better supplier pricing as you build relationship

Operations

• Start with $50/day Facebook ads budget
• Follow KPI (key performance indicator) sheet guidance
• Mindset is important when spending on ads
• Unlimited scale as suppliers can handle high volume

Next Steps

• Set up Shopify store with provided theme
• Configure collections and policies
• Prepare for launching Facebook ads
• Continue working on mindset for ad spend