The Best Way To Make Money Online In 2020
How would you like to learn how to make money online in 2020? If you want an extra source of income on the side or looking for a business you can do full time with minimal investment, dropshipping is honestly your best bet.
What is Dropshipping?
In the simplest of terms, dropshipping is a business type where you can resell a product for a profit to a customer without actually buying the product from the supplier. What happens is that when a customer buys a product from your online store, the product supplier does the packaging and handles logistics to the customer on your behalf.
Dropshipping is a zero-risk, minimal investment business model, and it has garnered a lot of popularity over the years. It is a fast way to make money online with zero investment, with Google Trends recording an accelerated growth on dropshipping’s demand.
Still not convinced on starting an online business in 2020? Well, maybe now isn’t the best time to start an online business, but there is no time like the present for dropshipping. Here’s why:
Other benefits of dropshipping
- You don’t have to deal with any hefty overhead costs like storage space, utilities, etc. that come with other online business models, you just start.
- Also, because you don’t have to buy the products and then look for consumers to sell it to, your risk is reduced.
- In dropshipping, all you are basically doing is finding clients and sending the orders to your supplier who will deal with the fulfillment on your behalf.
- There is no limit to what you can sell via dropshipping, so you can pick a fast-moving consumer good and still make money fast during 2020
These few points make dropshipping the best way to make money online in 2020. But, there are a few things to take into consideration before you start your dropshipping business.
Before you start dropshipping
- Although you aren’t investing in overhead costs, you will, however, need to invest in your online store. It is very important to have an appealing website that your clients will land on.
- With dropshipping, there is a learning curve, although it is pretty easy and straightforward to get the hang of.
- Don’t expect to succeed overnight; you will need to work consistently on your store to achieve success.
- Make sure you aren’t sourcing copyright items, this is illegal and can cause serious issues for your business before it even starts.
- Make sure whatever product you do decide to sell has a market for it. There is a lot of online help on picking the right products to sell on your online platform.
How to start dropshipping
Now, we’ve covered the key thing you need to start this business; let’s take you through the steps to begin your dropshipping journey so that you can start to make money online right away!.
Step 1: Decide what to sell online.
Firstly, you need to decide what to sell online. Most dropshippers settle on niche markets because;
- They are more profitable.
- They have a higher chance of getting recurring customers.
- Referrals are easier to get
- Whatever products you settle on, make sure that you know two things;
- You may become an essential go-to store for your target customers if you sell a lot of related products.
- However, if you sell a little bit of everything, you will find it very hard to stand out from the crowd.
Step 2: Decide on a Platform To list your Products.
Amazon, eBay, Shopify, WooCommerce, there are so many online platforms that drop shippers can take advantage of for their listing. Carry out proper research to pick a platform that fits your products’ brand.
Step 3: Stake Out the Competition
All businesses have competitors; however, what sets one company apart from the other is its unique selling point. So, after deciding the products you would like to sell, it would be best if you actively staked out your competitor. Carry out a Google search on your competitors, find out what products they provide, their price point, etc., and figure out ways to do what they are doing better.
It could be as simple as making your prices more competitive or providing better quality products than them.
Step 4: Get in Touch with Suppliers
Finding suppliers is where all the initial work is in dropshipping business, mainly because you need to go for quality and dependable suppliers. There are some websites that give suppliers a platform to showcase their products.
However, don’t be limited to these websites. You will be better off partnering up with experts in the dropshipping fulfillment like Yakkyofy, as they are most reliable when looking for products at B2B prices.
Once you’ve found a supplier, make sure that you know;
- Their minimum order quantity
- Their shipping and handling policies
- What -if any- is the additional cost attached to the product you intend to dropship.
- Fees, like tax and duties, can affect your interest rate
- Their inventory management tools and how they plan to automate with you
- Whether they offer any discounts, you can leverage on for your online store.
Some suppliers have added features to help make dropshipping as easy as possible for you. They have a web-app feature that easily connects to your online store, automating your daily tasks. And their unique image recognition technology ensures that your B2B quotes in seconds.
Step 5: Start listing your items online.
You should have already picked a platform to list your product (see step 2). Either a customizable platform built on WordPress or a global online market hub like Amazon doesn’t matter. What is important is that you start listing your products, using appropriate keywords so people can discover your products when they search for them.
If you aren’t someone good at writing product descriptions and such (which is a crucial skill in this step), then make use of writing review platforms like Pick The Writer and Writing Judge to find good copywriters. Never underestimate the benefits of a good copy.
Step 6: Collect orders and send them to your supplier.
This is the easiest step of all. All you are doing is collecting orders and sending them to the supplier, and even this action can be automated.
Our web-app integrates perfectly with the major platforms for eCommerce stores, such as Shopify and WooCommerce, and in just a few steps you can connect your store, import your products from the Yakkyofy dashboard and automate all your daily activities.
We are the only supplier that provides you with an image recognition technology thanks to which you can virtually source over 12 million products on the Chinese market.
But there’s more! We will perform a quality check on your products before sending them to your customers on your behalf and we will provide you with an unlimited order fulfillment service.
Although 2020 could have started better, now isn’t the time to let go of whatever dreams you had at the beginning of the year and starting to make money online. Make use of the advice in this guide to start dropshipping this year, and you will be surprised at how successful you can get.
So what are you waiting for?
John Edwards is a writing specialist who is looking for ways of self-development in the field of writing and blogging. New horizons in his beloved business always attract with their varieties of opportunities. Therefore, it is so important for him to do the writing.