If you need to generate some extra cash but have no money to invest, here is a profitable option for you. Dropshipping may even start out as hustle and end up being your main income if you learn how to do it the right way.
Dropshipping is a legal retail fulfillment method where you sell things without buying any inventory. Instead, when your customer buys a product you have listed, you purchase the item from a third party and have it shipped directly to the customer.
This way, the customer pays the retail price on an item from your online store, but you pay the supplier the wholesale price. Your supplier will ship the order to your customer and you’ll get to keep the profit.
However, there are some secrets to building a successful dropshipping business. These are the 6 Steps you should take:
1. Select a niche.
2. Perform competition research.
3. Secure a supplier.
4. Build your e-commerce website.
5. Create a customer acquisition plan.
6. Analyze and optimize along the way.
Without any doubt, dropshipping is still profitable in 2020, but you must choose the products you sell carefully. They must be attractive, with low shipping costs, not available locally or items that appeal to impulse buyers. The techniques of marketing you use to advertise your store are also fundamental.
Once you follow these rules then the dropshipping success rate can become higher. You can use Etsy, Shopify, eBay or even Amazon in some cases to offer your products.
Small business ideas if you are a creative person
If you are a crafty or creative beginner entrepreneur here are some ideas you may want to look into, if you are thinking of turning your crafts into a small-scale business.
You can set up a studio in your home and consider renting a commercial space as your business grows. You could be a photographer at weddings, birthdays, and family gatherings, or you could choose to dedícate yourself to taking photos of pets or new-born babies.
For this small-scale business, you’ll need professional lighting and camera equipment business.
Another option if you like photography and prefer to have a more flexible timetable, is to make money by taking pictures and selling them on stock photography sites.
2. Etsy store owner
Etsy is an easy-to-use platform with low selling fees and a quick storefront setup, where you can turn your crafting hobby into a small-scale business by selling homemade crafts or products. You can link your Facebook account to your Etsy store and make it simple to advertise and sell your products to a larger audience.
3. Custom gift creator
You can create custom gifts and sell them at craft shows or through dropshipping sites like Shopify. Anything you like doing can be sold at these places. Handmade ornaments, purses, knitted ítems, wooden toys, or jewelry are some of the products you can make yourself. The start-up costs for this type of business are low and mostly consist of the supplies you need to make the products.
4. Graphic designer
If you have an eye for design, enjoy being creative, and have access to programs like Canva, Illustrator, or Photoshop, you could start a small business as a graphic designer. Many of these programs can be learned to use by seeing tutorials on YouTube or by investigating yourself. You can offer you services to small brands to start with and acquire experience before you move on to bigger clients
5. Book designer
Another option if you have a knack for graphic design, is to use those skills to work as a book designer. Many authors love writing books but have no idea of how to design the cover or decide the layout. You can also include related marketing services like ad campaigns and social media graphics in the services you offer.
Focus point: marketing strategies
Email marketing is a very suitable tool for any kind of business. Through a well-written email that’s sent at the right time, you can build your brand, grow your network, find sales opportunities, and connect with influencers that could spread the word of your name.
Understanding how a cold mail works is the first step to succeed in your marketing campaign. A cold mail is an initial email that is sent to a receiver to gain a benefit in terms of sales, opportunities, or any other gains. It's the best channel that you can add to your current marketing strategy.
You can learn how to use this powerful marketing tool online. The Cold Email Masterclass offers eight lessons that will show you, in theory, and in practice, all you need to know about cold emails. There, you’ll understand all the components of an email and you’ll get several formulas to write a good email.
They can also teach you how to personalize your targets, which can help you focus your effort and resources to the right audience. Then, you’ll learn how to do the right follow-up to save the deals that you may have started.
You can sign in the Email Marketing Certification provided by HubSpot Academy, where you have the possibility to follow 10 video lessons given by specialists in this area. In this online course, you’ll learn how to design a strategy to create and send emails to people you want to engage with.
Additionally, you’ll see the power of the words. Properly chosen, they can turn your audience into customers. Of course, you’ll also learn how to nurture these relationships to make the most of them.
In the end, you’ll get to know how to check and analyze all the results of your email campaign. There are metrics and other tools that can help you identify trends and also understand if you’ve reached your goals. From there, you can think about the next steps to follow in order to improve your business.