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When it comes to setting up any type of business, online or offline, we all know that good things take time. Success isn’t reached overnight and even though dropshipping is a viable and cost-efficient way to sell, you still need to invest some time and energy to start seeing profits from your online business.
The question is: how long does it take to start earning a good amount of $$$ from your drop shipping business? The question is for sure a tricky one to answer. But, there are some factors involved that determine the odds and speed you’ll begin to rack real profits (or not). Some people earn very high figures that surpass $10K within 2-3 months while others, despite their attempts, fail to make any profit and lose their money in the long run.
Your ability to make profits fast depends on the following factors:
- Your level of experience in sales.If you are a newbie at dropshipping and sales, it’s a bit far-fetched to expect earnings within 6 months or earlier. You need to find out more about the industry, become familiar with key concepts, and come up with efficient strategies to promote your offerings. And this process typically takes anywhere from a few weeks to a few months. Again, like in most cases, quality over quantity is the key. Don’t spare too much time looking for more (and potentially useless) info online that doesn’t help. Just search in the right places. You can search for valuable insights on authority websites, Google keywords, and the blog of the e-commerce platform you selected e.g. My Depot. This way, you can gain some quality insights to kickstart your selling strategy.
Now, even if you already have some experience with selling online, things will be easier for you but you still need to spare some time to update your knowledge.
- Your marketing efforts. Whether you are a new or seasoned seller in the field, you have to dedicate most of your time to the promotion of your offerings. Even if you sell popular goods like gadgets or kitchen appliances, your marketing efforts should be focused and consistent. Do not expect sales to magically come in overnight if you don’t invest a second promoting your business products. A viable strategy to start earning more and faster is to come up with a monthly marketing campaign. In this, you will include and apply certain marketing tasks in the month e.g. social media promotion, Google ads, A/B ad testing, etc. If you follow a targeted and updated month every month, making all necessary upgrades and improvements from month to month, you will likely see results within 6 months or by the end of the year.
- The value of your products. Your experience andmarketing skillsare indeed very important for your profitability, but if you want to make lasting profits, you should invest in products of value. Cheap and trending products may sell faster in some cases, but if the products you sell offer little to no value to your customers, they will probably buy from you once and then disappear. And you realize how damaging this can be for your online business if you don’t get repeat customers. Don’t be tempted to sell dirt-cheap and random stuff that everyone sells in their e-shop. Find quality, unique, and above all useful products to sell.
At mydepot, we are proud to offer carefully sourced and quality home goods that your buyers are going to love. And if you decide to get involved with the home/furniture niche, this is a great dropshipping platform to start!
- Your relationship with your suppliers. Many aspiring entrepreneurs ignore this but the relationship with your suppliers or sellers (if you are a supplier), is crucial for making quick yet lasting profits. Invest some time to get to know your suppliers or vendors and what they can offer to you. If you are dealing with a good supplier, they will be more than happy to address your queries and form a mutually rewarding relationship with you. The same goes for suppliers–don’t ignore your clients and offer subpar customer service. You both have a major role to fulfil and if communication between you is poor, your business down-linewill suffer.
- The popularity and quality of your e-commerce platform. Some eCommerce platforms like Shopifyand Amazon dropshipping, are more popular than others and thus (usually) more profitable. Some other platforms are also focused on a specific market e.g. Wayfair which sells home and furniture products and thus is more likely to receive targeted traffic. And by targeted traffic, we mean people that look up certain keywords online and have a high chance of buying a specific product. The catch is that popular eCommerce platforms like Amazon are also packed with thousands of sellers that may offer the same or similar listings–and if you don’t find ways to distinguish your offerings, you will get lost in a sea of rivals. If you implement efficient marketing plans though, you don’t need to worry that much.
In a nutshell, nobody can tell you for sure when to expect a good amount of earnings from your online business. There are several factors into play here. But, if you dedicate some time to gather key market insights, devise a good promotion plan, choose a proper platform like Mydepot and establish a good relationship with your vendors, you can expect to see profits within 6-12 months.