How To Start A Dropshipping Business In Nigeria in 2021.
THE BIGGEST MISTAKE WE MAKE WITH STARTING A SMALL-SCALE ‘BUYING & SELLING BUSINESS
The most common business type that people venture into is buying and selling; more formally called trading businesses.
You buy shoes, you sell the shoes.
You buy bags, you sell the bags.
You buy perfumes, you sell the perfumes.
You buy dresses, you sell dresses.
You buy foodstuff, you sell foodstuff.
You buy gadgets, you sell gadgets.
You buy whatever, you sell that whatever.
These are trading (or buying and selling) businesses.
People jump into trading businesses every day.
Some buy from out of the country, some buy within the country.
Yesterday, my friend Nelly, popularly known as Naijabrandchick asked her audience what business they had launched in the past that failed.
I took the time to read the comments.
The 2 most common failed businesses are:
- Trading businesses (buying & selling of various things)
- Network marketing (because the buying & selling element is also present here)
Listen to me – Buying & selling is actually one of the hardest businesses to do, but people mistakenly think it is easy.
It requires you to have some capital, find a good supplier, tie-down your money in goods, struggle with inventory management, deal with low and very competitive margins at times and still struggle to find customers. It is a very hard business that many do not take time to understand.
The biggest mistake we make when starting a buying & selling a business is building inventory instead of building the market.
I repeat – The biggest mistake that most people who start trading businesses make is that they take bulk money and buy goods, instead of taking some money to buy customers and test the market.
[I feel like shouting this from the rooftop].
There will always be someone who is willing to give you inventory on a just-in-time basis.
Why do you take your small money and go and tie it down in inventory? …especially for a business that you are new to?
No, I do not think it is the right thing to do.
If I want to start selling turkey dresses now, I will do the following:
- Find the best suppliers
- Build my customers online and offline using pictures
- Make some sales without investing in my own inventory
- Accept that those who own their inventory may make more profit than me who doesn’t own the inventory, but the risk of carrying inventory far outweighs the reduced profits
- Spend some months understanding the business deeply – possible mistakes, trade secrets and all
- Set a profit level, revenue level and customer base level that I must attain before I ever consider buying my own inventory.
- Keep perfect records so I can measure how the business has truly performed, from time to time.
Do you know how many millions of people have ventured into certain trading businesses, failed at it, and are stuck with goods worth several million, for many years?
Some people have unsold goods in their homes for 5 years and more.
You don’t want to be there.
It can be very depressing.
Just like the chicken steps into a new place with one leg, that’s exactly how you should enter any trading business.
Focus your energy on building the market, not building the inventory – NEVER FORGET THIS.
Understand the place of research, never disregard it.
Test, test, test, and test.
Don’t be in a hurry.
Don’t jump on a plane and head to China to bring in goods in massive quantities without any research or testing or waiting customers.
Never fall into this trap again.
Too many have fallen.
Buying and selling is not an easy business.
Many still do not know.
Dropshipping has become a very popular model in eCommerce. Dropshipping lets you sell products without the need to purchase inventory or pay shipping costs. This means that your business can make more money and take less risk. This article will show you how to launch a dropshipping business. Here is a list of other high-paying side hustle you can start from home.
How does Dropshipping work?
Dropshipping allows you to sell products without any inventory. Dropshipping is a business model that doesn’t require you to purchase inventory upfront and then pay shipping costs once the products are delivered to your customers.
How to Start a Dropshipping Business
- You need to choose a niche.
- You can now open your e-commerce shop by conducting market research to determine what products people are most likely to buy in that niche.
Dropshipping can be broken down into 5 steps
Step 1: Creating a sale page using WordPress with elementor pro, you can do that by simply watching this videos or you can asked me to help you out.
You have to buy a domain name and hosting provider. Thank God we now have Bluehost as the world’s best hosting company starts with. Click here to buy from them.
Alternatively, you can use one of the best Nigerian hostings to buy from them by clicking this link.
2. Spy on your competitors and find great product ideas. Carryout market and audience research.
3. Copy writing with intends to sale
Creating appealing and fantastic copywriting is the key to this business the video will show all the styles involve.
4. Finding a good supplier
5. Advertising strategies to use for the best results.
If you are creating your shop with Shopify all you need to do is to create a shop theme, import authorized sellers like AliExpress or eBay into your account, so you can order directly from them without the need to handle international payments and that is all.
Benefits of starting a dropshipping business
- Dropshipping is a great way to start your own business. Dropshipping is also scalable so it can grow as your time and budget allow.
- Dropshipping is a great option for those who want to start an online business but don’t have the capital or experience needed.
- This business model has a great advantage: you can access wholesale prices from suppliers, which allows you to sell products at retail price (or higher), while only paying wholesale prices. You don’t have to buy inventory upfront so you won’t lose money if your product doesn’t sell.
- Dropshipper customers don’t realize that they are just intermediaries and not end suppliers. This allows them to sell products at higher price points. Dropshippers typically start with a single product in stock and add more products as their business grows.
It’s the best time to do something truly great!
Dropshipping is a great way to save money and it’s easy to set up.
Dropshipping is a great way to save money and start your business quickly.
There are many platforms available right now to help you build your dropshipping company.
How to Choose a Niche.
Dropshipping has the advantage of being able to sell almost any niche, with the possible exceptions of drugs, pharmaceuticals, and other illegal products.
It’s easy to expand your business, regardless of its size or scope.
Below are some niches you might consider dropshipping, especially if your business is just starting out. If you have ideas but aren’t sure if there is enough demand for a particular niche, let’s look at some popular niches:
Which Niche is Best for Dropshipping?
Clothes and StyleClothing stores are always profitable because people will continue to need clothes. Trends change so even if one trend is gone, another will soon appear.
Baby & KidsThis niche is very popular for many reasons. There will always be new parents and fathers who need items for their children, so they’ll keep coming back! Second, children grow like weeds and need toys as well as clothes. The third is that even if your baby products are well-known, people will still be interested in other items (such as cloth diapers and highchairs).
Food– Anyone who looks at your food will want to purchase it if it is appealing enough. What does this mean? First, we can say that edible counts are possible since every food product has at least SOME demand (ask any farmer), and restaurants have been doing it for a long time so you can too.
Kitchen Supplies– Think back to the last time you bought something for your kitchen. It’s unlikely that it was an obscure item that only a few people would be interested in, but something like cooking utensils or pots and pans. This is because people use kitchen stuff all the time so you will always have someone looking for what you are selling.
AppliancesAppliances are one of those items that people love to have new, even though they don’t actually use them. They still work well. Think about this: How many times have your hot bath/shower not been warm enough? How many times has your oven been heating unevenly? How often do you hear your fridge making annoying sounds?
Accessory for your phone– I would bet at least one phone is in your household. If you don’t have one, I’ll wager it’s because phones can be expensive enough for those who do. What about all the little things that we use on our phones? If they break, what about screen protectors and charging cables? They are replaced!
Hair extensions and wigs: If you are reading this, it is likely that your hair isn’t perfect. You might have thin hair or it could be frizzy and difficult to manage. Maybe the color doesn’t suit what you are trying to do with your life? Extensions are the answer! It’s a huge business right now.
LuggageEven if you don’t travel often, or if you do occasionally go on trips, luggage can become quite expensive. It can be expensive to buy more than one bag, such as suitcases. You might also have children who will need to take their own bag to school.
Dropshipping niches include cars and motorbikes, pets and home improvement products, photography and videography products, and makeup and cosmetics products.
Do market research
Dropshipping is a difficult business, even though there are no restrictions on who can start it. Before you make any investment in this business, it is important to conduct extensive market research.
– What’s the demand for this niche?
Is there any competition in this niche?
– What competition can I manage as an entrepreneur with limited resources such as capital or time?
Is it possible for suppliers to be found in my country that will ship goods regularly without high shipping costs? Are they selling products for less than $100? etc.
Also, you need to think of a strategy to make your store stand out among the fierce competition. This will depend on what niche or product you choose to sell.
Do Product Research
You can find profitable dropshipping products using strategies and tools that will help you find the product with the highest potential for profit.
These tools include Oberlo and Jungle Scout. These tools provide resources like keyword research that can be used to generate ideas before you invest time in building your store or looking for dropshipping products. This is only working best with the Shopify store.
Oberlo is a great tool for dropshipping. It allows you to import products directly from suppliers into your Shopify and WooCommerce accounts in seconds.
Oberlo also offers a marketing suite that gives out free templates for Facebook ads. These templates have been proven to work every time! It is amazing how fast it can be used if you don’t have any technical skills.
These tools also show you if there is any competition in similar niches so you can decide if it’s worth it. This tool saves money and prevents costly mistakes such as stocking inefficient goods.
Let me know if you need more guidance from me, please.