Is 2000$ enough for Dropshipping?

by bm2 14 replies
Hello,

Is 2000$ enough to start dropshipping? OR not how much money do you need in order to become successful and not fail just before you have a break because you only have 10$ left
#ecommerce sites, wholesaling & drop shipping #dropshipping
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  • Profile picture of the author Importexport
    Originally Posted by bm2 View Post

    Hello,

    Is 2000$ enough to start dropshipping? OR not how much money do you need in order to become successful and not fail just before you have a break because you only have 10$ left
    If you have $2000 to invest in an online business it is worth considering importing direct from genuine manufacturers in China or other exporting countries.

    I have had a number of people begin with as little as $300 and go on to build a successful long term business. Here's what one wrote: "Ok. From extremely skeptical to successful completion. Credit given where credit is due. I followed the book instructions you laid out. Took my time to double check everything and was able to successfully import an order from China. Not only that but it was also a “sample order” for less than 300.00. A 300% mark up has allowed to get initial investment back and I have 70% of my inventory left. Stop promoting your book. Your encouraging competition for me Many thanks." Email on file for FTC inspection if required.

    In order to do well you need to buy direct from real manufacturers, not some of the thousands of traders on Alibaba masquerading as manufacturers.

    I also suggest selling on Amazon.

    Walter Hay
    Provenchinasourcing
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    Don't just slap on a label. Build a GREAT BRAND http://powerlabelsforprivatelabelingprofits.com/
    Safely source from China and other countries and import the easy way http://provenchinasourcing.com

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    • Profile picture of the author airjixe
      @dave_hermansen you said the user @importexport has a great dropshipping model, I would really appreciate if @importexport can put out his guideline here for those of us interested in venturing into the dropshipping business.
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      • Profile picture of the author Importexport
        Originally Posted by airjixe View Post

        @dave_hermansen you said the user @importexport has a great dropshipping model, I would really appreciate if @importexport can put out his guideline here for those of us interested in venturing into the dropshipping business.
        @airjixe, I don't recommend dropshipping unless you follow @dave_hermansen's system.

        My preferred business model is importing direct from genuine manufacturers in China and other exporting countries, and selling on Amazon, and your own eCommerce site.

        I have taught thousands how to do that successfully, and many have started with very small amounts of capital.

        If you check out my website you will see a lot of testimonials from people who have found my book to be helpful. Lots of unethical people publish fake testimonials, but I have never been successfully challenged regarding the authenticity of the testimonials I publish. I keep the proof on file.

        Walter Hay
        Signature
        Don't just slap on a label. Build a GREAT BRAND http://powerlabelsforprivatelabelingprofits.com/
        Safely source from China and other countries and import the easy way http://provenchinasourcing.com

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  • Profile picture of the author dave_hermansen
    By far, it is more than you need to start a successful dropshipping website. 10% of that amount is more than you need!

    With that kind of money, you have far more than you need to establish a decent stock and ship website - even using a fulfillment center.

    If you want to dropship, our course will show you they way. If you want to try the stock & ship/fulfillment model, Walter Hay (a.k.a. ImportExport here on the forum) has a good model.

    You have more than enough money to do either.
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    FREE ONLINE COURSE - Learn How to Dropship the Right Way!
    My PROVEN ecommerce process, as seen on: Fox News, the NY Times & Flippa
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  • Profile picture of the author Tomas Čečot
    For example, if you're going to sell cheap chinese jewelry, it will be enough 300$ to start a dropshipping business, but if you keen on tech sales, you will need much more. In my opinion, at your first steps you shouldn't invest into serious platforms - just make a couple of small buy-in from your potential partner to check a quality of a product and you're ready to go.
    While you're "no name retailer", try to avoid automation - it's the biggest mistake of dropshipping newbies. Communicate with customers directly - it will help you to find first loyal customers and look like legit.
    Now, let's talk about technical stuff. I strongly recommend you to start with Shopify/WooCommerce store and eBay. You can also use various regional Facebook groups, small announcement websites.
    Advertising: in my opinion, you should try to avoid advertising on Facebook and Adwords - it's very costly and you can make a lot of "expensive" mistakes if you're not familiar with these tools. Try to find your first customers on eBay or various Facebook groups and collect their emails to send newsletters. According to DMAs research, email marketing has the biggest ROI of all marketing channels. For email marketing, I strongly recommend using Soundest. Yea, it's quite costly, but it will help you to save money on hiring a programmer - with this tools you can create various landing pages easily. It also has a lot of fun features like lottery, so it will help you to attract customers.
    And my biggest advise - try to do everything by yourself. Then, even in the case and failure , skills,that you've gained can pay off with a vengeance.
    Best regards,
    Tomas Čečot.
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    • Profile picture of the author dave_hermansen
      Originally Posted by Tomas Čečot View Post

      For example, if you're going to sell cheap chinese jewelry, it will be enough 300$ to start a dropshipping business, but if you keen on tech sales, you will need much more. In my opinion, at your first steps you shouldn't invest into serious platforms - just make a couple of small buy-in from your potential partner to check a quality of a product and you're ready to go.
      What you are describing is NOT dropshipping.
      Signature


      FREE ONLINE COURSE - Learn How to Dropship the Right Way!
      My PROVEN ecommerce process, as seen on: Fox News, the NY Times & Flippa
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  • Profile picture of the author MValmont
    If you know what you are doing you can get started with $50-$100
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    • Profile picture of the author dave_hermansen
      Originally Posted by MValmont View Post

      If you know what you are doing you can get started with $50-$100
      Agreed. Dropshipping takes very little investment.
      Signature


      FREE ONLINE COURSE - Learn How to Dropship the Right Way!
      My PROVEN ecommerce process, as seen on: Fox News, the NY Times & Flippa
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  • Profile picture of the author RodneyC97
    I would definitely say that's more than enough! I started with only $30!
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  • Profile picture of the author solidcash
    You'll need to have enough money in hand to cover cost of purchasing goods from your suppliers for about 3 days while waiting for your customers' payments to settle in your bank account.
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    • Profile picture of the author dave_hermansen
      Originally Posted by solidcash View Post

      You'll need to have enough money in hand to cover cost of purchasing goods from your suppliers for about 3 days while waiting for your customers' payments to settle in your bank account.
      Or, you could get a cash-back rewards credit card and make ALL of your purchases from your supplier with it. Then, when the money from the customer hits your bank account, you pay back your credit card company with it. Those cash back rewards effectively cut your credit card processing rates in half.
      Signature


      FREE ONLINE COURSE - Learn How to Dropship the Right Way!
      My PROVEN ecommerce process, as seen on: Fox News, the NY Times & Flippa
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  • Profile picture of the author newbieleoling
    You can start dropshipping business with $0 which I did in the past and grow it to 4 figures a month online business. But if you are asking about for marketing budget then is more than enough for you to get it grow fast. However, I recommend get familiar with paid ads before pumping money into ads campaign.
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  • Profile picture of the author SEOMastery
    I am agreed with newbieleoling,
    You need $0 for dropshipping business. I mean you don't need to buy any inventories that you're selling on your store. But, yes you have some other costs to maintain your dropship. You will need to spend some hundred dollars to create your professional looking dropship Store. The other one is paid traffic cost. Initially, $400 - $500 is highly recommended to get your dropship store running automatically.

    Regards!
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  • Profile picture of the author RichardThessen
    It's quite a lot to invest in dropshipping. I believe with a lot less than this, and with the right ideas, you'll do just fine
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