If you are looking for a way to make some extra cash, or indeed are hoping to set up a business that will allow you to move away from working for someone else, you’ll find that there are several available options. The internet has made it much easier to start a business; one of the more popular business models today is dropshipping. But to make this work, you will need to find a product that will be both popular and profitable. How do you do this though?
How Does Dropshipping Work?
Before looking at finding a profitable product, let’s look at what dropshipping is and what you can expect from it. If you are not already familiar with the process of dropshipping, it is a type of buying and selling business where you are not required to hold any stock yourself.
To get started in dropshipping, you would need to choose a product(s) to sell. Then you would need to source a wholesaler (the actual dropshipper) who can supply the product(s) you wish to sell. You then set up an ecommerce website, where you would use product information and photographs provided by the dropshipper. Upon receiving an order from a customer, you then place a similar order with the dropshipper. They would then send the product to the customer on your behalf. Your responsibilities are dealing with the customer and the dropshipper.
Finding the Right Product
How successful your dropshipping business is depends a lot on the product you are selling. You may want to find a product that is considered ‘evergreen’. This means it is going to be popular all year round and for years to come. In other words, it is not just a passing fad. The experts at Olympic Eyewear, supplier of wholesale sunglasses, say that sunglasses are a good choice as people will always need eye protection throughout the year, not just during the summertime. They also say that sunglasses can be very profitable because of the heavily discounted prices that wholesalers give to business customers.
Although finding an evergreen product makes sense, there are many dropshippers who have learned how to spot new and trending products. They might then be dropshipping more than one product at a time. There are a few things you can do to find the newest trends.
The best way to keep abreast of what is going to be a popular item is to spend time on social media sites such as TikTok, Pinterest, Instagram, Snapchat, and Facebook. TikTok hashtags are a great place to start. For example, #TikTokMadeMeBuyIt will give you ideas of what people have been buying on the back of something they have seen on the popular video site. Check out comments on product-related posts and hashtags to find out what people are saying and whether there is a genuine interest in the product.
Join communities online to find out what others are selling, and see if you can get ideas from there. You can look for closed groups on social media sites such as Facebook to see what people are looking for.
Profit is Important
When you have found the product that you want to sell, you need to make sure that you can make a profit from it. You obviously need to be able to sell the products at a higher price than you are buying them for.
To conclude, dropshipping can be a fantastic way to make some extra cash, or it can be developed to become your sole source of income. How successful it is hinges on finding the right product that people want to buy and that you can make a profit from.