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[JOURNEY] Broke AF to £2750pm (average): My Dropshipping Journey

Discussion in 'Making Money' started by TheRumBarron, Jun 22, 2019.

  1. TheRumBarron

    TheRumBarron Registered Member

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    Decided to write about my successful (for a while) dropshipping business which as a 17 year old, made me between £2,000 and £3,500 per month in net profits. Whilst times have change, the basics still apply. Below I have written about the basics right through to expanding your dropshipping business from £/$0 initial investment.

    P.N I am shit at writing, so I apologise in advance if my style does not flow! Literally blurting out my memory as I write.



    My first internet success for making money came 10 years ago, however I think this is still a good guide to inspire newbies to dropshipping and give you some ideas on how to scale up and increase profits!
    When I was in college and broke, I needed to find a way to make money in addition to my shit job working at a bookies on minimum wage part time...after reading around for ideas, I found dropshipping.

    For reference, I live in the UK and targeted UK customers only.

    What you will need to get started;

    1. eBay account with a strong positive rating
    2. Established PayPal account which allows you to withdraw and use funds as soon as someone makes a purchase from you.
    3. Due dilligence and common sense :)

    Step 1) Finding the right dropship suppliers!

    Finding the right dropship suppliers is probably one the most important things you will do starting out in dropshipping, you need to make sure their service, everything from quality to delivery times, to aftercare is airtight in your early days. One thing I have learnt on eBay, is customers love to complain, so do not give them any reasons to leave you negative feedback in your early days, as a negative on eBay can hit you hard when you have a small amount of positive feedback.

    When I first started, I found a dropship directory for UK dropship suppliers online (not sure i can share the link (im not affiliated with them) but feel free to PM me, there are also many forums out there with dropship suppliers. I spent many hours going through every category from Art to Toiletries to Electronics etc, to find reputable and trustworthy dropshippers. This is where some common sense and due dilligence comes into play.

    Make sure that your suppliers accept paypal, if you have no inital funds!


    TIP: Never pay a business for a 'dropship account', especially when you cannot see your dropship rates before hand. Steer Clear!


    Step 2) Finding the right products!

    I did not focus on any partiular niche, i literally sold any and everything where I saw there was a profit margin. I spent a few hours everyday looking through my dropships accounts finding products that were cheap and not competitive on eBay. You also have to consider eBay and PayPal fees (i got away from this eventually which I will explain how later) before you get to your net profits.

    During that time, there was not many avialble tools, or any that i could afford, so I had to do comparisons and research manually. However there are many tools out there now for eBay sellers to do the above price checks, and fee calculations.


    Step 3) Selling your selected products

    When I first started I just used my personal ebay account which already had lots of positive feedback. All my dropship suppliers provided photos and descriptions which I then copied and pasted into my ebay ad, was that simple. I did not do anything fancy like infographics or any fancy adverts, but if you have the skills to do it, then do it!

    One thing to be wary of, is some suppliers do not provide their stock count, it may say 'low stock' or 'in stock' instead of an actual stock counter - for these products, make sure you only list around 10 items available, nothing worst than a customer ordering and then you have to tell them its not available, again negative feedback will come. So play safe in the early days!

    When that first sale comes in, you will then head to the relevant dropship supplier to make an order for that product straight to the customer, using the funds in paypal to pay for it and then keeping your profit...This is why it is important to have a full established paypal account and suppliers that will accept paypal.


    Fairly straight forward right? It literally is that simple!

    Dropshipping is a simple concept, and you can make a lot of easy money, as long as you put some common sense and due diligence in.

    However....I used dropshipping and ebay as a method to connect with customers
    who shop online.

    After about 6 months my ebay business was going great, I was making net anywhere from £2000-£3,500 a month, one month I made £4,900...Ok small money compared to what some people on here make, but for a 17 year old college kid, this was a lot of party funds :D I had to bring 2 of my friends on board to help process orders as it was becoming too much which the volume of orders i was getting.

    When I realised how much I was giving paypal and ebay in fees i wanted to get away from it, so i decided to create my own ecommerce site.

    At this point, I had negotiated cheaper prices with many of the dropship suppliers I worked with, based on the volumes i was selling for them. For my site, again I did not focus on any particular niche, I literally sold everything that was selling well on my ebay account - sex toys, 3d tvs, cooking accesories, other electronics, mini motorcycles - you name it, I had it.

    So how did I get traffic to my site? Well by getting away from ebay and negotiating cheaper dropship rates, i was saving around 35%. Everytime I made a sale on ebay, I would email my customers a 15% discount code for my site, and 10% off for every person they would recommend using a link...worked like a dam treat.

    This business worked great for another year before I decided it was time to get rid of dropship rates and get wholesale rates, buying the products in bulk myself and holding the inventory.


    My biggest mistake :(

    My biggest sellers in terms of volume and profit were sex toys (mainly pumps, lube and dildos) and mini quads, motorcycles and Petrol RC Cars, Helicopters and Boats. So I decided to create two websites, one for the sexy toys and one for Mini quads and motorcycles and the RC toys.

    Much too my partners horror, I bought a ton of sex toys in bulk and had them delivered to our small flat, the spare room was floor to ceiling with dildos, lube and penis pumps and stretchers...I rented to garages around the corner from me to store the Mini quads, bikes and RC Toys.

    The sex shop side of things was amazing, not a single problem there....however my biggest investment came with the Mini quads and bikes, for 3 months everything was going great until my supplier changed their supplier :(

    I was inundated with returns of faulty quads and bikes, oil leaks, drive trains breaking, throttle issues, you name it, it was broke. The amount of refunds I had to issue really hurt me bad! To make things worst, this problem clearly hit my supplier hard and they eventually went under and closed. So there I was just about broke again, with a shit ton of returned quads and bikes. This forced me to sell my online sex shop, which I actually got paid extremely well for. I eventually sold all the broken quads and bikes to the gypsies, but at a huge loss.


    Conclusion


    This is one of my proudest ventures to date, albeit the shit ending, but it taught me alot in terms of business management, financial management (hindsight learning), negotiating etc etc, it actually impressed at job interviews and helped me to get my job today.

    Dropshipping is a simple concept and with due dilligence and common sense you can create your own dropship company with literally £/$0 investment, you can also use/leverage existing market places like Amazon, Etsy and ebay to grow your customer base before moving onto your own site to cut fees, nothing to say you cant run both operations together.

    I appreciate today that these market places are more competitive than ever, and if you have found a dropship supplier it is very likely there is someone else selling it on ebay, which means you will end up in a price war which can leave you with scrap profit margins....However one of my mates (who helped me back then) Started his own dropship business, he approaches companies who do not offer dropship services, but negotiates with them to offer a dropship service, promising them volumes and sales, that is a skill in it self.

    There are plenty of IM methods on BHW that you can combine with dropshipping methods to get ahead of your marketplace counterparts and make a success of. Just always remeber to keep your due dilligence and common sense with you at all times. I got cocky and let both qualities slip as a naive 19 year old (at the time of loss) and lost it all. I could have recovered, but it hit me hard pyschologically and I moved my attention to other little projects.

    I wish back then that I came across this site, as I could have utilised alot of the methods here to make even more revenue and also make a longer standing business.

    Success is the result of hard work and learning from our failures :)

    Apologies as I am not a good writer, but hope this guide/story has provided some sort of basis for you or just a good read. Happy to answer any questions, just drop a comment or PM me, always happy to help where I can and if I cant, point you in the right direction :)
     
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  2. davids355

    davids355 Moderator Staff Member Moderator Jr. VIP

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    Thread moved.
     
  3. the gent

    the gent Senior Member

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    Good luck on your journey, i will keep an eye on this one!
     
  4. darknight44

    darknight44 Junior Member

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    Nice Post!

    From your post it seemsseem had UK suppliers or were they Chinese?
     
  5. seocrab

    seocrab Supreme Member

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    Very cool, people don't think about this enough. Similar thing happened to me.

    This is not a journey thread, did you read the post?
     
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  6. slowboy

    slowboy Regular Member

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    Auto reply without read?
     
  7. TheRumBarron

    TheRumBarron Registered Member

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    No problems at all buddy, glad I could offer some help...Just keep searching around BHW lots of useful info here, and those much more experienced than I am, who I am sure wil always be happy to offer advice. If you have any other questions feel free to drop me a pm or just post here :)

    Good luck with your venture and hope it works out for you! Just make sure that play it smart and if using ebay the customer literally has to be always right! :D
     
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  8. aristocratic

    aristocratic Jr. VIP Jr. VIP

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    So after all this great experience gained at a younger age now you are stuck at a 9-5 job ? :confused:
     
  9. Badboy Enterprise

    Badboy Enterprise Jr. VIP Jr. VIP

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    Following this
    GL mate
     
  10. aristocratic

    aristocratic Jr. VIP Jr. VIP

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    Lol what are you following mate?!
    At least read the thread bro
     
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  11. -Ali-

    -Ali- Junior Member

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    What a great insight :)

    Looking back do you regret partying that much and not focusing on growing the business back then ?

    What do you think that you could have done differently ? that could have lead you to great results as of today :)

    anyway i wish you all the best mate !
     
  12. TheRumBarron

    TheRumBarron Registered Member

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    Well I enjoy my job, consultant at one of the biggest tech firms, not 9-5 but as long as you get the job done, pick and choose my own clients, projects etc, good work life balance, great benefits...salary could be slightly better, but if I was just after the money I would have gone to our competitors a long time ago....so I wouldnt say 'stuck' in a 9-5 job, but happy in my current job - does not mean I cannot venture on the side in IM, dropshipping or whatever else I choose, so dont be confused ;)

    good questions mate...Yes and no, I had some good times back then and I wouldnt take them away but at the same time I wish I was smarter, wish I found this site back then etc. The one thing I wish i had back then was better sense with money, better financial management.

    Hard to compare today to ten years ago becuase of the different trends and attitudes of the general population, but if I were in the same position today, I wouldnt have taken as big a risk, would have spread my inventory wider when I decided to buy physical stock. I would be utilising social media like no bodies business! Thinking back now, the additional income I could have brought in from advertising, amazon affiliates etc would have been decent. Back then i knew nothing of SEO, all my traffic I was getting from customers from ebay and offering discounts for referrals to friends and family, so would have worked on rankings in google etc. Finally i would utilise automation like hell as I spent so many hours processing orders it was brain numbing. I believe now some dropshippers have scripts that links their POS systems to your sight so when the customer orders everything is processed by the dropship suplier.
     
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    Last edited by a moderator: Jul 2, 2019
  13. twinturbo90

    twinturbo90 Newbie

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    I heard eBay has cracked down on dropshippers now... is that accurate or just a rumor?
     
  14. aristocratic

    aristocratic Jr. VIP Jr. VIP

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    Happy for 4 u m8 !
    GL
     
  15. MohaArar

    MohaArar Newbie

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    hi
    can you tell me how i can find suppliers
    and
    how i can contact you
     
  16. the gent

    the gent Senior Member

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    You write [JOURNEY] in the title, second you put the thread in JOURNEY section
    I read just the first 4 parts
     
  17. TheRumBarron

    TheRumBarron Registered Member

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    Yeah that was my bad, it’s my completed journey/a sort of guide....potato tomato :D
     
  18. Akuchi

    Akuchi Regular Member

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    I can just image your partner walking in the room... "Uhhh why are there dildos all the way to the ceiling?". Lol! Good read and congrats on your successes.
     
  19. Keno354

    Keno354 Newbie

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    Hey mate, Im pretty new to BHW so I have a heap of questions if you dont mind answering a few? If you are up for it please Pm me :)
     
  20. uceko25

    uceko25 Junior Member

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    why would u move it to Making Money if this is a journey?