Are you thinking about starting a dropshipping business? Is it really an easy way to make a fortune? Well, I think not and I’m going to tell you why.
As many regular readers will be aware, I am constantly looking for ways to make extra money. I’ve yet to find the perfect job, but found some really useful ways to supplement my income.
There is one major consequence that has come from searching the internet for an extra income that I am sure you all know about. The cookies on my computer track everything I look at. That means that the majority of adverts I see will probably have something to do with making money.
This is never more evident than when I’m looking through Facebook. And over the last couple of months, I have seen a large number of adverts about dropshipping.
What is dropshipping?
Taken from Shopify:
Dropshipping is a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product, it purchases the item from a third party and has it shipped directly to the customer. As a result, the merchant never sees or handles the product.
It sounds good, doesn’t it? You run a shop without having any of the overheads. A customer makes an order through your store and it gets shipped to them from the manufacturer or a wholesaler. You never have to see or touch the item. If you can find the right product, you have the potential to make a decent income without much effort.
You don’t even have to use your own website. You can sell to millions of customers through the likes of Amazon or eBay.
Selling the dream
Many of these Facebook adverts start with somebody sitting in a lovely apartment or on a beach or by the pool. Basically, they’re trying to grab your attention by showing you what a great life they lead.
Some of them will tell you how they have struggled with dropshipping in the past. They will explain that they had tried plenty of products, with little success.
But then… Bingo! They have found the magic formula. Now, they are making $100,000’s worth of sales every month without lifting a finger.
And do you know what? They are willing to share their secret with you. And they don’t even want any money. Nope, just watch their free webinar to find out how to make your fortune.
Unfortunately though, this is just to suck you in. If you really want a comprehensive guide on how to make a fortune, you will need to spend. This can be any figure they like, but I usually see sums of between £1000-£3000 mentioned. It may seem like a lot, but it’s just a drop in the ocean when you think about what you could be earning.
Why I won’t be dropshipping
Ask yourself this. If you had found a great way to make money, would you share it with others? After all, as more people enter the market it increases the competition. And why would you want to encourage people to enter into competition with you?
The fact is, when the average man (or woman) on the street hears about these money-making schemes, they’ve usually missed the boat. Take a look at Bitcoin. At the end of 2017, the price of one Bitcoin had risen to over $17,000.
Everybody was talking about it and plenty of people started to invest, thinking they could make a fortune. By then though, it was too late. A year later, a Bitcoin was now worth just over $3,000, meaning new investors would have lost a lot of money.
There are plenty of people that have made good money from dropshipping. But if some of them are now looking to make money by selling you “the secret”, then my advice is that this is not the way to make your fortune.
I’m not saying that you can’t make money from dropshipping, but I certainly don’t think it’s worth giving somebody £1000’s so they can pass on their wisdom.
If you’re still toying with the idea of dropshipping, then take a look at this article. It tells you a lot of facts about dropshipping and explains why it isn’t a get-rich-quick scheme.