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Dropshipping is now a top way to get rich. However, don’t mistake it for a get-rich scheme that you can try in a month to get results. Dropshipping needs proper involvement and a range of skills like being a good marketer.
Successful dropshippers can earn without boundaries and lead a luxurious life. Some dropshippers have also earned $20 million selling products they never stocked or handled. You can find countless dropshipping success stories for your inspiration to start your business today.
How much can You Earn doing Dropshipping?
Top-of-the-line dropshippers earn even six or seven-figure incomes in a year. However, like every business, not everyone gets to taste the same profits. Some can even never see any sale and get lost in the sea of endless generic products.
The trick to earning more is to select a product that is in demand. You can also choose a unique or rare product like reptile pet food that no one sells to grab your share of the market.
Let’s say you find a product that gives you a $5 profit per sale. With a bit of advertising, you can give a push to your sales and get, maybe, a hundred sales a month. So, you are making a profit of $500 without even investing any upfront money.
Now, how can dropshipping make you rich?
A dropshipper can scale his business and try to increase sales. Another way is to add more products to the portfolio to grow your profits.
Let’s say you add another product and start making $500 per month. So, you now have two products that make you $500 + $500 or $1,000 every month.
In this way, you can expand your product list and keep boosting your profits. A dropshipper will be able to make $2,000 every month by selling four products that generate $500 each.
You can sell ten products in a year and make $500 x 10 or $5,000 every month. The possibilities are endless, and you will find many products that give you high profits. It’s not uncommon to make even $20 – $25 or more profit per sale if you sell the right product.
So, you now have the answer when someone asks, can dropshipping make you rich. You say yes, and even tell them how!
1: Andreas & Alexander
Andreas Koenig and Alexander Pecka are among the richest dropshippers. They first came across the dropshipping idea in 2018. Intrigued by the idea, they created their first online store with Shopify. With toothpaste dispenser as their preferred product, the Australian Entrepreneurs launched their store and set up Facebook ads.
Several months and only a few sales later, they ruled this venture to be a failure. Next, they opened a general store as it allowed them to sell a wide variety of products. This too failed and they realized that they were using the wrong approach. It was then that they launched their popular pet dropshipping business.
By December 2020, the pet business was making them 500,000 a month in revenue. Since then, it has grown exponentially and now generates $10 million per year.
Lessons Learned
Here are some key lessons learned from Andreas and Alexander
>: Choose Your Niche Carefully
The duo made a fair share of mistakes and admit that your choice of a niche can make it break your business. In their case, they finally settled for the pet niche as most pet owners are emotionally attached to their pets.
>: You Don’t Have to Invent
You really don’t need to invent something new for you to succeed as a drop shipper. Instead, find out what works the best for your niche then offer your customers a better product version. The tiniest changes could transform you into a market leader.
>: Gain a Better Understanding of the Marketing Methods You are Using
The first dropshipping business for the two Australian entrepreneurs failed due to their inexperience with Facebook ads and marketing in general. Get to know the best marketing tactics and how to apply them in your dropshipping business.
>: Spend Enough Time and Money on Your Business
Dropshipping is a business like any other, requiring you to do much more than just create a website. You need to set aside more time to run and grow the business. You also need to spend money on the legal and marketing aspects of the business.
2: Harry Coleman
Well, this is not an overnight success story, but it made Harry one of the richest dropshippers in the end. The entrepreneur made about $5 million in revenue in 2018 managing three dropshipping stores. He first came across the dropshipping idea in 2016 when he first heard about AliExpress dropshipping.
He set out his first store to sell nail products. While this is a great niche product, his store was an epic failure—he only made a single sale after spending about $800 in the business. After two months, he decided to switch to a general store. Even with a general store, it took two months for sales to pick up. Following his success, he soon opened a second general store. Before long, he started recording $10,000+ per day in sales.
Lessons Learned
The best lessons learned from Harry Coleman are:
>: Find a Winning Product(s)
To thrive in this industry, you just have to find the right product(s) niche for your dropshipping store. In this regard, Harry has refined his search strategy for winning products. He advises that drop shippers should offer products that either:
- Solves a specific problem faced by your audience
- Sells to a passionate audience
>: Launch a Niche Store within Your General Store
Although general stores allow you to offer numerous product types, Harry advises that you should limit it to just four or five niche products. For instance, you could launch a general store that offers cooking, pets, babies, and home improvement products.
By specializing in just a few niches, you can easily find the appropriate audience to target. Again, it gives you the flexibility to test an array of products to find the one that works for your business.
>: Craft Great Ad Copy
When writing the ad copy for your dropshipping products, harry says that you should keep your customers in mind. Try to explain the benefits your product has to offer your customers as opposed to “hard sell” content.
>: Don’t Get Distracted
Sometimes, things just don’t work out the way you want them to. Like Harry, you should not let your dropshipping failures distract you. Rather than quitting, figure out what is causing your business to fail and try to remedy the issue.
According to Harry, perseverance is one of the things that sets successful entrepreneurs apart.
3: Cole Turner
Cole Turner learned about dropshipping when he was just 18 years old but soon became obsessed with the idea. This curiosity saw him realize $2 million in sales between March 2019 and May 2020 through dropshipping, making him one of the richest dropshippers. When he first started dropshipping, Cole was running a general store.
By experimenting with different products, he found a piece of jewelry that was appealing to his customers. Soon after, he scaled Facebook ads and redesigned his general store, effectively transforming it into a single-product shop. Through this store, Cole made over $75,000 in sales before selling it off. It was not until his third eCommerce store that Cole was able to make more than $2.1 million in sales within a year.
Lessons Learned
Some invaluable lessons learned from Cole Turner include:
>: Establish a Long-Term Brand
For your dropshipping store to remain competitive over time, you need to establish a unique selling point as well as a lasting brand identity. Even if your will be dropshipping through eCommerce platforms like AliExpress, your brand needs to look and feel like a legitimate business to the customers.
>: Scale Facebook Ads
Cole Turner uses Facebook advertising as the main sales and marketing channel in his dropshipping business. According to him, you should identify two different consumer groups that may be interested in your product(s). You should then target the two groups with your marketing efforts.
Finally, you need to collect enough data to find out which group of ads was more successful. Once you do, increase the advertising budget for the group that produced the best results.
>: Improve Customer Service
Unlike many other dropshipping businesses, you should not leave customer service to your dropshipping supplier. Providing excellent customer service in your business is a great way to build customer trust in your brand.
Just like Cole, you should consider providing your phone number or social media handles for your customers to contact you whenever they have a question or concern. Again, you need to respond to customer messages as fast as possible—ideally within 30 minutes.
4: Pierre Emmanuel
Pierre Emmanuel build his dropshipping business around a problem-solving niche and grew it to the point of generating $1.6 Million in revenue. After he had built a website for his business, Pierre set out to source products through AliExpress.
Initially, things seemed to be working out for him, but he soon faced the first of the many challenges he has faced over the years. Although his dropshipping product was selling relatively well, he was getting too many returns. To solve the problem, he started sourcing a metal version of the product.
He has also had to deal with cash flow issues in his business. After identifying a fast-selling product, he scaled things a bit with advertisements and by spying on competitors. His winning product(s) performed really well, netting him about $1 million in 2019 alone, making him one of the richest dropshippers in the world.
Lessons Learned
Some key lessons learned from Pierre include:
>: Invest in Advertising
Single out the most efficient mix of marketing methods and apply them to advertise your dropshipping business and product(s). Cole mainly uses Facebook ads to market his business. However, he also had to run Google ads campaigns from time to time.
>: Keep a Close Eye on Your Competitors
By spying on your competition, you can tell the kind of products and services they offer as well as their pricing. This puts you in a better position to make better business decisions regarding product quality and pricing. It allows you to differentiate yourself and stand out from your competitors.
>: Find a Winning Product
All the successful dropshipping businesses are built around a winning product(s). According to Pierre, a winning niche and product(s) are essential if you are to make a decent amount of money. You may use an array of strategies to identify a winning product(s) for your dropshipping business.
5: Sarah and Audrey
Sarah, 25 and Audrey, 26, are some of the richest drop shippers in the world today. The two French entrepreneurs leveraged influencer marketing to net $1 million in sales in their dropshipping business. Each of these women had some drop shipping experience before joining forces in 2019.
While most drop shippers capitalize on Facebook ads, the pair invested in influencer marketing—which catapulted their business to great heights. With their drop shipping business running, the pair worked tirelessly to grow the brand in the US market. Their business was particularly successful during US lockdowns—generating about $1 million in sales within just a few weeks.
Lessons Learned
Here the key lessons learned from these two entrepreneurs:
>: Build an Intriguing Business Website
If you wish to apply influencer marketing in your business, you first need an attractive business website to showcase your product(s).
>: Work with Numerous Influencers
Even if you are just starting, it is advisable to approach ad many influencers as possible. You may have to send out hundreds of emails before you can secure product placement on Instagram. Sarah and Audrey admit to sending up to 200 emails in a day.
>: Be Responsive
When engaging with your influencers, Sarah and Audrey advise dropshippers to be very responsive. Most influencers are known to make multiple product placements on their Instagram channels in a day.
Being responsive fast tracks the agreement—effectively optimizing your product placement opportunities.
>: Prepare a Good Brief
Send each influencer a detailed brief, outlining your marketing objectives and how you want the placement to be handled. The brief should explain the benefits of your dropshipping product(s) in a clear and conscience manner.
You could also prepare a mini scenario to depict your expectations of the sponsor’s video.
6: Alex Philip
By the time he was 15 years old, Alex Philip had already made $2 million dropshipping Alibaba products on his Shopify store. His dropshipping business recorded a turnover of $250,000 in 2018. Alex started dropshipping when he was 11 years old, and attributes much of his success to his father’s guidance.
Initially, was sourcing Pokémon toys from eBay and sold them on Amazon. After a few customer complaints, his Amazon selling account was shut down. This is when he shifted his focus to the dropshipping business model and launched his brand—The Cool Life.
How to Become Rich in Dropshipping Business?
We have already given you a glimpse of how to become rich doing dropshipping. Another secret we would like to add is to use a dropshipping tool to overcome any challenges on the way.
In addition, you will avoid beginner’s mistakes and automate most of the repetitive tasks. Users have voted WalletMonitor as the top dropshipping tool for beginners. It is also a powerful choice for pro sellers to expand and scale their business.
WalletMonitor plays a part in helping you get rich. One of its features is a powerful product scanner that finds products with high profit margins for you to sell. The scanner combs countless leading supplier platforms to bring you a ready list of sellable items.
As a result, you don’t need to waste time trying to sell inferior products. Any product you add to your listing has a high demand and is likely to sell like hotcakes.
In addition, you may try a few things to maximize your earnings:
Market Your Products
Advertise your products online to increase your store traffic. You can go for PPC ads and social media ads to boost your sales.
Plus, sell on leading platforms like Amazon or eBay to attract more customers.
Grow Your Portfolio
Not all products have a high demand for a long time. So, you have to keep adding new products to keep generating revenues.
A dropshipping tool like WalletMonitor will help you find new products to sell every day.
Sell Evergreen Products
Dropshippers can try to sell products that have a steady demand. For example, people will always need floor cleaners and mobile phone chargers. You can sell these products to add to your profits.
Final Thoughts
Stop asking can dropshipping make you rich and use our tips to realize your dream income. Use WalletMonitor to automate your business and find profitable products to sell. Add more products to your portfolio to scale your sales and revenues.
