So, you’ve added dropshipping to your business and you’re ready to start selling. There are a few things to consider first before you dive straight in and it will hopefully help you to run a consistently profitable dropshipping business.
Plan
Planning your business before you embark on sourcing products is essential. You need to think about how much stock you want to source, how regularly you are going to, what your return policies will be, what your contact policy will be…the list is long! Ensure you sit down and plan these points out as it will help to increase customer satisfaction in the long term.
Suppliers
Just like sourcing wholesale suppliers, finding a reliable and reasonably priced supplier of dropshipping goods is crucial to the success of your business. You need to know that you can rely on them and that you can access the latest stock at the best prices. Putting time into researching this and networking will help you to boost your profit margins.
Pricing
As well as trying to negotiate deals with suppliers, you need to think about your own pricing. You obviously want to make a profit, but you also need to be competitive enough to encourage your customers to repeat purchase. Do your market research and ensure you are beating the competition!
Research
In order to run a consistently profitable wholesale business you need to do your research. Keep up with industry news and developments to maintain a competitive edge and your customer base will continue to grow.
