What It's About
A refresher course in dropshipping a niche product!
Words of Wisdom
When John decided to focus on being more deliberate about the products he was going to sell, he started with 100 random products and began to eliminate them one by one with a list of criteria based on a product's weight, price, number of suppliers, niche and dropshipping compatibility, and market competition.
John got his first eBike sale two weeks after he opened up his store. The people in his life had little confidence in his abilities to make money from dropshipping, so he immediately screenshotted the sale and sent it to all his friends and family. Soon after, he found out that it had been purchased off of a stolen credit card.
Notes from Chris
Episode 579Irishman John Murphy dreamed of a job that he could do from anywhere in the world. His wife was Italian, and they moved around Italy for her career. Each time, John had to quit his job and look for another. With another move on the horizon, this time with a less than ideal job market, John decided to ask his current boss if he could work remotely instead. His boss said yes! But this victory came with a no-going-back realization: as soon as John started working from home, he knew he never wanted to stop. With his interest piqued, John started looking into other ways he could make money online. While looking online for ideas, he came across a business model called “dropshipping.” If you’re not familiar with dropshipping, it’s when someone sets up an online store to sell other people’s products. In exchange for marketing the items and running the online store, the dropshipper gets a percentage of the profit. The dropshipper doesn’t have to deal with producing, handling, or mailing what they sell. Not only that, but some dropshippers were making thousands of dollars a month by doing this! To John, it seemed too good to be true… but it was true. He was ready for the cash. Where was the “free money” button on the internet? He’d heard people talk about using the Shopify platform, so he made an account and linked products from a big retail website called AliExpress. Then John waited for his bank account to inflate. Unfortunately, John was startled to discover that he hadn’t hit the “free money” button after all. After spending $300 on marketing, he had made just $50 in sales, resulting in a $250 loss. This only made John more determined. He knew that dropshipping was a successful business model—the proof was all over the internet—he just had to figure out what he was missing. It was time for more research. He picked a more specific niche to target this time—people who were afraid of an impending apocalypse… although, in recent years that niche has probably expanded a bit. Either way, John found more success this time with his survival kit store, but it still wasn’t what he was looking for. He knew he could do better. Ultimately, John chose to start selling eBikes, which he hoped would break him out of his old cycle. There was already an online presence for them, so John knew people would be willing to purchase them online. Plus, the average cost of the eBikes John was selling was roughly $2000. This meant John had to sell less products to make money. If he sold anywhere from 2-4 bikes a month, he’d be making anywhere between an extra $1000 - $4,000. He launched his eBike store, eBike Generation, July 31st, 2017. Over the next 6 months, John only made two sales. Just as he was giving up hope, the store that dominated the eBike niche shut down. The owner had decided to pursue a career in coaching instead, it would seem. John set up a one-hour phone call with him and has been making up to $25K a month from his store ever since. John is now making more money from his side hustle than he ever could have anticipated, but the most rewarding part for him was finally breaking his cycle and mastering the skill of dropshipping.
MENTIONED IN THIS EPISODE:
- eBike Generation: If you'd like to learn more about the ebikes John is flipping, head on over to his website!
- Shopify: John used Shopify to set up his site for eBike Generation, and they're offering a 21-day trial and exclusive discount for all Side Hustle School listeners!
- Dropship Lifestyle: An online drop ship course that taught John the basics of the business
- The Live Cricket Dropshipping Hustle: Yep, it’s true: a Pennsylvania man makes $700+ a month dropshipping live crickets to reptile owners across the country
- The $300,000 Bouncy Castle Hustle—With No Inventory!: A Texas man puts a bounce in his step by finding a uniquely profitable niche. This bouncy hustle earns multiple six-figures in its first year
- Listener Discovers Astronomical Success in Astrological Gifts: A shift in mindset leads a long-time Etsy seller to focus on replicable items that earn passive income
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