eCommerce Dropshipping ideas that’ll make you money in no time
Make Money Online in Canada (Secure the Bag)
Hey hustlr, do you have a laptop? Do you have an idea you want to monetize?
Well hustlr’s, we’re hoping that today is the day you use your laptop to start creating your online hustl (small biz). Write down your idea and begin the research - don’t forget that there is a piece of the pie for everyone one, no matter which industry or sector you’re thinking of joining.
As for your laptop, it will become a part of you because it will be your portable workstation. Having a digital business means you’re not paying for a brick and mortar store which can be very costly. Imagine sitting down at a coffee shop waiting on a friend and you are inspired to write a blog post… you can turn that into productive work session by writing the post, and further start monetizing by adding affiliate product links (used to get paid commission for products which you believe in by the way).
How to monetize your idea?
First thing first, what pain point(s) is your passion/idea solving? Write down the problem that’s being solved and then ask your close friends and family if they come across any of the same (or similar) challenges.
The eCommerce industry is set to be a $43 billion dollar industry in Canada. Believe it or not only 8% of Canadian have converted to online shopping. The volume of online retail in the country by 2023 will reach $55.4 million.
A VL Omni survey found that 62% of Canadians said that they would rather would rather shop domestically (vs internationally). That pretty much just means people actually like to “shop local” and that means shopping local online too and there needs to be more domestic eCommerce online businesses.
There are various types of eCommerce business models, but just to list a couple:
Dropshipping (White Labeling)
Dropshipping print-on-demand business model allows you to get your creative vision produced and delivered directly to your customer without you worry about production costs or logistics. The best part is that this is a completely digital business, so no brick and mortar factor.
Dropshipping (White Labeling)
Today more and more people are starting a white labeling online business model, from the wholesale vendor point of view. The white labeling dropshipping model is targeted towards wholesale vendors. Companies will ship the product on behalf of the vendor to the customer's address with the appropriate return label and branding. Being a wholesale vendor you can enrich your brands and expand your offering, letting your customers have more choices.
How much money do I need to start a dropshipping business?
The initial start up cost isn’t very expensive because there is no upfront cost when it comes to inventory. But it all depends on how much software and marketing you want to do at the beginning. You still need to purchase a domain (URL) and hosting (ie. a hosting provider like Shopify) to make it a live website.
How much money can a dropshipper make?
It completely depends on how much time and effort you put into the business and the amount of marketing you invest for it. Let’s just say you can easily make an extra thousand dollars and more each month.
Here are a few resources for you hustlr’s ready to give dropshipping a shot:
The Bottom Line on Getting Started with Dropshipping
Whether you're starting a new business from scratch or already have an existing business (online), dropshipping is a great way to generate income online. All you have to do is figure out which dropshipping model you want to go with, and whether the vendor of the product you’re selling handles everything including product creation, shipping, and refunds while you handle the sales. It’s not a bad idea to start a dropshipping business to secure the bag - no inventory, no risk.
Let’s get sh*t done!