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Ways to Make Money Without Your Own Inventory

January 10, 2018

DropshippingIn the past, for you to make money, you need to have some capital to get things off the ground. In short, to make money, you need to spend money. These days however, in order for you to make money, you don’t necessarily have to have the cash flow to get things going. In fact, for you to start making money, all you need are an internet connection, some writing skills, a basic knowledge for coding (or ability to learn to put up your own site), a quick mind, and a stick-to-it attitude. A little innovative thinking and some guts will also come in handy here.

What are we talking about and how can you make money with only these things? We are talking about drop shipping. One of the best examples for success with this kind of a business is Alibaba. Jack Ma, Alibaba’s founder and CEO is now worth $41.8 billion, and all of this is because of a site that has none of its own inventory. Alibaba is, in essence, the world’s largest and most successful drop-shipping company.

While the success of this company is awe-inspiring, and may prompt you to launch into dreams of grandeur and multi-millions at your fingertips, you still need to put things in the right perspective. As with any business venture (with capital or very minimal cash-output), a certain amount of luck is still needed along with an equal amount of hard work. You also need to keep in mind that not all businesses take off as well as you would want it to from the start and a little patience as well as perseverance may be needed here (this is where the stick-to-it attitude and innovative thinking comes in).

How to Start Your Own Drop Shipping Empire

In order to get started, there are a few steps you need to follow. Here is an easy-to-follow list of things to do to get things started:

Choose Your Niche – while Alibaba sells almost everything under the sun to anyone, they started selling just a few items to a select audience until they had enough of a market for them to diversify and expand. You can do this as well. You can either aim to sell a wealth of products to people or simply focus on a single kind of item to sell. The name of your online store will actually depend on this particular choice. If you aim to sell only cosmetics and beauty products, you can name your site something that indicates what you are selling.

Find Your Supplier – this next part can be somewhat tricky since you will need to ensure that the people you choose can actually deliver the goods on time and to the right people. Not only that but you also need to make sure that your deliveries live up to the expectations of your customers or you will find yourself sinking into oblivion fast with just a few negative feedbacks and word-of-mouth. Once you are able to find the right supplier, you should contact them and get your ideas rolling.

Secure a Sales Tax ID – if you are in the US, this is an integral part of what you need to do in order to get your business off the ground. Unless you are in Alaska, Delaware, Oregon, Montana, and New Hampshire, this is a must since wholesalers (your suppliers, in short) will not deal with you because it is a requirement for running a business in most of the states of the US and even in Canada.

Find Your Platform and Build Your Site – you can opt to sell your products on already established sites that allow people to sell their items on them, such as eBay and Amazon, but if you are aiming for that Alibaba and Jack Ma dream, it might be a good idea to find a portal that allows you to have your own site name and URL. Once you have chosen your portal, you can then build your site, customize it, market it, and start earning from it.

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