One of the best ways to make an online business is to start a ‘side hustle’ business. But where do I start? GREAT QUESTION! Before I answer that let me fill you in on some facts.
In the world of technological advancements, more and more business’ are moving to online platforms, and quite frankly, if you’re not already on there, you are falling behind your competitors!
Facebook is the #2 most viewed site in the world, Instagram and Twitter have millions upon millions of users, and if you don’t know what Google is, you are probably too old, or too young.
What do these sites all have in common? Followers
Followers = Traffic = Conversions = $$$
Bare in mind, in the next 20+ years, most of the top fortune 500 business’ will not exist, and will be replaced with new household names. So starting a business in general is already a must!
Now that you have some information on the growing trends over the years, let me inform you that these tactics do contain effort, and I mean a lot of effort. This isn’t something that you can just learn overnight, but complete immersion is needed.
Don’t forget, don’t be afraid to fail, without my failures, I wouldn’t of learnt a thing!
If I had little to no money whatsoever, the business I would personally start is non other than:
An online Drop shipping store
Drop shipping is one of the best ways to start an online business, and build the skills to manage an actual business.
This business model is extremely simple. Advertise for traffic = Make a sale (first) = Contact your supplier = Ship the product from your supplier, directly to the door step.
It allows you to not handle any inventory, which means that you make the sale first then send the product out.
This is a business model which could potentially generate enough cashflow to supplement your current income stream, or add a nifty amount of money in your pocket every month.
- No need to manage inventory
- Guarantee sales prior to shipping out the product
- Most of the work is handled by the supplier, you are simply the ‘middle man’ between seller and the supplier
- Potential for branding
- Easy to create
- Main focus is on marketing which can be costly depending on where you start
- Competition depending on what niche you pick
- If you don’t make sales, you don’t get paid
- Generally low margins (depending on what business model you choose)
- Inventory syncing (if you can’t manage your drop shipping properly, this will cause a lot of customer complaints)
This business model can generate a great return on investment (ROI), but does take a time to build successfully.
It also has numerous types of business models, so make sure you scope out the best one that you would enjoy doing.
The risk involved is pretty low, because you are not investing in inventory that needs selling, but rather flipping it and getting the sale first before you push out the inventory.
The margins are pretty slim, but if you have a product with sells, and you sell a lot of it, the income will stack up, and you will have a residual income cycling in your bank account.
Once your business is up and running, maintaining the business is easy. Generally when you start off, you need to manage customers, keep track of inventory, and market the crap out of your goods.
How to make an online drop shipping business with no capital
If you don’t have any capital at all, you can still do drop shipping by making sure you keep the core principles which is:
Make a sale first > Ship the item directly to your customer
For example, this would look like this:
Find an item online on sale for 50% e.g. Shoes for $100 down to $50 > Advertise it on eBay @ $90 > Make the sale > Use the buyers money to pay for the item > Keep the $40 margin in your pocket
If you want more information on a free drop shipping business model, check out this Udemy course by David Vu here!
This is just one of the ways you can utilise drop shipping.
If you would like a more advanced business model for drop shipping, check out this course by Dream Builder University here!
The work is cut out for you. Like I said, don’t be afraid to fail in this, failure is only one step closer to making it.