By Team CR
Here are a few tips and helpful tidbits to consider before launching on your entrepreneurial journey:
1. Financing Considerations
While dropshipping is a very attractive business model due in part to its low start up costs and associated fees, some entrepreneurs consider various business financing options as a safety net, or to provide them with a larger initial inventory and marketing strategy in order to help them become profitable more quickly.
Some options for financing are:
2. Pricing Strategies
When deciding what to set your prices at for your products, be sure to keep in mind that while you want to generate profit, you also want to cover any transaction fees, site subscriptions, marketing expenses, and necessary taxes. So in general, it’s a good rule of thumb to set your prices at least $10 above the wholesale price you paid to buy the product. Also, remember to check your competitors’ prices to make sure you’re in the right ballpark.
3. Over-Deliver On Customer Service
Think about some of your favorite customer service experiences; how good it felt to be listened to, respected, valued and cared for by a company or person and how happy you were when someone handled a problem or objection how you felt they should, or even better. BE THAT PERSON.
When using a third-party supplier, customer service concerns are inevitable, so commit early on to handling things with tact, speed, and professionalism as often as possible. Amazing customer service can be something that really distinguishes your business from another very early on in your career.
4. Have Fun
Starting a new business is so exciting, but it can also be daunting and tiring. Try chunking your tasks into achievable timelines and goals. Remember, you chose to become your own boss to improve your life, not make it worse, and your business should reflect that. Trust your intuition, make choices based on whether they will cause you more fulfillment, not more stress, and try no to be too hard on yourself. The learning curve is part of the fun, so try to enjoy the ride!