How to Make Money Building a Profitable Dropshipping Store in 2023
Dropshipping continues to be one of the most preferred and profitable businesses for e-com enthusiasts in 2023. It is a Business model where there is no Inventory, no minimum cost startup, no warehouse, and often not even an office required. For this exact reason, it is considered a low-risk business that is sought by several thousand people around the world.
But not all people succeed on their first try, in fact, the majority of people starting a Dropshipping Business fail within the first 3 months.
In this complete article, I’m here to guide you through the basics of how to make money dropshipping with a profitable store in 2023.
So, let’s get started.
Below you will find the main 5 pillar points to follow when starting a Dropshipping store in 2023.
Open an Account on Shopify
Shopify is the easiest place to start your dropshipping Business.
It has all the tools required to run a Dropshipping store successfully and it’s extremely intuitive to any beginner.
Shopify is the best platform for eCommerce and dropshipping businesses, and here’s why: Ease of use Shopify is incredibly good, which is one of the reasons it’s so popular. You can easily create your store, add products, and start taking payments in a matter of days.
This means No need to learn coding skills or set up a WordPress account or a third-party account to purchase a domain. You can do all of this through the Shopify platform in a matter of minutes. This gives you everything you need to create and run a successful Dropshipping business. On top of that, Shopify is compatible with several best e-Commerce apps to make your business easier. Timing is very important, you cannot simply take months to develop an eCommerce site or your competitors will outrank you and products will get saturated.
There are thousands of online forums and groups where Shopify users can share advice, tips, and tricks on how to make the most of the platform. This support network is invaluable for beginner entrepreneurs who are just starting out. So if you’re looking for an easy-to-use platform with a huge range of features, then Shopify is the perfect choice for you.
Buy a domain
A domain name is important since it’s the first thing customers see when clicking on your website search result through Google or when they see your Ad on Facebook.
Choose it wisely.
You can buy a domain through Shopify or on any other website hosting such as Godaddy and Hostgator.
There are millions of domains for sale out there, just make sure you get one that ends in .com since it is more professional looking than one that ends in .shop or .net and also it looks more reliable to search engines such as Google and Bing.
Install a Shopify Theme
In order to run a Shopify Dropshipping store, you will need to have a Shopify theme. My recommendation goes to Ecomsolid for several reasons:
- It is the easiest theme builder available on the market
- It has low fees compared to other counterparts
- The conversion rate with this theme is much higher than with free themes
- In the long term, it saves you money VS using third-party App plug-ins
- Their customer support is extremely helpful and responsive
On top of that, you can combine it with Gempages, to create profitable funnel pages for specific products with super high conversion rates. It’s a win-win situation.
Ecomsolid is the theme I use for all my Dropshipping stores, it’s highly customizable and they offer a free and pro version. I use the Pro version since it provides the most features such as a sticky add-to-cart and Reviews plug-ins included in the monthly fee.
You can choose between several theme templates, custom pages, and product pages.
By using Ecomsolid you will save a lot of money simply because you won’t have to hire a developer to create and edit your Shopify theme from scratch.
On top of that, their customer support is fantastic at helping you with small tweaking requests, especially if you become a Pro customer and pay their reasonable monthly fee.
Do Product Research Analysis
If you have already chosen your Store niche, go ahead and look for the products you wish to sell on your website.
The best way to look for profitable products is to start from ebay.com or amazon.com and filter the products based on the “best seller” menu based on the category of products your store is selling.
For example, if you want to sell Music appliances, go into this category on the left-hand menu on eBay and start scrolling through the products.
You will see that some products have a little red writing after the product title which highlights how many products were recently sold. These are the products you are going after since they are being validated by the platform to be best sellers over a recent period of time!
Let others do the work for you 😉
eBay tells you exactly how many items have been sold in the past 24h
Start Advertising your Website
When it comes to advertising a dropshipping store, you have quite a few options. You can use PPC Pay per click channels such as Google Ads, Facebook Ads, TikTok, and several others to kick start your business quickly and get sales within the first week of launching your store.
When advertising a dropshipping store, it’s important to use a variety of marketing channels to reach potential customers. In this article, we will discuss five effective ways to market your store.
The most popular advertising channels for Dropshipping in 2023 are:
- Google Ads
- Facebook (Meta) Ads
- Tik Tok
Platforms like Instagram and Facebook have huge user bases, and you can target people based on their interests and demographics.
Google, on the other hand, is about how many people search for specific products you have listed for sale, so it’s a bit limited compared to social network advertising where you can literally scale your advertising budget without limits. For this reason, you should mostly look into adding products that have a high search volume by keywords. Google has tools to show you how many times per month a specific keyword/product is searched on their platform, so you don’t have to worry about guessing it.
On top of Google paid ads, you can also run Search engine optimization (SEO) to slowly generate organic traffic over time which will benefit your business long term at a much lower cost.
Google is my preferred platform for advertising a Dropshipping Business
The best option to advertise a drop shipping business in 2023 is to use a combination of different advertising channels, in particular Google Ads, Facebook Ads, and SEO.
However, this is a general rule that most drop shippers use these days and doesn’t apply to every business the same way.
For example, your Dropshipping site may be in the Fashion niche category and you may find your luck with Pinterest or Instagram ads!
Eventually, you’ll also want to try TikTok ads, in case your products have a wow factor and are not simply reselling furniture or basic home appliance.
In order to advertise your products on TikTok, you’ll need to create short but interesting video clips that will catch the attention of the user and will direct them to your store ready to instant-buy your product without overthinking.
Overall, advertising your Dropshipping store can be hard, especially if you are just starting out. Don’t be afraid to try multiple advertising channels at once, and see which ones allow you to be profitable and obtain a higher overall ROAS.
Conclusion: How to scale your Dropshipping Store
There are several ways to scale a Dropshipping store, but the main ones include increasing your Ad spending budget, increasing the number of advertising campaigns active, and increasing the number of products your store has listed for sale.
Once your website has reached substantial amounts of revenue, you can even decide to sell the website for a massive profit (usually 12x month equivalent of your revenue) on websites like Flippa.com or the Shopify exchange itself.
In conclusion, running a Dropshipping store gets easier over time, and once you have the hand on it, you’ll be able to scale at the speed of light.
Author: Thomas Raynott
My name is Thomas Raynott and I’m a 6 Figures entrepreneur who made most of my fortune through Shopify Dropshipping and Flipping Websites online.
Check out my Blog for more interesting articles on how to generate revenue by Dropshipping online.