Business Planning – Tips for Successfully Running a Dropshipping Business

If you ask any successful internet marketer, or search the many forums and websites, you will soon discover that they all agree on two points. Firstly, ensure that you are using the services of a reliable and well established dropshipping company. This is vital and cannot be stressed enough. Put yourself in the other persons shoe’s as they come to your website and order a product that they want. Rather than wait a day or two for it to arrive, they receive an out-of-stock notice, which, as far as they are concerned, you should have sent this as soon as they placed the order. As a result they are not very impressed with the service provided by your website. Do you think they will return and buy from you again? Would you? Making sure you sign to the services of a good dropshipping company is paramount, not only to their success, but to yours as well.

Secondly, as you research your supplies, research your market as well. Understanding the buying habits of the general public can have a dramatic effect on the success of any market. Look at your competition and their prices, achieving a good profit margin can be acquired by either selling luxury, high cost goods but with few sales, or cheaper products with a lower profit but sold in greater volume. Understanding the economics and geography of your target market can tip the balance between making a few sales, and becoming an on-line entrepreneur.

People are becoming more and more critical of the internet, and websites particularly. With the rise in popularity of cheap hosting and easy to build websites, the design can often be a deciding factor in whether or not that person buys the product they are searching for from you, or the next website they visit. Many people get into the habit of installing as many flashing banners on their sites and web pages in the belief that all the flashing colors and lights will attract them to buy. In fact, recent studies have shown that this actually deters would-be buyers as they feel too distracted to read the reviews or product descriptions placed around these adverts.

Choosing the right Dropshipping supplier, together with a well-built and thought-out website, advertising the right products, to the right people, at the right time will ultimately lead to a successful career as an on-line entrepreneur and internet marketer. If these are your dreams and ambitions visit our website today and find out more about how to be a successful dropshipper.

How to Sustain Profits by Creating New Products and Services Related to Your Business

One of the most important ways to sustain profits in your niche-related business is to create new products and service that your targeted audience will be eager to buy. You can accomplish this in a number of ways.

The most obvious is the new product launch. If you know your niche well, chances are you should have a pretty good idea of what they really need and how much they are willing to pay for it. In other words, you will only create products that you are certain will sell.

If you are not sure, take the time to survey the people on your email list/s or poll them at Facebook to ask which options they would find most useful. Let them pick from a range of choices. The answers may surprise you. They will certain stop you from wasting a lot of time and effort and perhaps money creating product A when they are really eager to get their hands on product E.

In terms of launching the product, have a soft launch and a hard launch. The soft launch should be to those in your inner circle. They can get a first look at it for a substantial discount. Ask upfront for testimonials and give them an easy way to contact you to deliver them, send in reviews, and ask questions.

Let your Joint Venture partners know that the new product has arrived and let them have first look as well. Ask them for feedback so your product will be attractive to their audience as well.

Once you are sure your product is as good as it can be at the correct price point for your niche audience, then you can widen your audience through your hard launch. Offer a free webinar, guest blog, have your JV partners interview you and promote the product, and more.

Webinars can prove very useful for product creation. Record each session and offer it as paid product or promotional item. Have a transcript made to sell as is. Turn it into a free ecourse, special report, or an e-book of insider secrets. If you interact with the audience by allowing them to ask questions, take note of their queries and see if any of them are worth creating a product for.

If you have a lot of content at your site or blog, consider putting e-books together by topics. How to titles are extremely attractive to most audiences. Consider different levels of learners in your niche, such as beginners, intermediates, and advanced students. You can present information in a sequential way, or go into more depth for those beyond beginner level.

Look at what your competitors are selling, and at what price points. In this case you have 2 choices. Charge less and give the same type of information, or charge more due to your expertise and the excellent bundle you will be offering.

Bundling works for all paid products. Again, you have 2 choices. You can sell one main product and bundle a range of very attractive bonuses together, such as worksheets, hand-outs, templates, infographics and more. Or you can group 2 of your most popular products and services together to create an all new offer that your niche market will be eager to buy. Add some fabulous bonuses on top of that and see how much profit you can make from your niche-related products and services.

Outsourced Product Development – A Trend or a Business Necessity

Nowadays the concept of outsourcing is a new hype in the software industry and many businesses are investing billions in outsourcing all their core and non-core product development activities. Since companies are intended to bring innovative products to the market rapidly, they need a strategic model of outsourcing for their upstream functions such as product designing and product development. An external engineering expertise not only reduces operational costs but also provides long-term benefits which, in turn, help to stay abreast of the competitors.

Though reasons could be numerous, the consistently emerging marketplace competition has actually drawn companies into new markets, domains/technologies for which they require expertise and skills in place. But when a company recognizes that they lack required infrastructures or skills, they end up on outsourcing product development activities. From this, it is evident that outsourcing is just not a mere trend but a business necessity which help companies to transform their raw ideas into innovative products. Let’s discuss in detail few reasons for why outsourced product development is a business necessity:

To Gain Expertise in Multi Domains

A saying states that it is always better to have more, which is true especially in the field of product designing and development. In order to build innovative and unique products, working on multiple concepts and theories is truly important. It not only helps to differentiate your product from others but also helps to determine product’s viability in the market. An outsourced product engineering firm generally has a team of design experts who work collaboratively with industry experts to build a working prototype of the product.

To Focus On Other Core Activities

Other than product development activities, a company needs to focus on several other tasks including IT operations, marketing, and sales. Not necessarily, engineering requirements are the only core requirements of every company especially when most of the R&D activities can be outsourced. Cost, in-house expertise, complex development processes, and resource management are some of the key areas which a company find challenging to deal with. Also, development teams are often swamped with numerous projects that require assorted expertise. Here the role of outsourced vendors comes into play. Their dedicated resources focus on a single project while freeing-up company to focus on other activities.

To Minimize Staffing Requirements

Since different projects have different requirements, organizations consider recruiting new talents for short-term periods to complete a specific project. But is this reliable to hire full-time employees that may put an extra burden on HR department as well as can create confidentiality risks? Getting the right person on board usually requires more time, and sometimes training sessions to learn. While outsourced firm, with their full-time staff, can help in completing development projects on time, nothing could be better than applying targeted expertise at the right time.

To Meet Fixed Project Timelines

It is very usual for companies to miss their project timelines due to failing in committing resources to it. On the other hand, outsourced partners, prior to signing a contract, clearly understand a project’s timeline and requirements and consider assigning their resources on it accordingly so as to ensure its on-time delivery.

To Minimize Operational Costs

High developments cost is one of the basic reasons why companies outsource engineering firms. Outsourcing helps to minimize product development costs by discussing project requirements and deciding a budget for it. Outsourced partner allocates resources and prepares regular reports in accordance to keep the company informed about the expenditures made for the changes other than the fixed budget.

On the other side, when product development is carried in-house, it becomes challenging to allocate extra resources or time for the new requirements. But outsourcing identifies the areas where extra resources are needed and sets a budget for it. With holding years of experience in optimizing product designs, outsourcing can help business to achieve their goals is shorter span of time.

To Win Over Competitors by Gaining Market Ownership

As we have mentioned earlier, businesses are striving to gain a competitive edge over their competitors, which is only possible when they would have a clear picture of the market trends and customer’s requirements. Their launched products should be unique and innovative for a customer to accept. Outsourced partners with their expertise can be a great help in terms of bringing creative ideas to the table. Also, by performing a complete market analysis, they can assist with the products having higher demands in the market, customer’s expectations, scope of transforming existing product, and marketing strategies for launching a product.

Launch Your Business and Sell Your Products On The Best E-Commerce Platform Today

Undoubtedly the best E-commerce platform today, Shopify is a Canadian E-commerce company headquartered in Ottawa and created by, like many other companies, people who sought out for something, didn’t get it and decided to make it and avail it to the public.

Shopify has had rapid growth through the years and their purchasing of resources, or better yet other small business brands to further build the company is impressive. What’s more impressive is their easy-to-remember slogan: “Whether you sell, on social media, in store or out of the trunk of your car, Shopify has you covered”. A better version is: “Shopify, the best place to sell online, in person, and anywhere in-between”.

Shopify doesn’t leave you hanging either. The platform hosts a Podcast and avails several resources to business owners in the form of blog posts. In fact, you could be an affiliate, investor or someone whom just follows the platform and they wouldn’t let you down.

You’re new to business and the platform in general? You get posts to help you get your first sale. You’re an affiliate? You get the resources you need to help you better understand and promote the platform. You’re a professional Entrepreneur with lots of experience? Believe it, Shopify has you covered.

But a platform as this does have its drawbacks, especially since the evident rise of drop shipping in 2015 where it became saturated with people thinking that outsourcing products from AliExpress was a good idea (even though drop shipping has been here since people thought of selling stuff to other people) and everyone who failed labeled it a “Get rich quick” scheme, even though Shopify has never publicly, or privately insinuated that using their platform assures/insures success.

WHY SHOPIFY?

There are a lot of attributes that make Shopify a sexy platform; particularly that it can be customized according to ones wishes. They are listed below;

• User friendly interface.

• Plans catering to your needs.

• World class customer support.

• Easy customization.

• A blog for your store.

• Access to Shopify experts that’ll help with your store at a negotiable cost.

• An app store with apps to help you manage your store and many more.

SHOPIFY PLANS

Shopify has plans with features that fits every criteria one may garner. There are generally five shopify plans with specific features available for them. The plans and respective features are discussed below;

THE LITE SHOPIFY PLAN

If you have a Facebook page about a particular activity or service and you have products you could sell on your page, then this is the plan for you. It is limited to only selling on Facebook and costs $9.

THE BASIC SHOPIFY PLAN

This plan costs $29 and has cards rates of: 2.9%+30¢ for Canadian cards, 3.5%+30¢ for Amex or international cards and an in- person card rate of 2.7%+0¢. There are no transaction fees for using Shopify payments as your payment gateway, but using external payment gateways has a transaction fee of 2.0% percent.

With this plan you get these features: two (2) staff accounts, ability to add an unlimited number of products, an unlimited amount of file storage space, a $49 retail package, a “good” Shopify shipping discount, shipping labels printed, 24/7 hour support, fraud analysis, the ability to create orders manually, discount codes, a website and a blog and finally a free SSL certificate. Features you do not get on this plan are: gift cards, professional reports, advanced cart recovery, advanced report builder nor third-party calculated rates.

THE SHOPIFY PLAN

This plan costs $79 and has cards rates of: 2.7%+30¢ for Canadian cards, 3.4%+30¢ for Amex or international cards and an in- person card rate of 2.6%+0¢. There are no transaction fees for using Shopify payments as your payment gateway, but using external payment gateways has a transaction fee of 1.0% percent.

With this plan you get these features: five (5) staff accounts, ability to add an unlimited number of products, an unlimited amount of file storage space, a $49 retail package, a “better” Shopify shipping discount (than the basic plan), shipping labels printed, 24/7 hour support, fraud analysis, the ability to create orders manually, discount codes, a website and a blog, a free SSL certificate, gift cards, professional reports and advanced cart recovery. Features you do not get on this plan are: advanced report builder and third-party calculated rates.

THE ADVANCED SHOPIFY PLAN

This plan costs $299 with cards rates of: 2.4%+30¢ for Canadian cards, 3.3%+30¢ for Amex or international cards and an in- person card rate of 2.4%+0¢. There are no transaction fees (, as usual) for using Shopify payments as your payment gateway, but using external payment gateways has a transaction fee of 0.5% percent.

On this plan, every feature is made available to you. Specifically, fifteen (15) staff accounts, ability to add an unlimited number of products, an unlimited amount of file storage space, a $49 retail package, the “best” Shopify shipping discount, printed shipping labels, 24/7 hour support, fraud analysis, the ability to create orders manually, discount codes, a website and a blog, free SSL certificate, gift cards, professional reports, advanced cart recovery, advanced report builder and third-party calculated rates.

THE SHOPIFY PLUS PLAN

Shopify plus plan is Shopify’s “custom” plan. There is barely any information of this plan except that you get what you agree on with Shopify. If a business gets intereste in the plan, they contact an affiliate or some affiliate brands of Shopify and they will submit/refer you to Shopify. After which Shopify will call you and create a store for you based on your agreed criteria.

PERSONAL EXPERIENCE WITH SHOPIFY

My personal journey with Shopify has been very interesting. In my first week of opening my first two stores, I’ve had several abandoned carts. Why so many abandoned carts? You ask! Because living in a third world country, Nigeria, I couldn’t get a payment processor. All good options required that a business be registered (Until recently but only for new accounts). It’s sad. So if you fail, it’s always easier to blame it on your country rather than the platform. It’s like back lashing at Google because they didn’t have results for a weird name/word you were searching for.

My first store sold geek merchandise and the second store that I still work on, sells Long Boards. I still can’t get a payment processor and so have a vast amount of abandoned carts while I simultaneously try to make it look appealing and trustworthy. I haven’t given up!

So, I saved the best for last. Shopify allows a 14 day free trial after which you’ll need to buy a plan to keep using the platform unless a development store is created for you. There is still no loophole because once a store is 14 days old; you’ll need to still buy a plan regardless of if it was created as a development store. The only other option is for you to be added as an employee and when the store makes 50 orders, you’ll need to buy a plan and the store gets handed to you. You also have the opportunity to employ Shopify Experts to help you with your store based on what you agreed on.

If you have a product, whether you made it or had it made for you and would like or are ready Launch, then there is no better platform to sell on than Shopify.