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Dropship Your Way To Ebusiness Success
Q: I would like to start my own eBay business, but I really
don't want to invest in a ton of inventory until I can get a
better handle on what might or might not sell. I read another
column about dropshipping, but I'm still a little fuzzy on how
the whole process works. Do you think using dropshipping is a
good way to start an eBay business and if so, how do I get
started? -- Candace M.
A: Dropshipping is a topic that I first addressed in my column
way back in April, 2003, which is decades ago in Internet years.
But with the continuing growth of eBay and it's positioning of
itself as a viable way for anyone looking to launch an ebusiness,
the topic of dropshipping is now hotter than ever. It is also now
more misunderstood than ever.
Dropshipping has been around since Sears first started selling
goods from its mail order catalogs over a hundred years ago.
However, the idea of dropshipping still confuses many people who
don't understand exactly how the process works.
By definition, dropshipping is a method of selling and
distributing goods wherein the distributor or supplier of the
product (the dropshipper) ships the product directly to the end
user (your customer) on the retailer's behalf (that's you).
The process of dropshipping involves three parties who take a
product from manufacturing to market. They are a manufacturer, a
distributor, and a reseller.
Let's use a blue widget as a sample product to demonstrate the
process: Blue Widget Manufacturing (manufacturer): This is the
company that manufactures blue widgets. Blue Widget Manufacturing
does not sell directly to the public or supply the retailers who
ultimately sell the blue widgets to the end user. They prefer to
use distributors to handle the task of taking their blue widgets
to market. Blue Widgets sells blue widgets by the truckload to
distributors who pay $5 per blue widget.
A1 Distributing (distributor/dropshipper): A1 Distributing is
the company that purchases blue widgets in bulk from the
manufacturer and supplies them to resellers at a cost of $7 each.
The distributor does not ship blue widgets to the reseller, but
ships orders directly to the reseller's customers as the widgets
are sold.
Big Bob's eBay Widget Store: Big Bob sells blue widgets to the
public from his eBay store. Bob orders the blue widgets from A1
Distributing as he sells them (usually one at a time) and has A1
ship the blue widget directly to his customer. Bob sells blue
widgets to the public for $10 each, which means that for every
blue widget sold he nets $3.
How The Process of Dropshipping Works
Here are the seven steps involved in starting a dropship
ebusiness:
STEP 1: Choose A Product To Sell
The very first step in any sales process is deciding what
product to sell. There are many factors that should be considered
before deciding on a product to sell, but for now let's say that
you decide to sell CD players on eBay.
STEP 2: Locate A Supplier Who Will Dropship For You
Using a research tool like Google, Thomas Register, or an
industry-specific resource like The Ultimate eBay Dropship Power
Pak, you search for and find a company who will dropship CD
players for you. The company offers you a 35% mark up over cost,
which means that they will supply the CD players to you for $100
each and you should be able to retail them for $135. You make
sure that the dropshipper has a good stock of CD players on hand
so you don't end up selling a product that must be
back-ordered.
STEP 3: Set Up An Account With The Dropshipper
You contact the company that can supply the CD players and set
up a reseller account with them. This can often be done online or
by phone, but some companies will require that you complete and
return a reseller application to open an account. Some companies
may also require a tax ID and business license.
STEP 4: Advertise The Product For Sale On eBay
Now that you have your supplier lined up and know that the
product is in stock, it's time to make a sale. You advertise the
product using an eBay auction. Since you know what you must pay
the dropshipper for the product, you know what the minimum amount
you will take for the product. In this case you start your
auction at $100 since that is your cost. If you are confident
that you can get more than $100 for the product you can start
with a lower price, but remember that if the product goes for
less than what it costs you to fill the order, you will lose
money. Also remember that the dropshipper will charge shipping,
so you should figure that into your sale.
STEP 5: The Product Sells
Great news: your CD player sells for $135 and your customer
pays you with a PayPal instant payment. I highly recommend that
if you are selling on eBay you use PayPal or some other online
processor to accept instant payments. This allows the customer to
pay you faster, which lets you place the order with the
dropshipper faster, which gets the product to your customer
faster.
STEP 6: Place The Order With The Dropshipper
After your customer pays you, you should contact the
dropshipper immediately to order the product on your customer's
behalf. The dropshipper then ships the order to your customer
under your company name and address.
STEP 7: Follow Up After The Sale
This is where many new ebusiness people drop the ball. Just
because your customer has paid you and you've placed the order
with the dropshipper does not mean that you are out of the loop.
Quite the contrary, if there are problems with the order you are
the one that will be held responsible in the eyes of your
customer.
Be proactive in your customer relations. Follow up with your
customer to let them know that the item has been shipped. Offer
yourself as the personal contact for any issues that may arise.
This is also a great way to sell that customer more products.
Invite them to check out your eBay store or website if you have
one.
Many people are afraid to use dropshipping as a method of
sales due to the horror stories that fill the Internet about
unscrupulous dropshippers who take the money and don't fill the
orders, merchandise that is eternally back ordered, unscrupulous
middle men posing as dropshippers, etc. Make no mistake, the
dropshipping industry - like most other industries - does have
its share of shady characters who would rob you blind given the
chance, but there are also hundreds of honest dropshippers who
can help you build a profitable eBay dropship business.
Dropshipping is a complex topic that can't be completely
addressed here. For that reason I have written a detailed report
on dropshipping that is available to Entrepreneur.com readers for
free. Small Business Q&A is written by veteran entrepreneur
and syndicated columnist, Tim Knox. Tim's latest books include
"Small Business Success Secrets" and "The 30 Day Blueprint For
Success!" Related Links: http://www.smallbusinessqa.com http://www.dropshipwholesale.net
 MORE RESOURCES updated Thu. February / 09 / 2012
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College show a dress-up affairVictoria Times ColonistIt includes food, music, games, prizes and auctions. Casino Royale has a James Bond theme, so guests are encouraged to wear tuxedos and gowns. The decor of this year's fundraiser will bring to mind Montenegro, one of the settings of the 2006 Casino ... |
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Kickbacks row: AP proceeds to review excise policyZee News"The current system of auction (of liquor shops) is flawed. It needs to be revised...we are on the job," Mopidevi told newsmen here today. A team of senior Excise Department officials visited Tamil Nadu recently to study the excise policy in vogue ...and more » |
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Hart, S - Superfast BroadbandDeHavilland (press release) (subscription)In reply, Mr Hart asked about what could be done to help those left out of the plans. Responding, Mr Hunt said that Ofcom's announcement for 4G spectrum auctions would mean that 97 per cent of the country would be reached, but more should continue to ...and more » |
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Muckdogs planning for Hot Stove eventThe Daily News OnlineBATAVIA — The Genesee County Baseball Club will conduct its annual Batavia Muckdogs Hot Stove dinner and auction on Friday, March 2, 2012, from 5:30 to 8:30 pm at Terry Hills Golf Course and Banquet Facilities at 5122 Clinton St. Rd. Tickets are $25 ... |
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After kickbacks row, AP to review excise policyZee News"The next round of auctions is due in June. So we should have a new policy in place before that," the Minister added. "Syndicates are neither new nor restricted to liquor trade alone. Syndicates exist in sand and other businesses as well," Mopidevi ...and more » |
Parda Phash |
Pay more for your favorite beverage!Parda PhashSo the prices of this variety of tea are expected to go up at auctions. It will push up CTC tea retail prices in the domestic market," Arun N. Singh, managing director and chief executive of tea major Goodricke Group, told reporters over phone.and more » |
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