Leaving the world of finance in 2007, check out how Andrew Youderian started an eCommerce drop-shipping business with only $1,500 US in start-up capital, and growing multiple sites to over a million dollars in annual sales within five years. Andrew shares his rigorous criteria for choosing a profitable niche, also providing valuable insights on mistakes that he made starting out. Andrew also has a free eBook about getting into drop-shipping eCommerce on his blog at eCommerceFuel.
• How to pick a niche and getting started
• Understanding the pros and cons of drop shipping
• How to approaching suppliers or wholesalers with no track record
• The Importance of a firm approach in phone calls
• How to leverage your track record for better pricing and fees
• The advantage of working with multiple suppliers
• How to deal with third party logistic fumbles
• How to calculate back of the napkin math in choosing a niche
• Why you should not get into commodity niches
• What are the future implications of Amazon on drop shipping businesses
• Why you should provide value instead of competing on price
• Why you should drop ship instead of manufacturing your own products
• How pay-per-click advertising can kill your business
• How to pivot your social media efforts
• How to find drop shipping opportunities within “embarrassing” niches
• How to focus on what’s important starting out
• When to graduate from a hosted platform to an open source
• The General timeline of starting a drop shipping business
• Three tips to improve cart abandonment
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Mentions in the Episode:
- Build My Online Store .TV
- Right Channel Radios
- Drop Shipping
- eCommerce Fuel
- Google Keyword Tool
- “eCommerce Startups” by Chris Dixon (Blog)
Episode Length: 49:00
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