Can You Become A Multi-Millionaire Dropshipping?

Dropshipping was all the rage in 2017 when I first wrote this article.

Here we are some years later and I think this needs an update.

Is it possible to become a multi-millionaire dropshipping?

YES. It’s possible to get rich with dropshipping if you know what you’re doing and you do it well.

It’s not as easy as many YouTube gurus make it out to be, but there is money to be made in dropshipping, and in this article, I’m going to explain everything you need to know to make it happen.

Although I own a Shopify print-on-demand store (which uses the dropshipping model), I didn’t become a multi-millionaire drop-shipper myself.

I’m also not a big fan of the dropshipping model (it comes with many headaches), and I prefer to build simple passive-income affiliate websites instead.

In this article, I’m going to explain to you (from my own experiences):

• The 3 things you need to start a successful dropshipping business
• How to get traffic and sales so you can get started on your millionaire dreams
• How to invest your dropshipping profits for more revenue.

3 Things You Need To Start Dropshipping

Shopify

While you can use other store builders such as WooCommerce or Wix to do drop shipping, Shopify is the industry standard and I also believe it’s the best one out there due to its many features.

Shopify is an online store builder. Unlike ‘WordPress” which builds content-first websites, Shopify builds online stores.

This is a must to have, so this needs to be the first step on your journey. At the time of writing, Shopify is at a $29 per month rate for a basic subscription.

With that membership plan, you also get any next fundamental dropshipping tool, which is Oberlo.

Oberlo

Dropshipping is the online business model that will allow you to ship products from suppliers (usually through AliExpress) and send them straight to your customer’s address. Meaning;

• You never get to see the products
• You pocket the profit margin you set for yourself.

Oberlo automates all this process for you, and since it’s free, I see no reason why you would want to do it manually when Oberlo does this so well. (Shopify recently acquired Oberlo, so you know this product is legit and here to stay).

Find out more about Oberlo here.

A Niche

Right, the tough one. Picking a niche is a must, meaning you need to figure out your audience and what products you are going to sell to them

Picking a niche is no easy task, and you should also know that you may not get it right the first time around. That is ok. Don’t get too bummed out if your niche is not working out; you can always change it later down the line.

All drop shippers have struggled with this obstacle and the only way to get through it is to keep testing out products and audiences as you go along.

Eventually, you will land on a winning niche and a winning product. It’s actually very rare to get it right the first time around, so again, do not be bummed out if the first one doesn’t go well.

Getting rich is never easy, be prepared to work for it and yes, even spending money to make money (dropshipping is not free).

How To Get Traffic & Sales With Your Dropshipping Store

Once you have all the above sorted out (Shopify Store, Oberlo, a niche), you need to start driving traffic to your Shopify store

Doing a quick search online would turn up hundreds of video tutorials on how to use Facebook Ads with drop shipping, but although Facebook Ads do work great, it’s not the only way you can get traffic.

See here for a detailed list of the many ways you can drive traffic to your store.

How To Increase Your Sales

Want to get rich with dropshipping? You need to get sales (obviously), and to “get rich with it” you need to make a lot of sales as well, not just a few.

Here’s one of my favorite guides on how to scale and increase your sales with dropshipping, I have used the methods listed below to get myself to the $2,000 to $4,000 a month range so I can promise you these tactics work.

6 Ways To Reinvest Your Dropshipping Profits (To Become A Millionaire)

Becoming a millionaire with dropshipping is not easy.

If it were, everyone would be doing dropshipping.

However, there’s a lot of potential for people to get rich using funds earned from drop shipping to scale their business.

Here are a few things I myself am doing to turn my drop shipping profits into more (passive) income online as time goes by.

Investing in a better store:

Investing your money back into your business instead of buying ‘wasting” your money away is always a smart move.

If you have a store that is making sales, spend some money on making it better (every store/website can be improved).

Hire a UX designer, get some graphic designers to design some cool visuals; do anything that you can (within your budget) to make your store better than before.

This will surely help you make more money as time goes by and you learn more and more about how to improve it.

Investing in other Dropshipping stores:

Did you know that buying up stores is much more efficient (and cheaper) than building your own?

So why wasn’t this part of the advice!?

Because you need to know how to run a store before you can actually buy one to run.

You can buy the best store in the world, but without experience, it will never get you anywhere.

Once you have experience in the dropshipping business, have learned all the lessons that you need to learn and are ready to expand, then consider buying a ready-made, ready-profitable Shopify store,

Once you’re at that level, go through the Flippa.com and Shopify Exchange listings and see what stores catch your eye.

See how you can improve it and see how much it would cost you to run it “your way’, you may find that the profit margins are not as good as you first thought.

Investing in an Affiliate Marketing Income:

Affiliate marketing has been my first love, and I have been doing this for many years, longer than I’ve been doing dropshipping.

To me, it still is the easiest way to make money online, some drop shippers may disagree, but it depends on who you ask.

Affiliate marketing is a beast and it’s growing stronger each passing year. Once you start making money with dropshipping, consider starting an affiliate website. You won’t regret it, I promise you.

Investing in Cryptocurrencies:

Remember I said cryptos are all the rage? Well, there’s a great opportunity to make money with them at the current time so investing some of your dropshipping earnings into crypto is not a bad idea.

As always, be careful about what projects to back and only put the money you can afford to lose.

I put around 20% of my monthly income into cryptos each month and will be holding them for years. My favorites (if you’re asking) are IOTA and XRP.

Investing in Training:

Yes, this is another huge one and one that I suggest you do as soon as you can. Get some proper training!

Free guides like the ones you are reading now are extremely valuable and you will learn a lot but there is nothing like having a structured course showing you all the steps you need to take while in the company of other drop shippers with varied experiences.

Training is great and you will be doing yourself and your business a favor by investing in some training that will teach you all you need to know about dropshipping.

The training course I followed is the eCom elites training, highly recommended.

Investing in Real Estate:

My next goal, which I haven’t quite started yet, is to invest parts of my online income into real estate.

I still believe real estate is the safest and most rewarding investment you can ever make so pretty soon (hopefully 2019), I will be making moves into the real estate markets as well.

If you want to get rich with dropshipping (or just rich in general), you need to make investments.

A job won’t make you rich and one income stream won’t (likely) make you rich either. You need to make smart investments and real estate, in my humble opinion, is one of the best investments you can make.

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https://www.youtube.com/watch?v=45996Cm7yrU

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So there you have it, a simple (although not easy) way to get rich with a dropshipping business.

If you don’t think dropshipping is for, and would like to see how I build simple, passive-income affiliate websites, be sure to check out the linked guide.

It’s the best method I’ve found, and in my humble-yet-biased opinion, it’s a much better way to get rich than dropshipping, but that’s just me.