How to make 500$ in a week realistically is a big question for lot of you so here is your answer so read and follow the process.
We are gonna discuss below the Dropshipping business model where we are gonnna teach you more about how it works and how it pays guys so smile. If you start from scratch, quickly results can already become visible. And within half a year you can see the results.
Best Way to Make 500$ in a week realistically
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Dropshipping and affiliate marketing is the fastest way to make 500$ in a week realistically but we are gonna discuss about drop shipping and we will discuss about affiliate marketing in another post.
Drop Shipping:
“Understand that the Drop shipping business is a retail fulfillment method in which the retailer does not in general keep goods in stock but instead directly transfers customer orders and shipment details to either the manufacturer, another retailer or a wholesaler who then ships the goods directly to the end customer ”
Lets look at the advantage of Drop shipping in comparison to the “normal way of eCommerce”:
The best and the coolest advantage pro drop shipping, is that the drop shipper does not (own) and keeps any stock. Instead, the merchant purchases inventory as needed from a third party, this can be a wholesaler or manufacturer, to fulfill orders. So:
- Drop shippers in general don’t own the warehouse, but the inventory is at the supplier.
- Drop shippers never follow a logistic process, but the supplier takes care of the logistics.
- They can easily offer a lot of products: instantly able to offer a wide variety of products on your web shop.
- Quick time to market: be able to instantly start selling drop shipping products.
Why Choose Dropshipping?
How to make 500$ in a week realistically with dropshipping and why we should do dropshipping, lets look at the answer.
Why I should choose dropshipping is your questions can be answered with the benefits of low investment cost, less physical work and easy process of work.
Of course, as in any kind of business to make 500$ in a week realistically, it’s not at all easy and there is a lot of work to be done including the necessary headaches…so below are step by step procedure to take in order to start drop shipping:
1. Choose a product to you want to sell
Firstly, decide what products you want to sell. There are many variables that should be considered before deciding on the desires product you want to sell. To get inspiration, you can just go to a standard shopping mall or building materials market, visit an industry park and see what kind of factories there are and what can be easy to sell.
2. Locate a supplier who will drop ship for you
Find a supplier through your business or personal network, and preferably in your neighborhood or near by to your place of living. Or just visit the local trade fairs and go hunting for the best and the most wanted products!
3. Start up your own webshop, drop shipping account and organize with the Supplier
You can make drop ship accounts on several providers (Shopify, etc). Also you can promote your own webshop (if you can arrange low cost webdesign, this however is not the priority). Then contact the base company that can supply the products and set up a reseller account and sign an agreement with them.
4. Sell and advertise on online platforms such as eBay webshop, etc
If you do all this correct with the correct calculated marginal profits, then the more leads you generate, the higher your chances are that you find buyers and get good amount of commissions.
5. The Product Sells
Great news: your first products are sold and your customer pays you with an online paypal account instant payment. We highly recommend to use instant payment methods, such as Paypal, google pay, Alipay. This allows the customer to pay you faster.
6. Place Order With The Dropshipper
After your customer has paid you, you should contact the dropshipper as fast as you can to order the product on your customer’s behalf. The dropshipper then ships the order to your customer address under your name.
7. Follow up after the sale
In any kind of business you need to take follow up from the customer to build trust for future transactions and to keep the customer coming back to you.
Offer you customer personal contact in case of problems, it’s good to let the manufacturer handle it, and forward a personal contact information to the client, or let the manufacturer contact the client directly.
Basic tips to follow
Here are some basic tips to follow :
- Get ideal supplier to cooperate with.
- Find The ideal supplier to partner with:
- Needs to be reliable and needs to produce quality products;
- That don’t have a lot of business online yet;
- They have to be open for innovative ways to do his business, and wants to outsource this online marketing tasks to you, and who will not try too;
- When your supplier has your products on stock;
- Then need be ready for growth for his company;
- They are able to ship goods worldwide (much bigger market);
- Needs to ship your product frequently, and max. once a week. This is important, because your customers wants to receive the products as soon as possible;
- Has a showroom to easily and greatly show its products;
- Can provide a great and good customer support for you, when you receive questions from customers;
- Can pay your commission on a frequent basis.
- Pick a niche!
To make 500 $ in a week realistically
Aligning your strategy for drop shipping to make 500$ in a week realistically :
Before even thinking about drop shipping you should verify whether drop shipping fits within your main business strategy.
Below are the points that needs to be done to be so that you are easily able to implement it.
- Activities: Define your key activities you need to implement.
- Partners: The main drop shipping partners you need.
- Value: Determine the way to create customer value from drop shipping?
- Customers: In which way drop shipping will influence customer experience?
- Market: What markets you want to offer drop shipping?
- Channels: What are the channels you are going to use to enable drop shipping?
- Costs & revenue: How drop shipping is going to create any kind of extra revenue and influence your costs? Is it financially healthy to do drop shipping?
- Protect yourself from uncertain risks and know you are liable if you don’t manage this correctly!
Choose to protect yourself with the best Dropshipping Agreement you can get, and reduce the risk of getting yourself in any kind of trouble so that you learn how to make 500 dollars in a week realistically.
Dropshipping Basics To Make 500 dollars in a week realistically
Don’t want to make you scared, but this is the base and the real reality we live in. You must prepare yourself, however it’s not very common for all the Drop Shippers but you must look after below points.
1. Customer service.
Giving a cool and awesome Customer service can be very important when you want your customers to trust you and keep coming back to you. But how this works when doing drop shipping. In the case of drop shipping your are not responsible for the fulfillment.
So Customer service is partly out of your control and you should arrange the supplier to be honestly responsible for this as he is also making money from it. It’s therefore important to make a good Dropshipping Agreement with the supplier you make deal with.
2.Logistics and After sales
Dropshippers do not have to worry about logistics or inventory but what if your dropship warehouse or supplier is not at all reliable? What if they create a bad mess? Having clear & transparent contracts with them will be of high priority. Also you need to automate as much as possible. Look for the main partners that do also.
3.How to create revenue with drop shipping
First of all, it is not that easy to generate your first revenue with drop shipping. When you run an online store that only offers drop shipped products, indeed you don’t have to worry about any type of base inventory or product fulfillment. All you have to do is sell all the basic products, take orders and make a decent profit. Sound to good be true? Yes it is. They're some things to keep in mind:
4. SEO: Search engine optimization,
Using the right keywords within your market, is super important. There is many information available how to generate good traffic.
5. Are you getting the real wholesale price?
"No", by default you are not getting a real wholesale price. Often dropship distributors charge extra fees and/or tack these fees onto the quoted wholesale price. Is that reasonable? Yes sometimes it is because the distributor is doing all of the work still make sure you both are in a win win situation and make good money.
6. Shipping costs.
When you are working with several distributors and a customer orders multiple products at one time that are from multiple distributors, this will have a negative effect on the total shipping case look for the basic shipping costs.
7. Keeping track of the shipping logistic
Logistics can become a hell for you and your base customer. The bullet above already gives you an answer why. So having a fully automated logistic solution with clear tracking can reduce this burden. Any human intervention in this base process can cause extra administration costs. Keeping track of tracking with best CRM software is a good thing to follow.
8. Take responsibility for customer service
Having as awesome Customer Service is very important when you want your customers to trust you and keep coming again to you. But how this works when doing drop shipping. In the case of drop shipping your are not responsible for the fulfillment of any service. So CS is partly out of your control but still make sure that your partner follows the customer service process.
9. Best way to make 500$ in a week
Understand that you will make good money if you follow basic steps and we do think you got your answer on how to make 500 dollars in a week realistically.
We also promote blogging and affiliate marketing to make 500 dollars in a week realistically.
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