$500,000+ revenue on Shopify!

[Sanj Modha]

How much do you spend on an ad before killing it? Also you spend 1k per day on Facebook or total as spend?

That's FB right now. I have campaigns running on Adwords too. FB is inconsistent at the the moment so I'm fluctuating between $600-$1000/day. I had a few weeks at $400/day because ROI was really low but it's getting better.

I like to spend at least $50 on new ads for new niches.

 

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[Roli]

The Shopify blog is very useful. There are some really smart cookies here as well. Just test, test, test. There is no secret.

Big thanks for this, I was recently checking out dropshipping on ebay, but I'll check this out. Any tips for how to browse the blog?

Thanks

 

[Sanj Modha]

Thanks for sharing, I'm sure many will find value, even if your numbers and answers are vague and implausible. Not throwing shade, just sitting this one out. Inspiration and mindset matter, so the thread's already added value, just not gold. I do know ecomms with shopify+dropship+fb ads working profitably but their margins are downright anemic compared to yours. Rock on.

I thought about adding Shopify and FB technicals but decided on posting in Mindset first. It's a broad business model which needs a separate post on each in my opinion.

 

[Sanj Modha]

Big thanks for this, I was recently checking out dropshipping on ebay, but I'll check this out. Any tips for how to browse the blog?

Thanks

If you're stuck, search for specific terms on the blog. We live in the information age. Google, Youtube, Quora, Reddit is on your side.

Start here: https://www.shopify.com/blog/117607173-the-definitive-guide-to-dropshipping-with-aliexpress

 

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[Pershing]

congrats for your success, I'm also trying shopify but didn't find a profitable product yet.

What is your profit after product cost and FB ads?

thanks

 

[Sanj Modha]

congrats for your success, I'm also trying shopify but didn't find a profitable product yet.

What is your profit after product cost and FB ads?

thanks

It's about $200,000. It's nothing really. My mentor made $2.5m last year. $1m profit and all 100% dropship.

 

[Pershing]

It's about $200,000. It's nothing really. My mentor made $2.5m last year. $1m profit and all 100% dropship.

I suspect your mentor is Adrian Morrison, right?

 

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[Sanj Modha]

I suspect your mentor is Adrian Morrison, right?

No, but I know people who know Adrian. He's crushing it.

 

[hughjasle]

It's about $200,000. It's nothing really. My mentor made $2.5m last year. $1m profit and all 100% dropship.

So share the nuggets, what has your mentor done/said/showed/introduced you to/given for you to get you going on this path? Can you share that so others can follow in your steps?

 

[Natural]

I have a question regarding dropshipping. Say you started a Shopify shop that sold something that might be copyrighted, or accessories that is similar to another brand's - could this get you in some serious trouble?

Some examples - Specific movie/character merch.. Non-branded jewellery that looks similar to branded jewellery, electronic products etc..

 

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[Sanj Modha]

I have a question regarding dropshipping. Say you started a Shopify shop that sold something that might be copyrighted, or accessories that is similar to another brand's - could this get you in some serious trouble?

Some examples - Specific movie/character merch.. Non-branded jewellery that looks similar to branded jewellery, electronic products etc..

I wouldn't touch TM merchandise but plenty do. Why spend all that time building a business and watch it fall?

Stick to non-TM, generic stuff. There's plenty of profit and no lawyer on your back.

 

[Sanj Modha]

So share the nuggets, what has your mentor done/said/showed/introduced you to/given for you to get you going on this path? Can you share that so others can follow in your steps?

I am happy share two big nuggets:

1) I learnt the art of building processes which helped me to automate my business and scale up faster. You can do the same by reading up Kaizen, Kanban, Six Sigma methodology. I personally like the Kanban approach using Trello. I know that if I'm not around my VA can work autonomously.

2) I know it's cheesy but it's never about the products you sell. It's about the knowledge you acquire. That means research your audience before selling products or building a business. What do they like? How old are they etc? My mentor sells t-shirts in the most competitive niches. It doesn't stop him from making millions.

The biggest mistake I see with IM is people find/create products then try to sell it. This is wrong.

Find the audience first and build the business around them. This is the path to least resistance. In my business, I research the audience, demographics, income levels before picking a product. I then look at my competitor sites and see how much it sells for. Most of that $500,000+ came from 4 products only. The rest were email upsells.

Don't cut corners.

 

[craig1928]

Here's 2 FB groups people should join if this interests you.

https://www.facebook.com/groups/adbuyers/

https://www.facebook.com/groups/ShopifyStorePros/

 

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[DWX]

Once you've decided who your audience is and move on to the product selection phase, do you have a specific criteria when it comes to price?

As in, do you only sell products over, say, $100? Or do you have a variety of different priced products? I've seen a number of successful drop shippers who adopt the higher price strategy (lower amount of customers, easier handling, more profit per product, etc.)

 

[Oztrepreneur]

That means research your audience before selling products or building a business. What do they like? How old are they etc?

So we hear this often. Find a large audience, then give them what they want or need or find out what they want. Any practical methods you have successfully used to find this sort of thing out? Run surveys etc?

For instance the pet market is huge, niche down to dogs. What practical methods can be used to find a gap or underserved opportunity here other than your own personal insight and intuition?

 

[eTox]

If you're stuck, search for specific terms on the blog. We live in the information age. Google, Youtube, Quora, Reddit is on your side.

Start here: https://www.shopify.com/blog/117607173-the-definitive-guide-to-dropshipping-with-aliexpress

What a great Idea. How have I not thought of this for 2 years now, that I have been ordering there myself!

Speed++++++

 

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[Pershing]

Guys, I've been studying shopify for a few weeks, and my multiniche store is ready. I tested different products but no success, and thanks to Sanj I now understand what was wrong in the process. Passionate audience first, and then product for that audience. I did the contrary.

I'm part of several facebook shopify groups, but if one or two of you want to start a new mastermind group let me now.

Thousands people are doing this, and earning big, I don't know how long it will last

 

[Sanj Modha]

Guys, I've been studying shopify for a few weeks, and my multiniche store is ready. I tested different products but no success, and thanks to Sanj I now understand what was wrong in the process. Passionate audience first, and then product for that audience. I did the contrary.

I'm part of several facebook shopify groups, but if one or two of you want to start a new mastermind group let me now.

Thousands people are doing this, and earning big, I don't know how long it will last

Everyone does it. I see guys trying to sell some random products and there's nothing wrong with that. But find the audience first and sell. I GUARANTEE you will make sales.

 

[Sanj Modha]

So we hear this often. Find a large audience, then give them what they want or need or find out what they want. Any practical methods you have successfully used to find this sort of thing out? Run surveys etc?

For instance the pet market is huge, niche down to dogs. What practical methods can be used to find a gap or underserved opportunity here other than your own personal insight and intuition?

I look for passion based on my own experience. I know pets is huge. Just look around you and count all the pet owners. Some people love their pets more than humans. That's passion right there. So look for passion and huge audiences.

Google Trends and Keyword Planner is a great resource too. Look for buyer intent keywords. That will show you the size of the market.

 

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[Yussef]

I posted this over at FB and it made some dents. I think it could help someone here too:

Today marks an important milestone for me. It's one year of going full time on Shopify. I have 3 stores now with an excess of $500,000 in revenue (2 are newer launched in the last few weeks). Profit is $200,000.

I'm not here to brag or to release any dumb course. I'm here to inspire. To quote Biggy Smalls "It was all a dream...".

I'm actually embarrassed to post this because I know guys in here making these figures A MONTH. But you gotta start somewhere right?

This store took a dip recently due to FB ads playing up but that taught me an important lesson. I'll post it below.

I started with a vision and a road map to success. Here are my top 10 tips for achieving the same:

1) Follow the right people and unfollow the rest. Most gurus are bullshit.

2) Get into a routine. I meditate, power pose (see Amy Cuddy's video on TED), and do some stretches before starting my day. How you do anything is how you do everything.

3) Read for 30 minutes EVERYDAY. Wow...I wish I knew this when I was 18 years old. Read anything and everything. Start with sales, marketing and mix it up with fiction. I alternate between the two genres.

4) Don't work weekends. Seriously, I haven't worked a weekend in years. Spend time with your loved ones, your kids, your dog. Money cannot substitute that.

5) Learn processes. Bruce Lee called it right. Success is about stripping everything away and processes help you do that.

6) Do not rely on any one thing for your income. This is my biggest mistake to date. I was focusing on FB traffic without considering email marketing or Adwords. Now I use all 3 in my arsenal to generate sales. I'm actually in the process of replicating this revenue with Adwords traffic only.

7) "Offer value first" - I'm sorry but that's bullshit. You don't open a store in your local mall to give things away. You do it to make money. I know people will disagree but that's the cold hard truth. If you don't believe me - watch Kevin O'Leary on Shark Tank. Offer a sizzling product to the right audience and you will make money. Truth.

8) Be a nice person. Yeah the world is full of douche bags but you don't need to be one of them. I'm heavily influenced by eastern philosophies and I live in India now so I guess it's easier but if you're struggling in life, close your eyes, take a deep breath and exhale for 10 seconds. It's a Zen practise I use all the time.

9) Network, network, network - find people who propel you forwards. Join a pack of lions. Become the leader.

10) If your productivity sucks. Go use the Pomodoro Technique. It works!

I didn't get here by myself. I met some extraordinary people who mentored me, showed me the path, ridiculed my ideas but ultimately shaped my character. I thank you all and you know who you are.

Gary Vee walks into any room thinking he's the best but also realizing that his work doesn't matter. Make your ego your friend and drown out that negativity.

I'm the proud son of working class immigrants. I didn't know anything but I learnt it all. Success isn't born. It's made.

If I can do it so can you. I also want to thank the entire team at Shopify for making this possible. My goal for next year is $1m/store.

Good luck.

Oh so smart to duplicate your success on Adwords (Display I Hope) but what a good post. I wonder if you know Nishant and Kenmond Sanders? I had a chance to hang out with them recently in Vancouver Canada. Smart guys.

 

[Yussef]

I started life on FB by selling dating leads. That was great until FB stopped it (too many blackhatters). Then I started selling shirts on Teespring. I did that for about 18 months before moving onto Shopify. I don't sell shirts anymore. The non-shirt market is worth trillions.

Oh really? Well shirts are still worth Billions.

 

[JonnyC]

Oh really? Well shirts are still worth Billions.

Damnn you told him

Good job

 

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[Yussef]

Damnn you told him

Good job

I was just messing around with him. He has a super good post.

 

[Sanj Modha]

Oh really? Well shirts are still worth Billions.

I got bored of shirts and it's hyper competitive now on FB. I found untapped products/niches with next to nothing competition and moved over to Shopify. It's the best decision I've ever made.

I know I have no competition because some of my niches sell for less than $2 CPM. That's major moolah in the bank.

 

[Sanj Modha]

Damnn you told him

Good job

True but I like systems with some barriers to entry. It's way too easy now for copycats to steal and sell. That's not so easy with the business model I use.

 

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[ALEX-P]

Thank you 4 sharing your experience!

It's hard to find the right audience for the products you sell! I'm doing a lot of effort to do this first step!

One question: How can i analyze my competitors? Are they selling more or they have the same problems? Where are they selling and working?

 

[JonnyC]

I was just messing around with him. He has a super good post.

Haha gotcha, sarcasm is tough to read online... or I'm just dense

 

[Sanj Modha]

Thank you 4 sharing your experience!

It's hard to find the right audience for the products you sell! I'm doing a lot of effort to do this first step!

One question: How can i analyze my competitors? Are they selling more or they have the same problems? Where are they selling and working?

Go for the path to least resistance. Sell a variation of something that's already selling. There's plenty of room for everyone and people like choice.

We don't need to reinvent the wheel.

 

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[exclusives88]

When you drop ship, do you focus on products that don't have a strong brand? For example, you wouldn't want to drop ship cameras because it'd be hard to find a distributor or manufacturer that would drop ship canon or nikon cameras. Another example will be TVs (LG, Sony, Samsung...etc).

Are these good examples for a drop ship businesses?

-Stage/Performance Lighting and Accessories
- Toilets and Counters
- Commercial Bathroom Mirrors

I've ran a drop ship business selling Silk Flowers but decided to sell it off due to major headache with suppliers.

 

[DWX]

Do you have a specific selling price criteria when it comes to dropshipping?