Dropshipping to build up capital and experience?

[Ywan]

Hi guys,

I need your advice. I have an idea for a brand with a few products, but need about 15-20 k to implement the idea. Since I can't and don't want to take a loan, I will have to bootstrap it.
Now for my question: I was thinking of doing a dropshipping store to both build up the capital I need for the brand and learn about online marketing right away so that by the time the brand launches I have some experience and I don't have to start from scratch.

What do you guys think about this? Is dropshipping in 2021 profitable enough to build up the capital with it or are there better options?
If so, what would that better options be? What would you do instead to build up capital?

Thanks.

 

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[Deleted78083]

When Jeff Bezos built Amazon end of the 90s, he thought about doing dropshipping and eventually sided against it because he didn't see the business plan. Now, dropshipping has made some people millions, but that was before consumers heard about aliexpress. Generally, it's a bad business model because you control nothing, and create no value.

If you want to learn sales, marketing, etc, i recommend you pick a skill (design, web design, copywriting) and start a side hustle with that skill. Or you can build a blog. My blog taught me tones I wouldn't have learned otherwise.

Finally, regarding your main idea, you should test and validate it before investing 15k-20k.

Good luck

Monfii

 

[Ywan]

When Jeff Bezos built Amazon end of the 90s, he thought about doing dropshipping and eventually sided against it because he didn't see the business plan. Now, dropshipping has made some people millions, but that was before consumers heard about aliexpress. Generally, it's a bad business model because you control nothing, and create no value.

If you want to learn sales, marketing, etc, i recommend you pick a skill (design, web design, copywriting) and start a side hustle with that skill. Or you can build a blog. My blog taught me tones I wouldn't have learned otherwise.

Finally, regarding your main idea, you should test and validate it before investing 15k-20k.

Good luck

Monfii

This is exactely, what I asked myself. Where is the value, that one creates when doing dropshipping. I could not find a good answer.

Thanks for the tip with learning a skill. I will definitely consider that. Is there one skill, that is better than the others? Or is it just a question of how much time you invest in a skill to get good, because they all are valuable?

Do you happen to have any tips on how to test an idea before investing money?

Thanks.

 

[poseidn]

all dropshipping will do is lose you capital.. very rare to succeed with it and requires lots of ad spend before ever see profit.

It's not some get rich quick scheme you can use to plug n play and build your money up to invest in other things, although the ads, youtube vids will make it out to be like that. Even very skilled DR marketers will burn through lots of $ before profiting. Not a easy option as you seem to think (thank the gurus for that!)

 

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[Deleted78083]

This is exactely, what I asked myself. Where is the value, that one creates when doing dropshipping. I could not find a good answer.

Thanks for the tip with learning a skill. I will definitely consider that. Is there one skill, that is better than the others? Or is it just a question of how much time you invest in a skill to get good, because they all are valuable?

Do you happen to have any tips on how to test an idea before investing money?

Thanks.

It depends on you and it depends on the market. The market is craving for blockchain developers at the moment. Is it smart to learn blockchain development as a side hustle?

If you have 5 years to waste, why not. But you don't, so the answer is no.

You need a skill you can learn reasonably fast and that the market needs.

Web design is one idea: GOLD! - How to Learn Code, Start a Web Company, $15k+ per month within 9 months

Copywriting is another idea: GOLD! - Lex DeVille's: 15 Days to Freedom - Make Money Copywriting in 15 Days or Less

If you can do web design, copywriting, some SEO, and some online ads (Facebook, IG, TikTok, Pinterest) then you can offer online marketing agency services: GOLD! - CHECKLIST: How to Start a Digital Marketing Agency & Hit $5K in Less than 90 Days

Finally, to learn how to validate your idea, you can check out my thread: EXECUTION - Is this the way to best validate my idea?

 

[Kid]

Just as an exercise - think of ways to add value to dropshipping.