We’re sure you’ve already read about this, but we’re still going to repeat it: dropshipping is not a get-rich-quick scheme.
Building a successful dropshipping store takes patience, hard work, and dedication – just like any other business. But trust us, the rewards are totally worth it!
To set the record straight, we decided to write the next article and explain what’s hype and what’s reality. And, most importantly, we wanted to share with you five tips that will help you start dropshipping with the right mindset and expectations for long-term success.
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Don’t fall for these dropshipping myths
Now, let’s start by separating fact from fiction when it comes to what you may hear about dropshipping online.
Myth: It’s easy to make 5 to 6 figures a month with barely any work.
Reality: You can make 5 to 6 figures a month and build a profitable dropshipping business but it will take significant time, effort and testing, and it won’t happen overnight. Those huge revenue screenshots you see on Reddit rarely show the full story.
Myth: You only need a few winning products to get rich.
Reality: That’s one possibility and in the long term, isn’t actually viable. But finding an evergreen niche and building your entire brand and store with groups of products of that niche is more sustainable over time.
Myth: You’ll get sales immediately after launching a store.
Reality: That would be awesome, right? But the truth is it takes most dropshipping stores months to start seeing results, depending on competition and how quickly you optimize.
Now let’s talk mindset!
5 tips for adopting the right mindset
Succeeding in dropshipping requires patience, persistence and thinking long-term.
So, these are 5 mindset tips to help you set real expectations and build a strong foundation right from the start.
1. Make data-based decisions
Emotional choices will only lead you in the wrong direction, at least in dropshipping. Make sure you set up a plan and have a clear set of rules to follow. And always let data be what guides your decisions, even when it seems you’re losing.
To help you set some realistic expectations, here are some important stats.
Only 1 in 20 products will be a real winner and therefore pay for the rest of your failed tested products. 5 in 20 products will break even, and the rest of the products are going to be a “fail test”, which means you are probably going to lose money with them.
Now, our recommendation (and what we also teach in our dropshipping course) is to pick an evergreen niche and set up your store with groups of products instead of finding a few winning items.
2. Patience is key
As we already established at the beginning of this article, this isn’t a get-rich-quick scheme. Most people who start dropshipping see results after 2+ months. So, you should give it 6 months before deciding if dropshipping works for you. Patience is key when talking about dropshipping.
We recommend having a budget that will cover at least six months of activity. This way you have a greater chance of finding a group of products that will generate enough profits in the long term.
3. Think long-term goals
The idea is to find a niche and a group of evergreen products and then build your store around them, not hunt for one miracle product. So, think long-term and stop dreaming about finding that one BIG product.
Focus on creating a scalable business and growing your store step by step, not finding winning products after winning products.
4. Set realistic expectations
It’s great to dream big, but you also need to set realistic goals. Building a business takes time and learning. Always.
So, it’s essential to set some achievable goals before starting dropshipping. This means deciding why you want to do this and what you want to achieve.
For example, let’s say you want to have an extra income of $2000 per month from dropshipping. Now, how much do you think you need to invest for this to happen? Can you make $2000 in profit each month with just $300 in initial investment? And is it possible to make this happen in just 2 months?
Well, from our experience, it’s almost impossible to get these results in 2 months with that small investment. You need to invest much more money and effort and even then, it may take several months or more to see these results.
So, make sure you set achievable goals for the next 3 to 6 months.
5. Have a sufficient budget
First of all, let’s get one thing straight right away, you can’t start dropshipping without investing any money.
To have any chance at succeeding in dropshipping, you need to prepare a budget that covers at least 3 to 6 months of activity. This budget covers the backend and store setup, testing products, optimizing ads, and straightening your strategies.
Now, as to what exactly is a minimum budget, well, that’s hard to say, as a budget depends on so many things, such as the type of store, niche size, type of products, audience, and competition, among others.
But, to give you an idea of how much it can be to dropship, from building an online store with all the necessary features and tools to having some budget for advertising, can cost you around $1500 to $3000.
And, remember, you are starting a new business from zero, one that you can scale up as much as you want. However, for that, you have to invest some money.
So, now that you have learned the truth about dropshipping, do you still want to start such a business?
If that’s a yes and you want to start building an online store or want to improve your dropshipping strategies, check out our complete dropshipping course where we guide you through the process step-by-step.
And if you have any other questions, feel free to reach out. We’re always happy to chat about dropshipping.