Ok maybe you heard this before but most people don’t explain HOW to do it. I really want to see people gaining their financial freedom and here is the step by step process people use to earn $4000/mo.
The best part is, once the system is in place it takes only 4 hours/week to maintain the store.
It took some people around 6 months to reach this level. So, be patient. However, if you put in enough time and effort you should expect to do great!
Set up an online store with shopfiy ,The platform is super user friendly and you don’t have to have any coding knowledge.
It takes around 1 hour to create a functioning store. Of course you have to spend around 4–5 hours more to make everything look pretty and fill it with content.
It is a $0 capital business model because they offer a 14-day Free trial. During this period you can test many ideas for products and expect to have a couple sales.
You can message me if you need help setting up a store. We can work together to create one or brainstorm ideas.
Choose your Niche - You should have a clear niche where you aim for a low amount of people who are very passionate about the niche you are selling in.
Your story is your biggest selling point, there are millions of stores around with the same products. It is the ones who have a better story to sell, who wins the game.
Find cheap products - Go to Aliexpress or Alibaba to find cheap products relating to your Niche. Now finding cheap products doesn’t mean that you should sell them cheap, it just means that try to keep your cost of goods as low as possible.
Dropship - Drop shipping is a form of sale without inventory. You present the product you want to sell in your own BEAUTIFUL store and the customer orders the product. Now that you have the clients address and received a payment, you go to Aliexpress and enter your CLIENTS ADDRESS and ship the product there.
Aliexpress handles shipping and you collect the profit in between, without even spending a penny on inventory.
Market - There are few ways to market your store and the more ways you use the better.
· Instagram account - This is a must. You have to have an Instagram account which adds at least 50 followers every day. Post 4–5 posts a day relating to your Niche and products.
· Facebook page - Here you will sell your story. Try finding people who are interested in the same niche. You want to create an environment where people are excited about your niche and your product will satisfy their needs.
· Influencers - There are many accounts on Instagram related to your niche which has +200K followers. You can send them an email which goes something like this. “Hi, I really like your content and feel like my products would fit very well with your follower base. How much do you charge for a shout-out.”
o They tell you how much it costs, and you send them the post you want them to share along with your URL which you want to attract traffic to.
Some numbers - Let’s say that our niche is Golfing and you sell fun office golf toys.
This it your product:
This costs you $10.28. We know that golf is not a cheap sport so we can expect our customers to be willing to pay a higher amount than that. Let’s say we want to sell it for $30.
We can expect people to buy this mug because, it is
1. A wonderful gift for a golf enthusiast
2. Both functional and entertaining.
Our profit in this case would be 30–10.28 = $19.72 . Let’s just assume there are some extra costs and round the number to $18 of PROFIT/sale
Now we have to market it. Remember we were talking about influencers right? Here is a golf related Instagram account:
Another thing we have to make sure is that they have a high engagement rate. If they have 300K followers but only 5K people like their content, it would’t make sense to put your money into.
Luckily these guys have a high engagement rate:
You can see that 71K people engage with their content. Which means that on an average post you will have at least 30–50K people to land their eyes on your product.
Now comes the fun part. Let’s say they are willing to share your post and are charging you $15–20 for the post.
· There are 50K people who are seeing the post
· Even if 2% go to your website, that is 1000 people visiting the store.
· Even if you have a %1 sales conversion rate (you will have more, I’m just stating the worst case) you will sell 10 items.
· That is 10 x $18 = $180 in revenue - $20 for the shout out = $160 profit.
· $160 Profit just from a single post with extremely low balling numbers. That’s not bad huh?
Once you hit a stable sale number/day, you can expect the following returns:
· 1 sale a day :$18 x 30 = 1 x $540 = $540/month
· 2 sale a day :$18 x 30 = 2 x $540 = $1080/month
· 4 sale a day :$18 x 30 = 4 x $540 = $2160/month
You get the idea. Consistency is key. And once you reach a stable amount, just keep scaling upwards.