Aside from the human cost of the pandemic, many people are feeling the pinch economically. While certain countries have offered support packages to those who have lost work, other states, for a myriad of reasons, have not done so.
People lack financial support; even those on furlough with lower pay are turning to a ‘side-hustle’ as a way of making ends meet. It isn’t a great situation to find oneself in. However, in terms of opportunity, the dramatic up-in-the-air moment we inhabit right now is one that is apt for reshaping your work-life balance.
Many people who have found themselves in a challenging situation during lockdown have to take small businesses online and, in general, have turned to online work, such as working for an essay writing service, completing surveys, and even customer support. None of these options, however, have the potential for growth and profit like drop shipping.
For those who are unaware of what dropshipping is, here’s a brief reminder: you source a product from a third party in your eCommerce shop, then a customer orders the product in your shop, and you purchase it from your supplier who ships it to your buyer. The product arrives at their door, and you receive money to your account. You own the website or a selling account on one of the marketplaces, connection to the supplier, winning products, and the customer’s information. Basically, you connect buyers with suppliers. Fin.
Some of you may be wondering, “this all sounds great, too good even; in fact, is dropshipping legal?” The answer is yes – dropshipping itself is not illegal. You must, however, pay attention to international laws and taxation strategies.
What follows is our handily ordered list of reasons why dropshipping deserves your consideration post-lockdown.
1) More remote work for everyone
Staying away from the office has led to a change in perspective on what we want from work. Those who have found themselves working from home are not a homogenous entity. Some people are desperate for a return to the workplace. Zoom calls don’t cut it for this segment of society.
And that’s a fair comment. We know that loneliness and isolation are bad for our health. Being around a diverse array of characters and colleagues is what makes life interesting. However, if you are one of the not-insignificant ones who prefers this flexible way of working, dropshipping fits very nicely into the pattern.
If we cast our minds forward two years, when hopefully the pandemic is receding into the annals of history, the option for remote work takes on a new meaning. It means being able to see the world while working with a computer. Many readers will likely have come across Tim Ferris’ Four Hour Work Week. We anticipate a rush to this kind of philosophy once people come out of the other side of the pandemic.
2) Low overheads
After the initial outlay, dropshipping became a business model that inherently operates with low overheads. Unlike a physical store, you hold no stock or inventory; your dropshipping supplier handles that side. The touch of modern competitors is far more than a dropshipping company. Touch refers to how much ‘human’ is in the whole process. Dropshipping is low-touch and high-tech. Low-touch means fewer workers to pay, which contributes to lower overheads.
3) It’s a quick scaling business
Increased online shopping throughout lockdown was trending since shopping was already moving online pre-pandemic.
Online retail is booming now more than ever. With shops shut, it is a fantastic money-making opportunity for an astute individual. Dropshipping on eBay, Shopify, Facebook store, and the growing number of novel supply-chains are ripe for the picking. All it requires is the initial outlay, which you can learn about in this video.
Once you start getting traction with your various marketing strategies, it is easy to grow in a rapid fashion. You are exploring new niches, keeping your finger on the pulse of the modern consumer. The growth potential is generally positive, with multiple avenues available for exploration.
4) It makes for an excellent addition to your CV
As well as the financial benefits, starting your own dropshipping company is an excellent way to stand out from the crowd should you wish to hold down a full-time job. Some jobs have been lost forever in this pandemic, and employers are always keen to hire a candidate who hasn’t stood still.
Another option to please employers is volunteering, although this is still bound up in the lockdown rules. So dropshipping, with its base in the virtual reality of the internet, is an excellent choice.
Not only will you develop business acumen, but a host of desirable and monetizable skills. SEO research, profiling, web design, knowledge of GDPR and privacy laws, working with international suppliers and making a juicy profit. All these things prick the ears of employers looking for new talent.
If you’d like to know more about getting started with dropshipping, Dropship Academy is a free resource with breadth and depth. If you want to know how to start dropshipping, please take a look around and immerse yourself.
About the Author:
Amanda Dudley is a lecturer and writer. She received a Ph.D. in History at Stanford, and since then has remained in academia. She holds lectures on American and World History and offers her assistance as an academic specialist at EssayUSA. Her other skills include pedagogy for disabled students and improving her currently intermediate German.