Ready to make money? Let's get serious about your income – you're now an entrepreneur and Shopify is a tool for ANY entrepreneur looking to build a online income stream.
Now that the coronovirus is locking down entire countries, we're all gonna move online & setup entire shops to start building income streams. It's gonna take hard work, lots of support and help. That's why I want to create a Shopify series where I show you what to sell, how to sell it and interview successful Shopify owners who can give you advice.
Let's jump in – how to make money on Shopify today.
Number One: Sell Physical Goods
If you already have a product to sell, you can set up your own store with Shopify. The plug-and-play technology makes it easy for anyone to set up a beautiful store. When you use Shopify to create your own store, you create your brand rather than trying to compete with thousands of others on online networks, such as Amazon.
If you have an inventory of products and can handle all aspects of listing, pricing, advertising, payments, and shipping, you can make money selling your physical goods without sharing the commission.
Number Two: Start a Dropshipping Business & Brand
What is dropshipping?
Dropshipping allows you to sell items at retail prices while a wholesale company fulfills the products for you. You become the middle man while the dropshipping company fulfills the products.
Dropshippers are marketers and Shopify is a great site to use for this strategy. Rather than carrying inventory, you market the products held by the manufacturer. You sell products on your site. When someone makes a purchase, you transfer the information to the manufacturer who handles the processing and shipping of the order.
Best Way to Dropship Products
I recommend creating a brand around an entire set of products. For example, start a brand called Quality Tires for Less. That store would ONLY sell tires & the dropshipping company would fulfill the tires for you. From this example, you wouldn't add kitchen utensils to this store. This allows you to build a brand & then, eventually sell the brand for millions.
You only pay for the items sold and make the profits based on the difference between what it cost you to buy and the prices you charged. Dropshipping is a great way to get into eCommerce.
Why I Recommend Dropshipping
Your store doesn't need to stock products in a physical location so your cashflow is not tied up in Mary Kay inventory. (sipping tea)
Then, when someone purchases from your Shopify store, you place the order with a 3rd party like AliExpress. They handle the fulfillment for you.
While you only need a laptop and a credit card, that means you can run this business anywhere in the world with an internet connection. That's freedom.
Number Three: Print on Demand to Pocket Margins
Sell personalized items, such as mugs, cups, shirts, and hoodies on Shopify. You can use Printify, which works much like a physical goods dropshipper. With a print-on-demand service, the printer only prints items as you sell them.
This helps decrease the cost of unsold inventory because there isn’t any. Again, you operate as the ‘marketer’ selling the products for the manufacturer. You charge your own prices and pocket the difference between your price and the printer’s cost.
Number Four: Flip Hot-Selling Items
If you are a bargain shopper that always finds great deals, you can ‘flip’ these deals online in a Shopify store. Rather than letting eBay or Amazon eat up your profits, you can create your own store, set your own prices, and earn your profits. Of course, you’ll pay a subscription price for your website, but it’s a fixed monthly cost. Any profits you make on the products you sell are yours – there’s no one with their hands in the profits of each item you sell.
Some of the best items to flip right now are:
- Baseball Cards
- Record Players
- Antique Furniture
- 1980's Jam Boxes
- 1980's Memorabilia
- Face Masks & Hand Sanitizer (for now)
- Old Canning Jars
- Mid-Century Modern Furniture
- High-End Purses
Number Five: Freelance Writing, Designer or Web Developer
- Graphic & Web Design
- Logo Design
- SEO services
- Ghostwriting services
You set up a menu of products, just as you would for physical products, but make it very clear that the products are ‘digital’ and nothing will be physically shipped. If you're looking to make money teaching, then, we recommend checking out these 7 online teaching platforms.
Shopify offers many ways to make money online without the need to carry any inventory. If you can manage a plug-and-play website, you can set up an attractive site to sell your products or services online for a reasonable cost.