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Jordan Welch's Exposing The Truth About Shopify Dropshipping: My Thoughts For Side Hustlers
Ecommerce guru Jordan Welch shared his thoughts on why dropshipping is a flawed business model. Here's my take... #ecommerce #dropshipping #sidehustles
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- Duration:
- 10m
- Broadcast on:
- 08 Jul 2024
- Audio Format:
- mp3
So Jordan Welch did a video sometime back about exposing the truth about Shopify drop shipping. And you know he exposed some of the flows and why drop shipping is a flawed business model. It's a great video you should watch it. In this video I'm actually going to show you why I agree with him. But also I'm going to show you three great business models that I actually recommend for if you are pursuing a side hustle okay. So if you don't know Jordan Welch he's a great YouTuber you know that's done a lot of drop shipping videos and kind of online business building videos which I personally find I find these videos to be quite fun as do hundreds of thousands of people all right and if not millions of people. And so his content is really something to look into. But one of the funny things about this okay is like when I was looking at some of the stuff that he has done in the past with drop shipping or you know that kind of online business was you could suddenly see that there are places in that business building thing that you could optimize. And so coming in with my product marketing background with my marketing background like I could see like okay you could do this and that like you could make this a much more profitable business by adding these other moves to it. Now he's a smart astute businessman like give him that he's a much much more successful businessman than I personally. So he's very very smart with how he's doing his business. And so you know I don't want to knock him there like he's really really smart. But in this particular video that I'm discussing he actually admits that hey this drop shipping stuff that I you know have been showing you guys how to do is actually a flawed business model because of it's got certain weaknesses. So you know for me looking at this video I think it was a it was a good video in the sense that he actually kind of laid bare some of the shortcomings of the drop shipping business model. So let's just jump into some of those by the way and this is why I agree with him all right is drop shipping. One of the flows is that in a lot of cases and this happens is a lot of drop shippers you have never used the product yourself. You're literally selling it's almost like vaporware. You've never used the product you've never tested it. You have no idea if it's gonna kill the customer that's gonna try for example if it's some if it's some consumable products you know you hope that you're not gonna ship some some canned stuff to the customer that's contaminated because you're not shipping the stuff to yourself. A lot of drop shippers are not actually testing out any of these products before they ever use them themselves. If it's a toy for kids they're not checking if the material is not toxic in some way so that it's gonna actually harm the young kids that are going to be using this toy. In a lot of cases drop shippers are not testing the products. They're trusting some guy or girl they never seen in China to ship out a high quality good safe product which is not always the case right like you've heard the stories about products being shipped out that way toxic or in some way dangerous and you know being being harmful so that's one of the shortcomings of the business model unfortunately since you can operate with without actually ever looking at the products in person that's exactly what unfortunately a lot of drop shippers do is they just want to ship a quick thing and they don't do the due diligence right to check so that's a big shortcoming of the drop shipping business model and you know a second problem that Jordan sees with with this business model is obviously that if you have a winning product you find a winner there's nothing stopping the next guy from just seeing what you're selling on your store and saying oh he's dropping drop shipping that it's working I'm gonna go and drop ship the exact same product and so in literally a week you could have a hundred clones doing the exact same product selling the exact same thing as you are if it's a hot product and it's really selling that well that can happen now I happen to think that this is a smaller problem than the first one simply because you know in a lot of cases it takes time for people to start coping you they have to be really tuned in they have to be really on top of it and they have to be you know just as good at pushing it out into the market as you are like your competition is not gonna be just some random people it's gonna be other people that are in the market that are in the know are looking at the same products you're looking at and sure that can cut your margins down but it's gonna be like by 5% maybe 10% it's not gonna be like the entire reason that your business fails right that somebody copied you like but maybe for like long term scaling that's where you would you know potentially have some struggles but it's a it's not a necessarily a deal breaker now that's it was I you know I definitely agree with Jordan Welch and I also think that dropshipping is a great business model to do to kind of get to get started with your side hustle right and so this is where I'm actually gonna share with you guys what I think are the three long term side hustles that you should you should kind of do a long term that you know that really work well three great business models if you're looking for a successful side hustle and so the first one is doing e-commerce and Jordan also recommends turning your dropshipping into a bigger e-commerce brand around what you you know some particular successful product I think that's a good approach I also happen to like e-commerce as a side hustle business model it's great because you're creating you're selling a product on the internet you know you are you're not using your time to make money like you would be doing if you are doing consulting or a service based business so this is one advantage like if you are busy with work with your day job this you can keep your day job and just run an e-commerce store and it's it becomes a successful thing now the thing with dropshipping is it's kind of like level one of e-commerce it's the way that you get into e-commerce you're dropshipping a product but you don't have to stay there there are more advanced levels of e-commerce where you are now keeping inventory you're shipping products to your own warehouse and this way you are doing quality control on the product you're making sure it's safe and and up to standard before you ship it out to the end customer you are dealing with you know you're now solving a lot of those problems that come with dropshipping but understand dropshipping is a good way to test out the product in the market without spending a lot on inventory early on but if you really want to kill it and really succeed in dropshipping in e-commerce then you want to make sure like you're you're actually building up you know around that building up all these things like inventory quality control building up all these systems that churn that dropshipping into an actual business now business model number two and this is something that i i personally do right like at the time of this video promoting info products i have a book that i wrote not so long back and i'm actually documenting in a series how i'm marketing and promoting this book selling books or courses membership programs coaching programs that kind of thing info products who you're selling your information that's a good side hassle that you can do a really great side hustle business model side hustle business model number three is SaaS software as a service you do need to know a little bit about software like i started out as a software developer this was something like creating software products is something that i have done in the past for my own startups and businesses and this is a great business model if you have kind of like a tech background at least you know what you are doing when you're moving around technology if you don't know how to code you can actually just hire a software developer but it's tricky if you've never coded in your life it's it's it's more tricky to get into software as a service even if you like the business model it doesn't mean you can't do it but it's it's a more risky side hustle for you than for somebody that already knows how to code because it's more natural for the quarter the just the quarter on the weekend anyway so they might as well focus that time on creating an actual product for the market if you're a non-tech person you might want to look at the two prior business models for a side hustle which are e-commerce and info products right but it doesn't mean you can't do says i'm just giving you the details so you know where the risk and reward is gonna be and be aware of that as you choose your own side hustle so those are the three great business models that i really like and that i recommend for a side hustle now in closing guys if you need some free resources to help you with growing your own side hustle your own product sales your own business you can grab my free resources the links will be in the description