🗣️ In this episode of the Dropship Unlocked Podcast, hosts Lewis Smith and James Eardley discuss how they would rebuild their online businesses if they had to start again from nothing. What would they do differently and what is the exact step-by-step process they would follow.

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Links and Resources Mentioned:

 ➡️ https://www.dropshipunlocked.com/Free - Dropship Unlocked free training on high-ticket dropshipping.

 ➡️ https://dropshipunlocked.com/tide - get £50 when you open a new business bank account.

 ➡️https://dropshipunlocked.com/shopify - get Shopify for just £1 a month for the first 3 months.

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Topics Discussed:

In this video, the hosts of the DSU Podcast discuss the steps to starting a successful e-commerce business. They emphasise the importance of defining clear goals, setting up a limited company and business bank account, and finding a tribe of like-minded individuals to learn from. The hosts recommend high ticket dropshipping as a profitable and low-stress business model, and suggest using Shopify and Google ads for marketing. They also provide tips for scaling the business through automation and outsourcing, and offer advice for increasing profitability through back-end monetisation strategies and upselling. Lastly, they share the success story of a Dropship unlocked member and congratulate listeners and supporters.

00:00:00 In this section, the hosts of the podcast discuss what they would do differently if they had to start their high ticket e-commerce businesses from scratch. They emphasise the importance of defining goals and starting with a good financial cushion, rather than being desperate and making rash decisions. They also stress setting up a limited company and business bank account, and then delegating tasks to a team once the business is up and running. They acknowledge that it's possible to rebuild from challenging situations and offer advice on how to do so.

00:05:00 In this section, the speakers discuss the importance of defining clear goals before starting a business. They suggest thinking about the lifestyle you want to live, how much income you want to earn, and what kind of sales you want to drive. They also talk about the autonomy and control that come with running your own business, as opposed to being restricted by a nine-to-five job. The speakers mention different online business models, such as Amazon FBA and affiliate marketing, but suggest considering the risks and potential limitations of each before deciding on a model to pursue.

00:10:00 In this section, the speaker discusses the different online business models and why he chose high ticket drop shipping from UK suppliers as his starting business model. He ruled out affiliate marketing because it requires experience in the industry, and low ticket drop shipping involves too much stress and admin for little profit. High ticket drop shipping, on the other hand, only requires a few sales per day to replace a monthly salary, and it allows for outsourcing the admin side of the business quickly. The speaker emphasises the importance of finding a tribe or group of like-minded people to learn from and navigate a proven roadmap to success, which helps unlock limiting beliefs and raises the glass ceiling of what one believes is possible.

00:15:00 In this section, the speakers discuss mentorship and the importance of finding people who have already achieved the goals you want to achieve. They likened it to going to a new supermarket and searching for a specific item; you can try to find it on your own, circling every aisle, or you can ask a shop assistant for directions and get there much quicker. They also emphasised the importance of finding a tribe of people who are on the same journey as you, providing a support system and tactical knowledge. They advised that people should follow a training program with structure to ensure that they are expending energy efficiently and effectively. Setting up a solid foundation is vital, and oftentimes, people overlook simple tasks such as setting up a business bank account.

00:20:00 In this section of the podcast, the hosts discuss the first steps to starting a successful dropshipping business. They recommend signing up for Tide for a business bank account and urge listeners to not get too stuck on the details. They suggest brainstorming ideas for niches and products and then filtering them through criteria such as customer demand, non-seasonality, and average price point. They stress the importance of a data-driven approach to selecting products that have proof of concept and building a Shopify store to sell them on. They partner with and recommend both Tide and Shopify.

00:25:00 In this section, the hosts of the DSU podcast recommend building an e-commerce store using Shopify due to its reliability, ease of use and cost-effectiveness. They suggest starting with a minimum viable store to get up and running quickly and then move on to contacting suppliers to establish partnerships for dropshipping. They provide a reliable supplier contact script in their book, The Home Turf Advantage, and suggest starting with five suppliers to diversify the risk. Additionally, they recommend using Google ads to find customers who are already interested in the products being sold, rather than interrupting people's scrolling experience with disruptive Facebook ads.

00:30:00 In this section, the podcast hosts discuss the importance of using Google ads and search intent keywords to reach customers who are actively searching for the products being sold. The hosts explain that this type of marketing is more effective than disruptive marketing on social media platforms like Facebook or Instagram. Additionally, the hosts provide tips for scaling the business by outsourcing and automating processes using tools like Asana and Zapier, and by hiring a virtual assistant to handle day-to-day tasks. They emphasise the importance of focusing on income generating tasks like increasing the average order value to make the business more profitable.

00:35:00 In this section, the speakers talk about the next steps to take after following the initial steps discussed earlier in the podcast. They focus on increasing average order value, conversion rates, and lead value optimisation. The latter involves finding ways to offset the cost of acquiring leads through back-end monetisation strategies like affiliate schemes or selling related products on your store. They also suggest selling one of your successful businesses to generate a cash injection that can be used to launch a new store or play big in a new market. Finally, they emphasise resetting goals, using existing skills and knowledge, and investing in a new business as the sky's the limit from there.

00:40:00 In this section, the hosts share the success story of one of their Dropship unlocked members named James, who has had his largest order to date with a 22% profit margin on an order over £7,000, resulting in a profit of about £1,540 from that single sale. The hosts share their excitement and note that James can take all of that profit out of the company and imagine doing it once a day, which can lead to a net profit of £46,200 across the month. They congratulate James on his success and express their appreciation for their listeners and supporters.

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Key Takeaways:

 ★ Defining your goals and finding a mentor can help you make informed decisions and set achievable targets for your business.

 ★ Using data to inform your niche selection can help you create a profitable business.

 ★ MVS is a useful concept for getting started quickly and testing the viability of your business idea.

 ★ Setting up efficient processes and outsourcing day-to-day tasks can help you focus on growing your business.

 ★ Increasing the value provided to customers through AOV and LVO can help you generate more revenue.

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Learn More:
➡️ When people are ready to create time and financial freedom for themselves, they visit - https://www.dropshipunlocked.com/Free

➡️ Subscribe to The Dropship Unlocked Youtube Channel to stay up-to-date on the latest episodes, and leave a like to help others discover the show.

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Youtube: https://www.youtube.com/c/dropshipunlockedlewissmith

Website: https://www.dropshipunlocked.com/

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★★★Dropship Unlocked - Lewis Smith★★★

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...Even If You Don't Yet Know Which Products To Sell

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