🗣️  In this episode of the Dropship Unlocked Podcast, ecommerce business owners Lewis Smith and James Eardley talk about how to start a business with just £5k and turn it into £500k.

Lewis talks about his own experience in launching a high ticket dropshipping business and shares his insights and strategies for success.

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Links and Resources Mentioned:

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

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

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Episode Summary:

In this podcast episode titled "How To Turn £5000 into £500,000, With Only A Laptop (Dropship Unlocked Podcast Episode 6)," Lewis Smith, the founder of Dropship Unlocked, shares his experience of turning £5,000 into £500,000 and suggests starting a high ticket dropshipping business instead of investing in traditional business models or property. The speakers highlight the advantages of low startup costs and a high-profit margin in high ticket dropshipping and recommend finding the right niche, building strong supplier relationships, and providing excellent customer service to scale a successful business. They also encourage listeners to invest in training, mentorship, and a program to guide them through the process while keeping costs as low as possible. The video concludes with a message about the program's mentorship program and promises more insights and tips on high-ticket dropshipping in future episodes.

• 00:00:00 In this section, Lewis Smith, the founder of Dropship Unlocked, discusses how to turn £5,000 into £500,000. He believes, based on his own experience, that it is possible to achieve such a return but you have to choose the right business model. He recommends starting a high ticket dropshipping business that lets the market tell you what it wants, without risking money upfront on stock. This business model provides you with leverage and control over the outcome. While a £5,000 investment may seem like a lot of money, it is a small investment compared to the cost of starting other types of businesses. Bricks and mortar businesses, for instance, can cost between £50,000 to £250,000 to start.

• 00:05:00 In this section, the hosts discuss the importance of choosing the right business model when starting a business with a limited budget. They highlight the risks involved in investing in traditional business models and recommend venturing into online businesses such as dropshipping. They explain the advantages of the dropshipping model, where you let the market dictate what products to purchase, preventing the risk of investing in products that may not sell. The hosts also emphasize the importance of being savvy with the limited amount of money and choosing the right strategy while minimizing risks in entrepreneurship. Ultimately, they conclude that 5K is definitely enough to start a business, and it's less risky if you have a stable income to support you when things don't go as planned.

• 00:10:00 In this section, the hosts discuss options for investing £5,000 in the UK and what sort of returns to expect. They advise against keeping money in a bank account long-term and suggest investing in stocks and shares, which can yield an average return of around 8% over 30 years. However, they also suggest investing in your own high-ticket dropshipping business, which can yield significantly higher returns in a much shorter time frame. The hosts also discuss investing in property and caution against the potential risks and time commitments involved. The benefit of having your own business is that it is an active investment that you have control over, as opposed to a passive investment in stocks and shares.

• 00:15:00 In this section, the speakers discuss the downsides of investing in property as a way to generate passive income, noting the long-term commitment and large initial investment required. Instead, they suggest starting with a high ticket drop-shipping business where retailers partner with suppliers to digitally list products on their website, without the need to purchase or store inventory. By selling high-priced products, retailers can quickly see a positive cash flow and scale their business without the risks associated with property investment.

• 00:20:00 In this section, the speakers discuss why the high ticket dropship model is the most profitable way to go compared to other online business models. They point out that it's all about risk and return and that while other models may offer a higher potential return, there's also a higher risk of losing money. High ticket dropshipping, on the other hand, provides a proven route that can be followed step-by-step to achieve success within six weeks. The low startup costs and high profit margins enable small investments like 5K to go a long way into generating profits. They explain that making 5-7 sales per day is highly manageable in terms of admin, making it a highly leveraged, location-independent business that can be passive for the business owner once the right systems and team are in place. Compared to other options like trading, Amazon FBA, or flipping properties, high ticket dropshipping allows for quickly and reliably turning 5,000 pounds into 500,000 pounds in sales due to its high average order value and ability to generate these high numbers quickly.

• 00:25:00 In this section, the speakers discuss how to get started in high ticket Drop Shipping with a budget of around £5000. The first step is to look for training, mentorship, and a program that can guide you step by step through the process. Keeping costs as low as possible is essential, and investing in training can save you money in the long run. The next step is to register a company, set up a Shopify store and a custom domain, and get email hosting. These requirements can all be done for under £100. They also recommend creating a logo and branding, which can be done inexpensively through services like Canva or Fiverr. Being part of a supportive community of entrepreneurs who are on the same journey is invaluable.

• 00:30:00 In this section, the speaker discusses the steps to take when starting a high ticket dropshipping business. The first step is to pick a profitable niche and build a store, using Shopify as the platform. The speaker recommends using Google ads, specifically Google Shopping, to run ads to get products to customers, as they have higher conversion rates and lower cost per sales than Facebook or Instagram. After making the first few sales, it's important to reinvest quickly and to focus on a high return on ad spend. By using direct marketing tools, business owners can track their progress, be profitable, increase scale, and grow their numbers, just as the speaker did when they reached £500,000 in sales using Ubers and high ticket dropshipping.

• 00:35:00 In this section, the speaker talks about how he achieved the milestone of turning £5,000 into £500,000 in sales through e-commerce. Although the achievement was significant, the speaker acknowledges that as a business owner, they have to deduct costs from the total sales, which takes longer to reach the £500,000 pounds in profit mark. However, the sense of contributing to society and the economy by creating a business that adds value makes the speaker feel significant. The speaker also shared the success stories of others within their community who have achieved high-ticket Dropshipping success, with one example being Jared, who generated £310,000 worth of sales in his first six months of business.

• 00:40:00 In this section of the video, Lewis provides some tips for gaining success quickly in high ticket dropshipping. Finding the right niche is key, and they guide you through a data-driven process for selecting one that meets specific criteria. Once the niche is chosen, building strong supplier relationships is crucial to successful dropshipping. Providing excellent customer service is vital to building a long-term, sustainable income stream. Lewis recommends building a team of virtual assistants who are specialists in customer service to handle customers, allowing you to focus on scaling the business and improving marketing efforts.

• 00:45:00 In this section of the podcast, the hosts discuss how the process of scaling a business is ongoing and never truly finished, as there is always room to continue growing and developing. They share how they learn new skills, apply them in their own businesses, and then pass them on to the members of their community. They also encourage listeners to reframe competition as a positive sign of a thriving market and not to let it hold them back from entering a niche. The hosts wrap up the section by reading and thanking a listener for leaving a positive review of the podcast.

• 00:50:00 In this section, the video concludes by thanking viewers for tuning into the Dropship Unlocked podcast and encouraging them to leave reviews and ratings on their platform of choice. The video also highlights the program's mentorship program, which provides a step-by-step guide for individuals looking to start their own high-ticket dropshipping business. Finally, the video thanks viewers for their time and promises more valuable insights and tips on high-ticket dropshipping in future episodes.

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Key Takeaways:

★ Launching a high ticket dropshipping business can be a great way to turn £5k into £500k.

★With low start-up costs and more control over the outcome, a dropshipping business can be a better investment than property development.

★By following a proven step-by-step path and learning from other people's mistakes, you can reduce the risk of things going wrong and increase your chances of success.

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

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★★★Dropship Unlocked - Lewis Smith★★★

How to Launch a UK Dropshipping Business Offering Next-Day Delivery...

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

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