🗣️ Welcome to the Dropship Unlocked Podcast, Episode 9 - The Top 5 Reasons Why New Dropshippers Fail: Avoid The Pitfalls.

Hosted by James Eardley and Lewis Smith, today's episode will focus on the common mistakes made by new dropshippers and how to avoid them.

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Links and Resources Mentioned:

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

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Key Takeaways:

  ★ Starting a dropshipping business without any support is one of the top reasons for failure, so it's best to learn from the experts and follow a proven path.

 ★ New dropshippers need tactical support to be shown what actions to take, so they don't waste their time or money and can get the same end result.

 ★ Emotional support is crucial to keep going through difficult times, and a supportive community can help new dropshippers get through obstacles and achieve success.

 ★ Picking a flawed dropshipping model can lead to loss-making, frustrated customers, and bad reviews, so it's important to quantify ideas with data or criteria and choose a proven model.

 ★ Focusing too much on profit and not enough on providing value can lead to failure, so it's essential to prioritise customer satisfaction and build a brand that resonates with customers.

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Topics Discussed:

In this video, the hosts of the Dropship Unlocked Podcast discuss the top reasons why new dropshippers fail and offer strategies to avoid these pitfalls. They highlight the importance of seeking mentorship and support from experts in the field, choosing the right business model, researching market data, and understanding the financial aspects of entrepreneurship. The speakers also stress the significance of building a long-term brand based on customer service and satisfaction, setting measurable goals, and understanding the numbers from the outset. Ultimately, they encourage listeners to take action and pursue dropshipping with a clear "why" and strong motivator.

00:00:00 need, it's a community of like-minded individuals, a solid mentor, and a proven system that can help guide you through the process and avoid costly mistakes. Many new dropshippers fail because they try to do everything on their own without any support or guidance, thinking that it's the easiest option. However, this approach often leads to expensive mistakes, wasting time, and ultimately costing them a lot of money. It's important to work smart and consult with experts in the field who have done these things hundreds of times before and can guide you through the process. Building a successful dropshipping business requires a community, mentorship, and a proven system.

00:05:00 In this section, the speakers discuss the importance of seeking guidance from experts in building an online business. They note that there are certain specialty skill sets such as niche selection, market research, website optimisation, marketing strategies, and building systems, which can take years to master on one’s own. Therefore, it’s crucial to leverage existing support networks and communities that can provide tactical and emotional support. The speakers also draw an analogy between building a business and cooking a meal, emphasising the importance of following a sequence of steps to achieve the desired outcome.

00:10:00 In this section of the video, the importance of community and emotional support for new dropshippers is highlighted through the success story of a member who received help from the community when facing challenges. It is emphasised that having like-minded individuals around can provide both tactical and emotional support in times of difficulty. However, simply having a community is not enough to ensure success. The importance of choosing the right model and conducting thorough research before beginning is also discussed, as picking a flawed model or relying solely on gut instincts can lead to failure.

00:15:00 In this section of the video, the importance of choosing the right business model is highlighted for the success of a dropshipping venture. Picking the wrong model from the start, such as a low ticket model, can lead to a flawed business model that won't work no matter how much effort is put into it. Building a brand that is respected by customers and generates brand loyalty for long term success is encouraged rather than focusing on making a quick buck with trending products that are short-lived and won't build a loyal customer base. The first store created on Shopify by one of the speakers, based on trending products, was given as an example of picking an inappropriate model leading to difficulties in building a sustainable brand. Instead, being aware of the end game from the start and picking the right model to achieve that end is encouraged for anyone starting in dropshipping.

00:20:00 learn from this excerpt is the importance of having a clear goal and end in mind when starting an ecommerce business. This allows for measurable progress and the ability to make clearer decisions that align with the end goal. Another reason why new dropshippers fail is because they try to sell what they think will work without having the data to back it up. Chasing trends can lead to inconsistent success and a race to the bottom on profitability. To avoid this, it's important to research and validate data before committing to a certain subset or niche of products to sell.

00:25:00 In this section, the speakers discuss two potential pitfalls for new dropshippers. Firstly, they emphasise the importance of avoiding brand-dominated industries where it may be difficult for a new retailer to convince major brands to work with them. They also stress the significance of price consistency across the products in a niche, as competing solely on price can lead to unprofitability and frustration. Instead, they suggest choosing a niche where there is a level playing field in terms of pricing. The speakers also advise new dropshippers to have a clear plan in place and a roadmap to achieve their business goals from the outset.

00:30:00 In this section, the speaker discusses the importance of following a sequence of steps and not missing critical things early on to avoid failure in dropshipping. They provide an example of a time where they missed crucial things early on and had to start from scratch. Additionally, not understanding the numbers can lead to failure in dropshipping. The speaker learned this the hard way and warns others to measure profitability and understand return on ad spend. Failure to do so can lead to overspending and large amounts of debt. It's essential to manage numbers from the outset to avoid small oversights turning into big end results.

00:35:00 In this section, the podcast hosts discuss the importance of understanding profitability and cash flow in scaling a business. They emphasise the need to measure the return on ad spend and profit on marketing spend, as revenue alone cannot pay the bills. The hosts stress the importance of understanding the financial aspects of entrepreneurship, as it can cost a business early on. Additionally, they provide actionable advice on how to avoid the top five reasons why new dropshippers fail, including finding support in e-commerce communities and seeking guidance from mentors or coaches who have experience in growing a business.

00:40:00 In this section, the hosts discuss the top five reasons why new dropshippers fail and offer advice to avoid these pitfalls. They emphasise the importance of building a long-term brand that prioritises customer service and satisfaction, choosing the right products through market research, creating a clear plan with measurable goals, and understanding and tracking the numbers from the start. They provide specific guidance on each of these areas and mention their training program, Dropship Unlocked, as a comprehensive resource for building a profitable dropshipping brand.

00:45:00 n this section, the hosts of the podcast discuss a question from a listener who is eager to join the Dropship Unlocked program but is still saving up to start his business. The hosts suggest that the listener research and learn as much as possible about the business model to prepare himself for when he does join the program. They also recommend setting clear goals and a strong "why" for starting the business to stay motivated during difficult times. Additionally, the hosts suggest writing down what happens if the listener doesn't take the leap and start the business, including the missed opportunities and experiences.

00:50:00 In this section, the hosts of the Dropship Unlocked Podcast wrap up by encouraging listeners to take action and jump into their mentorship program to turn their preparations into tangible results. They stress the importance of having a strong motivator and reason why for pursuing dropshipping, whether it be for financial security, freedom to travel, or other personal goals. They also thank a listener for leaving a positive review and encourage others to do the same. Finally, they remind listeners to subscribe to the podcast for more valuable insights and tips on high ticket dropshipping.

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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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