With the current economic instability, everyone is looking for extra ways to generate more income. Recent studies have revealed that over forty-four million Americans have side gigs, and fortunately, dropshipping has turned out to be a perfect side hustle for many people.
Running a dropshipping business as a side hustle will not only earn you extra income, but it’ll also give you a sense of financial freedom. Before you venture into dropshipping as a side hustle, though, you need to understand what a side hustle is and the best practices and ethics of dropshipping.
A side hustle is any business you own or job you do in addition to your main source of income to make extra money. Today, many people are creating side hustles because their main sources of income don’t provide them with sufficient money to achieve their desired standards of living. For instance, you may be motivated to find a side hustle if your monthly salary isn’t enough to pay your bills, buy food, or save money.
In that case, you need a side hustle that will generate extra income and provide you with an opportunity for financial growth and freedom. That’s where dropshipping comes in handy–with the right dropshipping business, you can make extra hundreds, if not thousands, of dollars a month.
For instance, if you decide to sell high-ticket print-on-demand products through dropshipping, you can earn a sizable amount of money. You just have to pick the right high-ticket products and master some “killer” high-ticket sales tricks. If you’re dropshipping luxury brands, then high-ticket dropshipping is the right choice for you.
This business model allows you to focus on your main hustle while earning an extra income on the side. Here are the main reasons why dropshipping is a great side hustle:
With dropshipping, you don’t have to worry about stressful and time-consuming tasks such as inventory management, storage, and shipping. These tasks are handled by the supplier or manufacturer, leaving you with enough time to concentrate on your main hustle. It can be quite stressful and exhausting to juggle between your nine-to-five job and running a physical store.
Dropshipping involves setting up an online store and listing products. When a customer places an order, you transfer the order details to your supplier or manufacturer for fulfillment. Your main task is marketing and selling the products, which you can easily handle without jeopardizing your main source of income.
Dropshipping is also cost-effective for someone looking for a side hustle because it doesn’t require a physical store with fully stocked shelves. You can run a successful business without a physical store or warehouse. This eliminates product overhead costs, which reduces the amount of capital you need to start.
Furthermore, you don’t have to factor in the cost of shipping the products to customers, which further reduces your expenses. You also don’t need to spend money setting up an office or store for your business because you only need a laptop or tablet and a stable internet connection to manage your dropshipping business.
Although dropshipping works the same way as any other type of business, it gives you the liberty to set your preferred price, especially when you’re selling high-ticket products. This way, you can make more profit by setting a higher price for your items, but you have to ensure that the price you set corresponds with the value of the product.
Dropshipping is a low-risk business because products are only shipped to the customer when they make a successful purchase. Also, you don’t have to worry about the cost of damaged goods because you’re not responsible for storage, packaging, or shipping–this creates room for you to make enough profit from every sale.
Dropshipping allows you to widen your product offering because you are free to list any product you want to sell. Because you’re not required to spend your money purchasing stock, you can list as many products as possible from multiple brands.
Luckily, Skup’s got you covered with the best e-commerce tools, growth strategies, and software to make sure your dropshipping side hustle is a success!