Can dropshipping make you a rich millionaire? Or are all of those YouTube gurus showing you fake screenshots or hiding part of the story?
If it is possible to become rich selling online without inventory, then how much can you make? How can you increase your chances of succeeding with this business model? And what tools and resources should you use?
These questions and more I will be answering in this short article so that you know what to expect before you get started with dropshipping, and how to start the right way with the right mindset.
Without further ado, let’s begin!
Can Dropshipping Make You a Rich Millionaire?
Dropshipping can make you a rich millionaire if you learn the skills it takes to build an online business, you take care of your customers, and you work on long-term basis and keep measuring your performance and take steps to optimize your dropshipping business.
Dropshipping is not a get-rich-quick nor a pyramid scheme. It is a legitimate way of creating wealth by offering products to people who would benefit from them.
And there are many successful ecom store owners who became rich and made millions of dollars with dropshipping, as you will see in the next examples.
7 Successful Entrepreneurs & Businesses That Made Wealth with Dropshipping
Franklin Hatchett is one of the first online marketers who promoted dropshipping as a low-risk business opportunity that people with no technical experience can start doing online using tools like Shopify, which provides all what you need to start an online shop and start selling without inventory.
In his eCom Elites dropshipping course, were Franklin teaches how to start a dropshipping store from the scratch and how to drive traffic and sales in different free and paid methods, he also talks about how he made a lot of money selling products in the outdoor and adventure related niches, like the portable solar phone charger and the heavy-duty flashlight.
He even created the Ecom Turbo theme to help Shopify dropshippers build a high-converting Shopify store with the necessary add-on’s, and for a relatively low price compared to most premium Shopify themes.
Jordan Welch is a twenty-something young online entrepreneur who has also made millions with his Shopify stores dropshipping unique and cool products, before he started his software, Viral Vault, which provides dropshippers with unique and quality products to dropship along with videos and ad copy to help them start faster.
Jordan is still doing dropshipping on Shopify and he has been sharing updates on a new brand that he has been building in the past months and he now has scaled it to around a million dollar in sales per year, and he shares useful tutorials and tips on his YouTube channel to help people start dropshipping the right way.
Adrian is one of the most successful dropshippers who made a lot of money selling print on demand products with unique designs, such as: hoodies, t-shirts, mugs, hats, tank-tops, and more.
Even Shopify has partnered with Adrian to provide a free, step-by-step course on the Shopify Compass platform that teaches how to start and run a POD store on Shopify.
Print on demand is actually a dropshipping-based business model as you don’t have to hold any inventory or ship any product by yourself, and many influencers and companies are using it to sell their merch online.
Inspire Uplift is probably number one on the list of the top selling dropshipping stores, and it is built on the Shopify platform.
SaleSource estimates the store’s monthly sales in the range of $4M-$9M, selling different cool, unique and useful products in many industries, mainly targeting the female audience.
This is a great proof that you can make millions with a dropshipping general store that serves a large audience with products that a lot of people will benefit from using.
This is another general dropshipping stores that makes more than a million dollars in sales every month according to SaleSource.
Different from Inspire Uplift, products on OddityMall might not necessary for everyone to have, but they are bizarre and cool enough to make a lot of people want them, which makes it possible for a dropshipping general store to make lots of sales at good margin, resulting in millions of dollars in revenue every year.
This is a dropshipping store that sells only one category of products, yet it is estimated to be totally millions of dollars in sales per year.
Selling quality products, offering excellent customer support, and building a strong brand in order to increase sales and customer lifetime value is what makes such stores succeed and helps you become a millionaire with dropshipping.
Gearbunch has made around $4.5M in sales back in 2017, which is impressive for a dropshipping store that sells print on demand products focusing on few items.
How did they do it?
They created great designs and focused on selling products that women need to wear frequently, such as leggings, yoga pants, and sports bras, allowing the store to sell these products at high margins as they are selling quality and unique items, and increase the average lifetime value of their customers as women would want to buy multiple variations of the same product.
How Much Can You Make Dropshipping?
You can make anywhere from a thousand dollars per month into hundreds of thousands of dollars in sales in a single month with dropshipping.
Or you could make nothing at all or even lose money on advertising without getting enough sales to make real money.
These are gross numbers that represent the sales volume, and not the net profit that you put in your pocket.
The results vary from one dropshipper to another based on many factors, such as the overall marketing strategy, the target audience and their financial ability, the products available to sell, and more.
5 Killer Tips to Get Rich from Dropshipping
Brandable Niche Store or General Store with General Products
One of the biggest mistakes that dropshipping beginners make and prevents them from making not millions, but even thousands of dollars is the fact that they ignore branding for their stores.
This doesn’t require a big budget, but it requires providing signs that show that real, legitimate people are running this dropshipping store and taking the time to build a trustworthy business.
This means having a brandable domain name that is easy to remember and type, having a clear visual branding, offering the necessary information about guarantees, shipping terms, costs, mission of the store owners, …etc.
It could be even a one-product dropshipping store and you could make millions with it like BlendJet for example.
And one of the most important things to consider when building a brandable dropshipping store is to focus on a group of people whom you want to serve, in order to be able to target them properly and sell to the same customers frequently, which increases your profits and your chances to become a rich millionaire with dropshipping by reducing the advertising costs.
However, you can still make millions with dropshipping through general stores like Inspire Uplift and OddityMall mentioned earlier, but if you decide to go that route, then you need to find general products that are useful to a wide range of people, like gadgets that help in cleaning or cooking for example, and not by selling punch of niche products that each one of them sells to a small segment of audience like a necklace for sea turtle lovers or a phone case for truck drivers’ wives.
Think Long-Term Through
Another reason of the low success rate of dropshipping stores is the fact that most dropshippers try to find the cheapest supplier of the product they want to dropship, which in many cases offers the lowest quality version of the same product compared to other suppliers.
They think that this is how they can get rich fast with dropshipping.
But that’s completely wrong.
This actually makes your customers unsatisfied, ask for a refund, file chargebacks, leave negative reviews and comments on your ads and social media accounts, and let’s you in the situation where you need to keep spending lots of money on advertising to get new customers.
The easier and more guaranteed path to making money with dropshipping is to source quality products, even at a higher cost, add your margin, sell it, offer a great customer experience, and your existing customers will mostly buy from you again and will promote your store to their friends for free.
It is much easier and cheaper to sell again and again to an existing, happy customer, than to look for a new one.
Also, many dropshippers fail because the first one or two products they advertised didn’t sell well.
But that’s part of the journey. No one succeeds and makes millions with dropshipping from the first product or so.
You need to see why you didn’t make money with each product, is it the product itself, the copy, the ad targeting, or something else, optimize, test again, optimize, and then scale.
That’s how you build a brand for a long-term success and get rich with dropshipping.
Useful & Unique Products with Good Margins
One of the main reasons why most dropshippers fail is that they think that they can make millions of dollars dropshipping low quality products that no one needs.
This is the fastest path to failure with any business, not only dropshipping.
You are in the business of serving others, not in the business of selling products.
This is how you must think if you want to succeed and wanted dropshipping to make you a rich millionaire.
The products that can make you millions with dropshipping are the ones that either makes others lives easier, solves their problems, or give them a better life or a condition.
And they should not be very easy to find everywhere in the local Walmart branch or on Amazon and eBay.
That’s how you can sell for higher margins and get rich faster with dropshipping.
Another tip is that you sell consumable products, which people would need to buy in quantities, thus, increasing the average order value, and they would need to buy again, increasing the lifetime value of the customer, so that you make more money for a lower advertising cost.
Increase Conversion Rate, AOV & LTV
many dropshippers fail to make money with their stores is because they don’t optimize them for conversions.
They pull the product name and description from AliEspress without proofreading it, they use low quality images that every other dropshipper uses, they list the technical features of the product and don’t show the potential customer the actual benefit they would get from getting that product.
Also, they might not be clear about shipping costs, times, returns, guarantees, …etc.
This all lowers the conversion rate on your dropshipping store, and makes you spend a lot of money on ads without getting enough sales to make any profit and scale your business.
If you want to get rich with dropshipping, then you better take the time to optimize your store and product pages in order to convert more visitors into buyers and increase your profits.
Also, think about increasing the average order value and the lifetime customer value by offering related upsells and cross-sells, group and quantity discounts, remarketing to existing customers to buy other relevant customers, and provide the best customer experience possible.
Experiment with Different Marketing Channels
Most YouTubers and dropshipping “gurus” teach Facebook advertising as the main, and sometimes the only method of getting customers to your dropshipping store, but this is not always the case.
Sometimes, your audience might exist on Instagram. Pinterest, YouTube, or they might be using Google search to find the products you sell.
And sometimes on more than one place, including Facebook.
Try to figure out where your target customer is, and explore the different marketing channels.
Also, if you already have a product that is selling well on a certain marketing channel, you can double down on that product and explore other channels to see if you can reach similar people.
3 Top Places to Do Dropshipping to Get Rich
There are many platforms that you can use in order to potentially get rich dropshipping products, and each one has its advantages and disadvantages, and some limit your ability to make money with this model.
Here are the best three platforms to do dropshipping if you want to make real money and get rich:
Probably the easiest way to start a brandable dropshipping store, and one of the most reliable online store platforms.
And it is the platforms that allows you to take advantage of all of the five tips mentioned in the previous section if you want to get rich dripshipping.
Shopify allows you to create a dropshipping store with your own domain, which gives you the ability to customize the customer experience and keep your store’s visitors within your store, instead of getting them distracted by other’s products like it is on Amazon.
Also, there are many tools that can help your conversion rates and increase your Shopify store sales and long term success, such as the upsell apps, email marketing apps, branding through highly customizable themes, and more.
And when you have your own Shopify dropshipping store, you can add different tracking codes like the Facebook Pixel that allows you to understand how your customers interact with your store and measure results, and allows Facebook and other advertising platforms to optimize your ads for maximum results.
There’s a lot of limitations if you start your dropshipping business on platforms like Amazon or eBay where you cannot use similar tools, and you don’t get the customers emails for future remarketing like it is with Shopify.
And Shopify is very user-friendly and doesn’t require and coding knowledge or technical experience to use it.
I created a step-by-step guide for selling on Shopify without inventory to show you how you can start your dropshipping store even today in few steps.
Although Etsy is a marketplace that allows thousands of merchants to sell their products under the same domain name, but it is a good option if you don’t want to spend money on building your store using domain name on Shopify, and if you don’t have the budget to advertise your products with paid ads, as Etsy has millions of users that use it to look for products to buy daily.
Etsy however is different from Amazon and eBay as people usually visit Etsy to buy gifts for others, or unique and quality products that are not easy to find on other marketplaces, which makes it possible to sell as a dropshipper at higher margins and make money, different from Amazon and eBay where people usually look for the lowest price.
WordPress allows you to create a dropshipping store on your domain name, and has a lot of tools that can help you grow your store and get rich with dropshipping.
However, there are many reasons I prefer Shopify over WordPress, such as the fact that Shopify is built mainly for hosting high-volume ecom store with a strong infrastructure of reliable servers, which is necessary if you want to make millions with dropshipping.
While with WordPress, you need to buy servers from one of the many hosting providers, but usually these are not ready to get a huge volume of traffic, which requires you to upgrade to an expensive hosting plan that costs much more than Shopify.
Also, WordPress is a tool that is customized for building normal websites or blogs, and you need to use certain tools and add-on’s in order to build a dropshipping store on it, which increases the overall work to build and maintain your store, in addition to more recurring costs because of these tools and additions.
Conclusion – Is Dropshipping Profitable?
Sure, Dropshipping is worth it and can be profitable and could make you a rich millionaire if you put in the time and consistent effort to learn the necessary skills, test, optimize, scale, and take care of your customers.
Dropshipping is not about scamming others, but rather, it’s about providing products that others would benefit from getting.
I have given you examples of successful dropshippers and stores that made millions of dollars selling without inventory, and I gave you helpful tips in order to help you get rich from dropshipping.
If you still need any help, or if you have any question related to anything mentioned here, please, let me know in the comments’ section below, and I will do my best to help you out 🙂