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Dropshipping: How to start a hands-free online business

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No inventory, no headaches. This is the basic fonament of dropshipping selling model, so If you are thinking to start a new business from home, in this article we analyze the main advantages and disadvantage of drop shipping.

Dropshipping can be a real way to make a little bit of money on the side, all you have to do is work hard and choose a product of your interest as health and beauty, video games, wholesale gadget parts, music, candles or whatever you like yourself.

But, how dropshipping works? There are three different parts to this business model, the suppliers, the e-commerce store or dropshipper and the final customer. And four steps to make it all work together.

In the first place, you will have to list the supplier product on your e-commerce store for customers to buy. Afterwards and in second place, the customer can purchase something from your e-commerce store. The third step comes when you order that same exact product that the customer paid for, from your supplier. So finally your drop shipping supplier will ship this product directly to your final customer, and they will receive the item that they have ordered from your e-commerce store.

Easy right? You will receive the money you sold your product for and the supplier will charge you the wholesale price. So your profit will be the difference between the retail price and the wholesale price that you will pay to your dropshipping suppliers.

How to find products to sell online?

It is time to find products to sell and push for those items you think will succeed and customers will purchase. A good way to start is by importing items from China which will translate into better profits for your e-commerce.

China brands and chinese dropshippers are becoming very popular because they wholesale products with high-profit potential, as a double stereo Bluetooth with DSP for 27.62 dollars, that it can be sold for the retail price of 46.95 dollars. The benefit will be huge.

Or a popular set of knives ship free, a good opportunity to increase your earnings and avoid to invest in shipping. This little opportunity will make the difference in your new e-commerce. Millions of people buy knives every day as they are incredibly useful in the kitchen and required for many outdoor activities like trekking, camping or scuba diving.

Disadvantages and advantages of Drop Shipping

Even If the high-profit opportunities exist, they are not common. In general, low margins are the biggest disadvantage of operating in a highly competitive niche. E-commerce stores need so little in getting the business started, that they can afford to operate in such a low margins.

The inventory issues are another disadvantage of drop shipping. When you are sourcing from multiples suppliers, inventory changes on a daily basis, but to mitigate this problem you can start stocking some of your items. Shipping complexities If you work with multiple warehouses and supplier errors fulfilling the orders can be also tricky to face.

However, the benefits can be very good If you want to make it work and you have the time to invest. The biggest advantage of drop shipping is that you can launch an e-commerce store without having to invest much money in front. With this business model, you don’t have to purchase an item unless you already made the sale and the final customer has paid.

It is possible to work from anywhere as long as you have the internet connection, so make sure you can communicate with suppliers and customers easily. Another big advantage is that is easy to scale, as most of the work to process additional orders will be borne by the suppliers, allowing you to expand and create a better customer service and build the base of a good marketing strategy. So as the popular saying proclaims, If it is too good to be true, it probably is.

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Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.

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How To Make Business Life So Much More Favourable

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If you have a business or you’re heavily considering starting a business, then you’ll know all about the perils and the difficulties that will come with it all. While it seems like such a wonderful idea from the outside looking in, it’s actually something that can really take its toll on you if you’re not prepared enough both mentally and physically. 

You’ll always be looking for ways to make business life an awful lot more convenient. The idea in this game is obviously to work hard as you never get anywhere without a serious commitment. You’ll really want to focus on working smart, however. Hard work for no reason is foolish when you have much better ideas and techniques staring you in the face. Business life can be a real hassle if you get things wrong and have to go through laborious days. Here are just a few ways to make your days, weeks, and months a lot more favorable for you: 

Get The Right People Around You  

Who you share your time with in business matters so much. If you have all of the wrong people, then you could be on a downward slant over the next few years. If you have good people with the right attitude and intentions, then you’ll likely become a lot more successful. In terms of using the right people, we’re talking about networking, hiring staff, bringing in specialists, soliciting advice, and so many other areas. Business is an interpersonal game, so make sure the right groups and individuals work with what you’re trying to achieve. 

Embrace Technology A Lot More Than Perhaps You Are Right Now 

If you’re already someone who wants to milk every platform they have, then this idea won’t worry you too much. There are so many pieces of ai powered software around that will help you with what you’re trying to achieve. Analytics, ads, management, and so many other areas can be bolstered with good programs. 

Set Up Genuine Plans With Achievable Goals 

This sort of goes without saying because you’ll likely have plans for the tasks ahead. This is more the idea of creating more structured plans for areas that are perhaps freer and less structured. Setting goals for everything you do can lead you to understand more about what needs to be done. It also gets everyone even more motivated. 

Take Care Of The People Working With You 

In terms of those you’re with, you’re going to need to treat them properly. It’s amazing what can happen if you neglect how they feel and the work they put in. The best leaders will always hone in on each individual and check in with them. 

Outsource Certain Jobs That Are Tedious

Sometimes, there are particular tasks that – although they need to be done – take up lots of unnecessary time and stress. If you are outsourcing admin, for instance, it makes life a lot easier for you as you all can focus on the productive and progressive side. 

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Current Trends in Business That Every Entrepreneur Should Work Towards Achieving

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The world of business is changing and with it the trends that entrepreneurs should be working towards. Entrepreneurship has become a lifestyle as opposed to just a paycheck. With an entrepreneurial mindset, you can do anything. Check out these current trends in business that every entrepreneur should work on achieving:

E-Commerce

E-commerce has been a significant trend for the past few years, and you can expect it to continue being so. E-commerce has multiple benefits, including increased revenue, high availability of products, and a more significant customer base.

E-commerce allows businesses to be present on all digital platforms, which helps them reach out to more customers quickly. In addition, it makes it easier for companies to reduce overhead expenses as there are no physical stores that have rent costs associated with them or inventory levels that need maintenance constantly. Statistically, e-commerce has grown rapidly in the past few years from 25% – 30% year on year.

Financial Apps and Software

The software aspect comes into play when considering how businesses manage their finances moving forward. Companies must adapt to technology. Otherwise, they will find themselves left behind by competitors who embrace emerging technologies such as cloud computing and mobile apps. It is also easier to make purchases using these apps and communicate with the sellers. Incorporating such software with equipment and partnerships with a payment processing company will diversify the business activities and set you up for expansion.

These apps allow them to move away from traditional forms of financial management such as spreadsheets and accounting software to financial management apps such as Xero. With these new apps comes the ability to monitor business finances from anywhere, which can help businesses grow faster than what they would ordinarily be able to manage with slower conventional processes.

Blockchain Tech

Blockchain tech is the current trend in business that every entrepreneur should work towards achieving. You can apply this technology to many different industries, and entrepreneurs need to find their niche within this growing market. It’s also critically important not to overlook blockchain tech when deciding which cryptocurrency or token you want your company associated with.

Both positive and negative factors are involved in choosing one solution over another, but it all comes down to finding what works best for each situation. For example, today’s most valuable aspect of blockchain tech is its promotion of secure transactions between parties while eliminating third-party transaction fees (or at least significantly reducing them).

It means that businesses operating on a global scale could potentially enjoy significant savings in maintaining financial records. Transparency is also an important selling point for blockchain tech. The decentralized nature of its design makes all transactions public and easily accessible by anyone who has access.

Fraud and Cyber Crime

Another current trend that every entrepreneur should work towards achieving is fraud and cybercrime. In today’s modern world, the internet has brought the business community closer together as it allows you to reach a global market from almost anywhere with an Internet connection. Unfortunately, this means those who want to take advantage of this have access to millions of more potential customers, making it easier for fraudsters to steal money from unsuspecting victims.

Businesses that are not careful can fall victim to several types of cybercrime, including phishing, spoofing, pharming, and identity theft. These crimes are increasing at an alarming rate as more people use the internet for business purposes which means scammers often target them.

Conclusion

Today, business is becoming increasingly challenging. The traditional ways of doing things don’t work anymore, and it’s time for entrepreneurs to adapt to stay relevant within the industry. However, the industry itself is evolving rapidly, and it’s challenging to keep up with the changes that are happening every day. Fortunately for you, this post is here to help you understand the current trends that every entrepreneur should work towards achieving.

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Employee Training and Development Becomes One of the Most Disruptive Megatrends That Is Shaping the Future of Work

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There is no question about the effectiveness of employee training and development. It’s incredibly important to help your staff advance their skills and knowledge to help grow a business, but the impact of employee learning has often been understated and even neglected. However, companies are now suggesting that employee training and development is one of the biggest megatrends that have completely transformed the future of work. It has overhauled how businesses should be developing and engaging with employees, and it’s leading to an incredibly diverse and talented workforce that is capable of wonderful new things.

Part of the problem of employee training and development is that it’s difficult to measure its impact on the workplace. Employee performance often isn’t a quantitative measurement that is easy to read and link to their output. This is one of the reasons why the effectiveness of employee training and development has been questioned by management experts.

Thankfully, new strategies have been developed to help measure workplace learning and its impact on companies. Below, we’ve included a helpful infographic that covers some of the most important measurements, such as return on investment and how it is calculated in the context of employee learning and development. It should put the effectiveness of employee training into perspective and will help you better understand when training is needed and how development actually improves your business and its productivity.


Infographic by: Ezra Coaching
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