How To Start Dropshipping — Startup Costs Of A Drop Shipping Business | #217

This Post: How To Start Dropshipping — Startup Costs Of A Drop Shipping Business | #217

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I just recorded my daily video and wanted to edit it and the whole audio was broken so I thought I’d just record the video again and answer the question while standing here a little bit of a change of setting and yeah I just didn’t want to sit down again so today’s question comes from Allah and Allah is asking apart from the $29 Shopify fee how much money do I need to start my store welcome to the till Guadalupe where I show you how to create the freedom and lifestyle you truly desire tune in every day and get real-life strategies to grow your own business hack your life and get more done in less time subscribe to the show and add tilba dela on snapchat so abba $29 is plenty for Shopify you can just start with the basic plan plus there’s a two week free trial and additionally to that I think maybe you’re going to spend $10 maybe a bit more on Shopify plugins I recommend for example verify recent sales notification and there’s a few other plugins these are not mandatory you don’t need these to run it or up shipping store but they’re helpful right they can increase conversions and obviously make you more money so you know maybe ten dollars for Shopify plugins so now we’re at let me see $40 then you need a domain name right that’s around $10 maybe a bit more depending on the country you’re targeting so between 10 and 20 dollars so now we’re at let’s say $50 and then what I recommend is having five dollars a day for Facebook ads so you want to test different items different niches and different audiences on Facebook and for that you need some testing budget and I recommend having $5 a day and you know later on this isn’t going to be an expense so in the beginning these five dollars are an expense right you are basically paying for ads and you are trying to gather data and make sales but later on once you start making sales and this can happen really fast a lot of my students make sales within 30 days but once you start making sales this isn’t going to be an expense anymore it’s going to be an investment so in the beginning you know you might have to test a few things and you know maybe it takes 30 days maybe it’s going to be 48 hours until you make your first sale and maybe it’s going to be a bit longer so it depends some people it takes them 48 hours others it takes 30 days and some people just don’t have the same talent and luck and skills and it takes them a bit longer so this depends that’s why I’m saying just have five dollars a day that you invest in Facebook ads so altogether it’s around one hundred and fifty dollars right so it’s thirty times five which is hundred and fifty more or less plus fifty dollars for Shopify and plugins and domain so that’s two hundred dollars total per month you need some money up front to invest in dropshipping just like any business there’s startup costs you have to invest some money you’re going to make some mistakes you’re going to lose some money you’re gonna have bad luck maybe you have good luck right but you want to calculate with the worst scenario in mind so you want to have some testing budget and then after a while those five dollars a day will not be an expense anymore they’re going to be an investment and once you start breaking even it’s not an expense anymore and once you start making profit obviously it’s an investment it’s making you money and the same is true for Shopify once you start making money and your store starts to make consistent sales and profit obviously those 200 dollars are going to be an investment that result in more money so then obviously you scale up the budget you invest more money into Facebook ads and you make more money so your costs we’ll change later on depending on how well it goes and how much money you want to invest so later on you might be investing one thousand or two thousand dollars a day into your drop shipping business I’ve got friends that invest $1,000 a day or more into Facebook ads for their drop shipping business so that only happens once you make profit and then it’s again an investment and not an expense which means you make a lot more money than what you invest so you make a profit and you know it’s just like this nice online business that just runs so $200 that’s my advice make sure you put this aside every month and make sure you have a primary income source you want to keep your job and you want to use some of the money that you make to fund your new startup your new drop shipping business and then after a while you know hopefully sooner than later you can actually view it as an investment and it’s just going to make you money rather than cost you money