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In this YouTube article, I’m going to briefly run through how to make money dropshipping on Amazon using the techniques and methods we teach in our free video.
Step 1: You need to uncover low-cost dropshippers
The first step is finding low-cost dropshippers. We recommend finding the dropshippers BEFORE figuring out what types of items you want to sell if you’re a new. Why? Because if you are new, you won’t know WHAT items are best to sell. And a great way to brainstorm good ideas of products to sell is to go through the catalogs of dropshippers.
Our video above, which teaches you how to make money dropshipping, recommends that you use SaleHoo to locate low-cost dropshippers. Here is how you use it:
1. Sign into your SaleHoo subscription
2. Click on “Wholesale Directory”
3. Click the blue search button without typing anything into the search bar
4. Filter the results by clicking on “more options” and then clicking on your local region. We recommend looking for dropshippers in your local region because Amazon buyers expect their items to arrive fast.
5. Filter the results again by clicking on “more options” and then filtering results by supplier type only looking for dropshippers.
If you don’t have a SaleHoo subscription you can get one here: http://bit.ly/getsalehoo
Once you’ve done that, you’ll have a huge list of low-cost dropshippers! It is time to move onto step 2 of our article on how to make money dropshipping.
Step 2: Locate the cheap items on those supplier’s catalogs.
Our video, which teaches how to make money dropshipping on Amazon, stresses this point: the key is to go through each of the supplier’s catalogs and locate the low-cost items on there. For each item, compare it to the going rate on Amazon for the lowest cost counterpart. When you find an item that is priced lower than it’s Amazon counterpart, then you know you’ve found a fantastic item to dropship!
Keep in mind that not all of the items on each supplier’s catalog will be low-cost. Some of them are going to be very expensive. For example, in this video, we show an item which one supplier had listed for $249, when the lowest cost counterpart on Amazon was $139.99 – with free shipping. That would be a very bad item to list. You would never be able to make profits!
On the other hand, in the video I reveal that Patio Furniture Wholesale have a Party Bar that you could be making $101+ per sale in pure profit because the difference of the item cost to the difference on Amazon is so huge.
So don’t be discouraged when going through a supplier’s catalog if you see items priced too high to make a profit. Always remember: not all of their items will be perfect, separate the good from the bad.
And don’t forget to use a calculator to work out what your true profit margins are.
Step 3: List Your Items on Amazon
The next step in our video on how to make money with dropshipping discusses the fact that you now need to list the items you found in step 2 on Amazon.To find out our super-secret tips for writing Amazon listings that steal buyers away from your competitors, download our free ebook now:
Here are some other tips for how to make money dropshipping online:
* More expensive items sometimes have smaller profit margins. For example, this mystery product I discuss in this video has only a 10% profit margin. But, because they are expensive products the 10% profit margin is a lot – over $100. So even if the profit margins are slim, if the item is expensive it doesn’t matter.
* Don’t just look to branded products. A lot of the best products are unbranded products. Don’t think that you can buy expensive, branded clothes for 1/5th of their retail price! You’ll still be paying at minimum half the price. You might think that is still good – but other sellers will be selling those branded items for just above wholesale on eBay and Amazon, so you still won’t make any profit after fees. This isn’t the case for all branded items though, there are always exceptions to the rule.
* Try and uncover niches and markets that no one has thought of rather than competing in popular ones. Untapped markets are usually markets where only manufacturers are listing their (often generic-branded) products for sale, and there are no true marketers in the field. The market I reveal in this video is an untapped market that only manufacturers are selling in. But remember: while it is untapped at the time I posted this video, in a month it could be swamped with competition since I revealed it – so make sure you get your own SaleHoo subscription and uncover your OWN markets!