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What is the best way for me to start a business?

I was wanting to get into dropshipping and start a business and I was wondering what the best strategy was for me to get started and be successful.

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Ken’s Answer

Put together a plan. Keep it high level and simple to start. Look at a 3 year span by month. On the Sales side, estimate how much revenue you will bring in per month. On the expense side, think about all of the costs that will contribute to the business. You will need to include everything you can think of that might be incurred. Finally, think about long term purchases or assets that will need to be acquired to support this business. This would include things like a vehicle or machinery. You should think about what your monthly payments will look like to purchase your assets over time. Then make a spreadsheet by month of all of your +'s or sales and all of your -'s or expenses to see how your business will perform financially.
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david’s Answer

Hi, henry,
Dropshipping can be fun, and a feature is that there is no inventory, but there is always some risk. When I was younger, I dabbled a bit there, and you will learn as you go. One of the challenges is in finding suppliers who will deal with you professionally, providing realistic prices in anticipation of having a long-term relationship with you. Another challenge is in having a distribution structure to accept orders, provide shipping and all financial processes. In today's world, that would be a website. Fortunately, there are several vendors who can provide a turnkey website for that. Populating the website with products you choose, and your prices is labor-intensive, and that falls on you, where it should. You will need to staff a customer service role, as there will always be a few customers who need support for a feature not served by the website. And, the big challenge is advertising. If you are dropshipping products that are outside the norm, you may need little advertising, but if you plan to sell popular products, then your advertising must be strong enough to lure prospective customers away from their usual sources.

To start on a small budget, I suggest developing a business relationship with a few suppliers and establish a business in an existing social media platform, such as ebay. If your products are popular and your prices are fair, you will be off to a good start with no out-of-pocket expenditures. As the business grows, Ebay can help you build a website of sorts for you and your Ebay business. Over a few years, you might find thisrelationship sufficient for your interest as a hobby while your career is elsewhere. OR... you might find this can expand and become your career focus. All the best to you.

AND, I added a few URL links for more information:


https://www.forbes.com/advisor/business/how-to-start-a-dropshipping-business/

https://www.tradezone.com/

https://new.zendrop.com/
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Anthony’s Answer

Hello,
Concerning starting a business, think first, the type or kind of business, and the reason or goal of doing this business.
Again, consider the level of interest and knowledge, you have in the business.
In consideration too, is the necessary and right amount of capital to start with.
Best regards in your vision.


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Shawn’s Answer

Hi Henry,

It's great that you're already thinking about how to get started!

I don't have experience with drop shipping specifically, so my answer will be about important things to consider before starting a business in general. This is not an exhaustive list but will hopefully give you more to think about in addition to the great advice you've already received here.

1) Know your "why". Before starting a business, it's important that you know why you want to start a business in drop shipping in the first place. Knowing your "why" will help guide and inform all the decisions you make about your business. I highly recommend watching the "How great leaders inspire action" (https://www.ted.com/talks/simon_sinek_how_great_leaders_inspire_action/comments) and "How to discover your 'why' in difficult times" (https://www.ted.com/talks/simon_sinek_how_to_discover_your_why_in_difficult_times) TED talks by Simon Sinek to learn more about why finding your "why" is so important.

2) Know your customers. Your customers can be individuals or businesses (or both), and you'll need to know as much about your potential customers as possible to help you determine if there's a market for what you're selling and how you might sell to them.

3) Know your competition. Knowing who you're competing against is crucial. You'll want to know what they're selling, how they're selling it, who they're selling it to, etc.

4) Know the risks. There are always risks when starting a business, so you'll need to identify those risks and determine if you're willing to take them on.

5) Know how you will handle your finances. It's crucial to understand everything about your finances, particularly budgeting and financial forecasting, and where you'll get the money you need to start your business. You'll also need to have a good accountant and/or tax advisor.

6) Know your marketing strategy. You'll need to consider how you want to market your business and get more customers!

7) Learn about sales. When you own a business, you are always selling. Learning more about sales strategies, customer buying patterns and habits, and even their psychologies, will be crucial.

8) Contact other business owners in your industry. It always helps to contact other business owners who are also in your business/industry and find out more about how they started, what's working and not working for them, etc. Even though you may think of these other businesses as competition, in most cases other business owners are happy to talk with other business owners.

9) Find a mentor. It's very helpful to have someone you trust who can give you advice, answer your questions, review your ideas, etc. Your mentor doesn't necessarily need to be in your industry. It just needs to be someone who will give you honest feedback and advice.

Those are just some of the considerations. And keep in mind you'll never be 100% ready to start your business...at some point you'll just have to get started! That's where a mentor comes in handy.

Good luck to you!

Shawn
Thank you comment icon What are the best resources for me to learn about sales? Henry
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PRASANJIT’s Answer

Please follow the below steps to start small business:

Start with a Good Business Idea. If you're wondering how to start a business, it may be easier than you think.
Conduct Research and market survey about your Business Idea.
Write a Business Plan.
Make Your New Business Official.
Know Your Finances.
Protect Your Business.
Build Your Business.
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