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🗣 In this episode of the Dropship Unlocked Podcast, hosts Lewis Smith and James Eardley delve into the often overlooked and underestimated costs of starting and running a dropshipping business in the UK. 

They share their experiences and insights to help newcomers prepare for the financial commitments involved.

👉 Do you know someone who would love this? Share this video ➡️ https://youtu.be/c3RHr9GDcHo?si=Az7UFDVIg-OwNZyg 

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Links and Resources Mentioned:

For Aspiring Business Owners or Side Hustle Seekers Based In the UK…

New Book Reveals How To Launch A Low-Maintenance High-Profit E-Commerce Business Using The UK "Home-Turf Advantage”…

While also enjoying more time with your family, being free to travel, and setting the hours you work.

Click here to get your copy >>> https://www.htabook.com/?el=blog   

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Links and Resources Mentioned:

Get Shopify for £1 a month for 3 months: https://www.dropshipunlocked.com/shopify 

Get a free trial with a professional phone line: https://www.dropshipunlocked.com/circle 

What Dropshipping Gurus Won't Tell You (Dropship Unlocked Podcast Episode 25): https://youtu.be/-LMHfUCGAa0?si=_hws9gzEJvbOFcYT 

Over the shoulder, step-by-step training ➽ https://www.dropshipunlocked.com/training?el=blog 

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Key Takeaways:

★ Understanding the true costs of starting and running a dropshipping business is crucial for newcomers to set realistic expectations.

★ Basic setup costs include platform fees, domain registration, and essential tools like keyword research tools and cookie policy generators.

★ Budgeting for marketing is essential, but beginners should start with small budgets, especially for paid advertising campaigns like Google Ads.

★ The largest hidden cost in entrepreneurship can be an "ignorance cost." Investing in education upfront can save entrepreneurs significant money and stress in the long run.

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Learn More:

 ➡️ When people are ready to create time and financial freedom for themselves, they visit - https://www.dropshipunlocked.com/free?el=blog

 ➡️ Subscribe to The Dropship Unlocked Podcast to stay up-to-date on the latest episodes, and leave a like to help others discover the show.

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Topics Discussed:

In this episode, the hosts discuss the costs associated with starting a dropshipping business. They emphasise the importance of viewing these costs as investments in the business rather than expenses. The speakers highlight the need for some initial capital to ensure sustainability and success, compared to starting a business with nothing to invest. They also discuss the minimal costs associated with tools and platforms for dropshipping, and the importance of budgeting for marketing and learning effective strategies. The speakers stress the value of investing in education and staying connected to the industry. They also provide tips for keeping costs down and choosing non-saturated products for dropshipping. The video concludes with the hosts expressing their gratitude for positive reviews and promoting their book as a comprehensive guide for starting an e-commerce business.

00:00:00 In this section, the speakers discuss the hidden costs of starting a dropshipping business and emphasise the importance of viewing these costs as investments rather than expenses. They share personal experiences of wasting money on ineffective advertising and highlight the need to be smart with spending in order to maximise return on investment. The speakers also address the common question of how much it costs to start a dropshipping business, and the importance of preparing a budget and anticipating expenses. They stress the importance of having a cash reserve to handle unforeseen circumstances and avoid financial ruin.

00:05:00 In this section, the speaker emphasises the importance of having some investment when starting a dropshipping business. While dropshipping does not require large upfront costs like buying stock or importing containers, it is still necessary to have some capital to ensure sustainability and avoid running out of money. The speaker advises against starting a business with nothing to invest, comparing it to jumping off a cruise ship without a life jacket. They suggest considering low-cost options like their book or a mentorship program to gain knowledge and guidance before fully committing. They also mention the minimal costs associated with the platform, hosting, domain, and research tools for dropshipping. Overall, dropshipping offers lower upfront costs compared to traditional business models, but having some investment is still crucial for success.

00:10:00 In this section, the speaker explains that the startup costs for dropshipping are significantly lower compared to traditional business models like franchising. With dropshipping, profitability can be achieved within a few months if the right strategies are implemented. The speaker mentions that the necessary tools for dropshipping, including a storefront location, customer handling tools, and order management systems, can cost less than $50 per month. Additionally, the speaker suggests using cost-effective tools initially and gradually investing in additional resources as the business grows. Overall, the emphasis is on viewing these costs as investments rather than expenses because they contribute to the profitability of the business.

00:15:00 In this section, the speakers discuss the importance of marketing in dropshipping and the mistakes they made when they first started. They emphasise the need to budget not just for ads, but also for learning the specific marketing strategies that work for the dropshipping model. They recommend starting with small budgets and using platforms like Google ads to analyse results and gain insights. They also highlight the value of investing in oneself and learning the right strategies to avoid costly mistakes and make the ad budget go further. By investing in learning, they explain, you can save money in the long run and have the skills to launch and scale profitable ad campaigns. They suggest starting with Google ads and then utilising retargeting ads on platforms like Facebook and Instagram. Overall, the speakers stress the importance of understanding marketing and not just blindly throwing money into ads without knowing what you're doing.

00:20:00 In this section, the speaker discusses the hidden costs associated with starting a dropshipping business. He refers to the largest hidden cost as the "ignorance cost," which entails not having the necessary education and guidance when starting out. Without proper knowledge, one can waste money on poor quality products and unsuccessful advertising campaigns. However, investing in education upfront can save significant amounts of money in the long run. Additionally, the speaker emphasizses the importance of staying connected to the industry, having a miscellaneous budget for unexpected expenses, and joining communities of other entrepreneurs for support and guidance.

00:25:00 In this section, the hosts discuss ways to keep costs down when starting a dropshipping business. They suggest investing cost-effectively in professional help for logo design and branding, either through freelancers on platforms like Fiverr or using AI tools. They emphasise the importance of creating a professional brand to build trust with customers. They also advise being smart about where to spend money, using freelancing platforms and free trials of software. Monitoring ad spend, conversion rates, and return on investment is crucial. They recommend staying lean, only taking on the essential tools and focusing on maximising the budget for Google ads. The hosts mention that dropshipping allows for profitability with a low initial investment, but having more money gives flexibility and the ability to invest in training. Following a proven system and avoiding unknowns is advised to minimise unexpected costs.

00:30:00 In this section, the YouTuber discusses how to choose non-saturated products for dropshipping. They recommend validating the search demand using tools like Keywords Everywhere and analysing Google Trends to ensure stable or growing demand. They also advise looking at price points, stable pricing across different retailers, avoiding complicated customer service industries, finding direct competitors, and ensuring brand willingness to dropship. By following these criteria, one can validate a niche and minimise concerns about market saturation. The YouTuber also mentions their book, "The Home Turf Advantage," which provides a detailed step-by-step walkthrough of the entire process.

00:35:00 In this section, the hosts of the Dropship Unlocked podcast express their gratitude for a positive review from a listener named Steve. They also encourage other listeners to share their thoughts and reviews, as they aim to build a community of like-minded individuals. Additionally, they mention their book "The Home Turf Advantage" as a comprehensive guide for starting an e-commerce business. They end by thanking the listeners for their time and expressing their excitement for the next episode.

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★★★Dropship Unlocked - Lewis Smith★★★

How to Launch a UK Dropshipping Business Offering Next-Day Delivery...

...Even If You Don't Yet Know Which Products To Sell

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