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🗣 ​​In this episode of the Dropship Unlocked Podcast, hosts Lewis Smith and James Eardley shine a light on common dropshipping pitfalls, providing insights to help entrepreneurs navigate the e-commerce landscape confidently.

Inspired by a listener's concerns about financial mistakes, they share valuable lessons on avoiding costly errors.

👉 Do you know someone who would love this? Share this video ➡️ https://youtu.be/xi4o8G3Pm3I?si=Wn6E8-c8nKPwDCgI 

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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 

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Key Takeaways:

★ Learn from others' experiences to avoid costly mistakes in dropshipping.

★ Data-driven product research and validation are essential for selecting the right products.

★ Regularly review marketing performance to ensure profitability and efficiency.

★ Joining a community of entrepreneurs can provide valuable support and insights.

★ Embrace fear and take the leap into entrepreneurship with confidence.

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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:

This episode of the Dropship Unlocked Podcast discusses common mistakes made by beginners in the dropshipping industry. The hosts emphasise the importance of validating potential products and niches through UK-specific data analysis strategies and choosing a tailored mentorship to avoid costly mistakes. They also advise listeners to closely monitor profitability and diversify suppliers to avoid losses. In a separate question, they discuss the possibility of registering a UK Limited Company from abroad and the importance of being proactive and efficient in running an eCommerce business. They encourage listeners to leave reviews or comments on the podcast to impact its growth and success.

00:00:00 In this section, the hosts of the Dropship Unlocked Podcast discuss the common mistakes that they see in beginners who start dropshipping without any training, experience, or support. They emphasise the importance of fool proofing a dropshipping business by avoiding these mistakes to prevent significant losses and maximise potential success. The hosts encourage their listeners to take a cautious approach and learn from other people's mistakes to increase their chances of making their own Ecommerce venture a profit-driven low maintenance business.

00:05:00 In this section, Lewis discusses common mistakes made by new dropshipping business owners, including not choosing the right products to sell. He contends that relying solely on one-to-one interactions and hoping to put a popular product in front of potential customers is an uphill battle, and can take years to achieve any real traction. Lewis recommends validating the success of potential products and niches through UK-specific data analysis strategies, which can help entrepreneurs land on the right products and niche groups with a supplier availability, product demand, and marketing channels available. According to Lewis, this approach allows entrepreneurs to sit back and let their marketing system raise customer interest, rather than having to actively sell to potential customers on the high street.

00:10:00 In this section, the speaker discusses the importance of choosing the right product when starting a dropshipping business. They mention that rushing into a product choice can lead to disappointment and financial losses. The speaker emphasises the importance of using data-driven decisions, as taught by Lewis, to choose a product. They also mention the dangers of investing in cheap courses that may not be tailored to the UK market. The speaker advises investors to invest in tailored mentorship right from the beginning to avoid costly mistakes.

00:15:00 In this section of the video, the speakers caution against making the same mistake that many others have done when considering starting a drop shipping business. They advise skipping the initial part of the journey and jumping straight into a tailored solution that will save time and money. The speakers also emphasize the importance of understanding cash flow and managing it successfully, as it can lead to big troubles for a business if not understood properly. They warn against getting overexcited and overspending on advertising, and emphasize the need for regular review and regulation of marketing spend to avoid wasting time and money.

00:20:00 In this section of the transcript excerpt, the speaker emphasises the importance of closely monitoring profitability in a dropshipping business from the outset. He advises businesses to keep track of their financial safety net, by saving money and having business operating cost savings. He further suggests using a profit tracker specifically designed for UK businesses to help calculate profitability, VAT, and corporation tax. When scaling the business, he recommends avoiding aggressive marketing spend increases and focusing on keeping track of marketing spend to avoid risk. He also recommends aiming for high ticket products for higher profit margins. The speaker also notes the importance of diversifying suppliers to avoid losses due to potential supplier failures. He suggests having multiple marketing avenues and avoiding relying too heavily on a single marketing channel for similar reasons. Finally, the speaker offers advice on maximising business efficiency by utilising tools and automation to minimise manual work.

00:25:00 In this section of the transcript, the speaker discusses the importance of maximising efficiency when building and running an Ecommerce business. He mentions how having a community can cut the learning curve and make you as efficient as possible by allowing you to put decisions in place and have access to resources. The speaker mentions the show The Beckham Documentary and how David Beckham has his wardrobe set up so efficiently with all his outfits prepared for the week. He also talks about systems and automation in the restaurant industry and how it leads to maximum efficiency. Overall, the speaker emphasizes the benefits of being proactive, engaging with a community and having a proven system in place to run a successful Ecommerce business.

00:30:00 In this section of the Dropship Unlocked Podcast, the hosts discuss the question posed by Martin, who wants to know if he can set up a UK Limited Company from abroad. Lewis explains that it is possible to register a UK Limited Company from abroad, and he provides detail on how to do this through a formation agent or by using a digital bank like Tide. Lewis also explains that once the company is registered and making sales, an accountant can handle the necessary filing and paperwork. The hosts then read out a positive review from a listener, Michelle, who appreciated the podcast's inspiring stories and production values, and recommended the master class for achieving dreams. The hosts invite listeners to leave reviews or comments on the podcast to impact its growth and success.

00:35:00 In this section, the host of the "Dropship Unlocked Podcast" talks about his book, "The Home Turf Advantage", which is a comprehensive guide designed to help listeners create their own eCommerce businesses. He encourages listeners to subscribe to the podcast to stay connected and to leave reviews to help motivate the team. He also thanks the audience for their time and the opportunity to share more insights on high ticket dropshipping in future episodes.

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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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