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🗣️ Welcome back to another episode of the Dropship Unlocked Podcast. In this episode, our host James Eardley engages with Lewis Smith, serial entrepreneur and resident dropshipping expert, to discuss the essential topic of "Thriving in the Age of Uncertainty with High-Ticket Dropshipping".

They unpack the resilience of the high-ticket dropshipping model in today's uncertain climate, share key strategies for budding entrepreneurs, and discuss risk management, real-life success stories, and actionable steps to launch a dropshipping business.

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➡️ https://youtu.be/fTnU-mouUvc 

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Links and Resources Mentioned:

➡️ https://www.dropshipunlocked.com/Free - Dropship Unlocked free training on high-ticket dropshipping.

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Key Takeaways:

★ Uncertainty is a part of life, but high-ticket dropshipping offers a resilient and profitable business model to navigate these times.

★ Adopting a growth mindset, practicing adaptability, and focusing on solutions rather than problems are essential attributes for entrepreneurs in this age.

★ Diversification, quality control, and contingency planning play a critical role in risk management for any high-ticket dropshipping business.

★ Real-life success stories demonstrate the viability and profitability of high-ticket dropshipping, even in uncertain times.

★ Market research, a strong supplier network, and a customer-centric approach are pivotal first steps to launch a successful dropshipping business.

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

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Topics Discussed:

The "Thriving in the Age of Uncertainty with High-Ticket Dropshipping" episode discusses the benefits of high ticket dropshipping in the face of uncertain times. The hosts suggest that entrepreneurs adopt a positive mindset and invest in themselves by building skills and knowledge in areas such as market selection and building stores that cater to customer needs. The high profit per order in high ticket dropshipping allows for the acquisition of customers and a diversified product line to create a stable income source. The speakers suggest that listeners take advantage of incentivised social sharing to grow their brand and prioritise exceptional customer service. Additionally, they talk about leveraging virtual assistants to automate processes and reduce the workload, providing the owner with more time to focus on higher-level tasks.

00:00:00 In this section, Lewis Smith and James Eardley discuss how the high ticket dropshipping business model can provide solutions for entrepreneurs who are hesitant to start a business during uncertain times, such as the current pandemic or political unrest. They highlight that despite challenging events that dominate the headlines, certain businesses still thrive. By focusing on the positive mindset and keeping the mind focused on the ultimate goal, entrepreneurs can overcome their fear of the unknown and successfully launch and run an online business.

00:05:00 In this section, the video discusses how to thrive in the age of uncertainty and the ability to start a resilient business model, namely high-ticket dropshipping. Despite the unpredictable nature of media events, the hosts advise establishing a stable income source through this business model, which has a lower capital outlay that is just under £5,000 in comparison to conventional businesses that generally require £50,000. A limited resource means business owners have to be cautious, frugal, and purposeful with their actions for a thriving venture. Therefore, it is important to invest in oneself by learning the skills, such as selecting markets and building stores that cater to customer needs, running ads, and hiring customer service teams. Even if market fluctuations occur or the situation in the world changes, it would not significantly impact businesses, as the owner's knowledge and skills have adapted to whatever the landscape may be.

00:10:00 In this section, the speaker discusses the benefit of investing in yourself and developing your skills to create successful online businesses and deal with uncertainty. High ticket dropshipping is a particularly advantageous business model because of the high profit per order, which allows for a lot of room to acquire customers, as the winner in every market is the business that can spend the most to acquire a customer. The speaker challenges the idea that it is easier to make sales with a low ticket value and build up loyalty over time, instead emphasising that it is possible and profitable to make a large profit on day one with high ticket items, rather than relying on upselling and cross-selling to eventually break even or become profitable.

00:15:00 In this section, the speaker discusses the shift in mindset that is needed to thrive in uncertain times as an entrepreneur. They advise against having a scarcity mindset, which involves being dominated by fear and media headlines, and instead shifting towards an abundance and growth approach. Embracing challenges and learning from failures is also crucial. The speaker draws inspiration from Conor McGregor's growth mindset in sports and suggests that it is just as applicable in business. Other key strategies and practices that are important include adaptability, agility, being open to changing directions as a business, and controlling controllable factors. The speaker stresses the importance of focusing on what can be controlled and compartmentalising tasks to avoid constantly putting out fires without making progress.

00:20:00 In this section, the speakers discuss how to effectively address and mitigate risks in a high-ticket dropshipping business. One strategy is to have a wide range of suppliers and product lines without having to invest capital, as one can leverage the risk that suppliers have taken by bringing those products in or manufacturing them in the UK. By partnering with many suppliers with a huge product range, high ticket dropshipping can quickly diversify. This creates redundancy built into the business so that if one supplier or product disappears, it would not result in the collapse of the entire business. By building a diversified and stable business, one can establish a portfolio of stores, build an empire, and have the opportunity to sell like a group of them to investors or venture capital firms looking to acquire a big portion of the market.

00:25:00 In this section, the speaker talks about the importance of diversification in high-ticket dropshipping because of the uncertainty and risks involved. Having a range of products and suppliers not only creates a safety net in case of uncertain events but also provides quality assured products to customers. Additionally, diversification provides the opportunity to continually expand and reach new peaks in business success. The speaker shares a success story of Jarred, who joined Dropship Unlocked in May 2020 during a tumultuous time but managed to make £310,000 pounds in his first 6 months and has since scaled his business to multiple seven figures. Jared invested in himself and his skills, realising the asymmetric return from controlling the upside of his investment.

00:30:00 In this section, a dropship business owner talks about how they were able to thrive despite the uncertainty brought about by Brexit and market crashes. They highlight the importance of taking control of what you can and focusing on the goals that you have. One actionable step that listeners can take is to do good, detailed market research to identify profitable niches and products that have high demand. They also emphasise the value of building a reliable supplier network and broadening relationships with different suppliers, to ensure that their businesses have built-in redundancy. Lastly, they stress the importance of prioritising exceptional customer service and experiences, as this is what wins in the current market.

00:35:00 In this section, the power of incentivised social sharing is emphasised as a way for a brand to grow through word of mouth and organic traffic. The fear of uncertainty in business is also addressed, with an emphasis on the importance of mindset and the ability to control what one can. Finally, the hosts answer a listener question about when to hire a virtual assistant in a dropshipping business, suggesting that customer service should be the first area to outsource.

00:40:00 In this section, the speaker talks about how virtual assistants can be utilised to reduce the workload in a business. Firstly, they suggest that virtual assistants can manage emails and phone calls by providing them with templates and scripts on how to answer customer queries. They can also be trained to fulfil orders by providing them with processes and template responses to send out to suppliers. The speaker stresses the importance of automating tasks that computers can do so that the workload of virtual assistants can impact the bottom line profit of a business. As virtual assistants become more familiar with the business, they can be given more responsibilities such as researching the market, looking at competitors, and building out frequently asked question pages on the website. Overall, the speaker emphasises the value that a virtual assistant can bring to a business, especially in freeing up time for the owner to focus on tasks that only humans can do.

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