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3-Step Method To Build a High-Profit Shopify Dropshipping Store (Episode 26)

September 11, 20238 min read
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Get your copy of Lewis’ new book - The Home-Turf Advantage ➡️ https://www.htabook.com/ 

🗣 We're unveiling the ultimate strategies to construct a Shopify dropshipping store that not only rakes in profits but does so consistently.

Imagine turning your eCommerce dreams into a thriving reality. Join us as we walk you through the essential steps, insider tips, and personal anecdotes that will transform your Shopify venture into a high-earning success story.

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➡️ https://www.youtube.com/watch?v=AYHAb5DzqQs 

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Links and Resources Mentioned:

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

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

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Key Takeaways:

★ Prioritise building solid business foundations before delving into Shopify.

★ Present your Shopify store professionally to suppliers to earn trust and establish partnerships.

★ Avoid perfectionism - strike a balance between professional design and swift execution.

★ Gradual enhancement and scaling lead to more sustainable growth.

★ Invest in a user-friendly experience as you scale; focus on improving profitability.

★ Implement A/B testing, compelling CTAs, and monitor key metrics to ensure high conversion rates.

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Topics Discussed:

In this YouTube video titled "3-Steps To Build a High-Profit Shopify Dropshipping Store," the speaker emphasises the importance of setting up a strong foundation for a Shopify Dropshipping store before diving into building the actual store. They advise starting with the foundation and fundamentals, such as registering a limited company and setting up a business bank account. They also suggest selecting a niche that meets certain criteria, like search demand and supplier availability. The speaker highlights the importance of creating a reliable and credible Shopify store that appeals to suppliers and reflects professionalism. They suggest using a pre-store launch checklist and utilising free themes and AI tools or outsourcing to create a logo. The goal is to create a minimum viable store that can generate profits quickly. The video also discusses scaling the Shopify store and emphasises the importance of customer satisfaction and building a stable and profitable e-commerce business. In the later steps, the speaker discusses advanced techniques, optimising sales pages, and monitoring key metrics for continuous improvement. The video concludes by addressing the issue of cash flow for a dropshipping business and suggests building a good relationship with suppliers to negotiate credit terms. Overall, the speakers provide valuable insights and steps to build a high-profit Shopify dropshipping store.

00:00:00 In this section, the speaker emphasises the importance of setting up a strong foundation for a Shopify Dropshipping store before diving into building the actual store. They caution against the common mistake of jumping straight into building the store without considering the foundational elements of the business. They explain that Shopify is just one part of the puzzle and that there are other factors such as supplier relationships and brand reputation that need to be established first. Making mistakes in the initial setup can lead to irreparable damage to the business.

00:05:00 In this section, the speaker advises starting with the foundation and fundamentals before building a Shopify store. This includes registering a limited company, setting up a business bank account, and selecting a niche that meets certain criteria like search demand, supplier availability, and avoiding seasonal or brand-dominated markets. They emphasise the importance of having these elements in place before diving into building the store, as it demonstrates professionalism to potential suppliers. It is also stated that the store doesn't have to be perfect, but it should earn the trust of suppliers. The speaker warns against falling into the perfectionist trap and spending excessive time fine-tuning the store, as what matters most is getting up and running and driving traffic through paid ads.

00:10:00 In this section, the speaker highlights the importance of building a reliable and credible Shopify store that appeals to suppliers and reflects professionalism. They emphasise that suppliers are more concerned with the brand's reputation and the ability to provide excellent customer service than superficial factors like expensive design elements. The speaker suggests using a pre-store launch checklist that includes items such as displaying a professional phone number, clearly stating delivery policies, and providing product images. They also suggest using free themes and utilising AI tools or outsourcing to get a logo created. The goal is to create a minimum viable store that meets the threshold of professionalism and can generate profits quickly, allowing for future investments in improving the store's design and branding.

00:15:00 In this section, the speaker advises on the initial setup of a Shopify store, emphasising the importance of creating a professional-looking website without spending too much time or money on it. They suggest using a basic free theme and providing demo products to suppliers to showcase the look and feel of the store. Additionally, they share a ninja tip of setting up re-marketing campaigns before contacting suppliers, so that they see the store's ads across different platforms, giving the impression of being a globally recognised brand. The speaker also highlights the convenience of using Shopify's templates for essential pages like terms, policy, and refund pages, and mentions a partnership offer between Dropship Unlock and Shopify. Finally, they briefly touch on the topic of scaling the Shopify store, suggesting a sequential approach to enhancing the store once it is up and running.

00:20:00 In this section, the speaker emphasises the importance of focusing on customer satisfaction and building a stable and profitable e-commerce business. They compare the process to playing a video game, where it takes time to learn and master the controls before progressing to higher levels. The speaker advises against scaling too quickly and encourages investing in improvements once the business is profitable. They also discuss the significance of providing a seamless and user-friendly website experience, similar to Amazon, to remove any friction in the buying journey. They highlight the benefits of using Shopify and its features, such as one-step checkout and Shop Pay. Ultimately, the speaker emphasises that the game of business can lead to significant rewards and the ability to live life on one's own terms.

00:25:00 In this section, the speaker discusses the second and third steps of building a high-profit Shopify dropshipping store. In step two, they emphasise the importance of treating the process as a game and scaling the store while implementing more advanced techniques. At this stage, it is possible to bring in specialists and experts to optimise the sales pages, conduct A/B testing, and improve the conversion rate. The goal is to identify winning products and create an optimised page to test against the original. By constantly testing and optimising, it is possible to increase conversion rates and ultimately double the store's profit. In step three, the speaker emphasises the need to monitor key metrics such as conversion rate, bounce rate, and other essential metrics to ensure continuous improvement. They compare it to training for a marathon and checking your pace and distance covered. Additionally, the speaker highlights the importance of focusing on profitability rather than just sales revenue and shares their own experience of negotiating better margins with suppliers and reducing ad spend. Finally, the speaker suggests bringing in experts to help improve conversion rates and overall profitability.

00:30:00 In this section, the speaker emphasises the importance of starting with strong foundations when building a Shopify dropshipping store. They recommend choosing a niche in demand and learning before scaling up. They also suggest using Shopify as the platform and focusing on building a simple store for both customers and suppliers. The speaker advises against overthinking and delaying the launch due to the pursuit of perfection. They encourage implementing the three steps discussed and being open to learning from mistakes. Lastly, they address the question of how to deal with cash flow issues for the first few orders and provide options such as using personal funds, leveraging a business credit card, or informing customers about longer delivery times.

00:35:00 In this section, the speaker addresses the issue of cash flow for a dropshipping business. They explain that after the first few sales, the profits generated can cover future supplier payments, making the business self-reliant. The speaker suggests building a good relationship with the supplier and eventually asking for credit terms rather than paying upfront for every order. This way, orders can build up without causing cash flow problems, and a large payment can be made to the supplier once a certain amount of orders have been reached. The speaker emphasises that although cash flow can be a concern at the start, it shouldn't hold anyone back from starting a dropshipping business. They also advise starting with less expensive products and gradually introducing more expensive ones once the business is established.

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