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The Ultimate Side Hustle: High-Ticket Dropshipping for Financial Freedom (Episode 8)

May 07, 20239 min read
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🗣️ In this episode of the Dropship Unlocked Podcast, ecommerce business owners Lewis Smith and James Eardley discuss how high-ticket dropshipping can be the ultimate side hustle to achieve financial freedom.

They explore why high ticket dropshipping makes for a great side hustle, how much you can supplement your income with high-ticket dropshipping, the time investment required, and how to start.

👉 Do you know someone who would love this? Share this video → https://youtu.be/4ejRxfUKXrA 

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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:

 ★ High-ticket dropshipping can be a lucrative side hustle with high profit margins, less time investment, and semi-passive income.

 ★ To be successful with high-ticket dropshipping, start small, gradually scale up your business, and be prepared to put in the effort.

 ★ With the right systems and processes in place, high-ticket dropshipping can be a well-oiled machine, running smoothly, and generating sales even while you're doing other things.

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Discussion Topics:

00:00:00 - 00:50:00
The high-profit margins of high-ticket dropshipping make it a great entry model for entrepreneurship, requiring less effort than a high-volume, low-ticket business model, and only a few products per week to match existing income. Building a strong foundation, including the right systems, processes, and team, is key to success, and dedication, patience, and the willingness to step outside one's comfort zone are necessary for long-term success. Additionally, high-ticket dropshipping requires significantly lower capital investment compared to traditional stock-taking businesses. Strategies for maximising profits include advertising spend, automation, and virtual assistants, with virtual assistants available in the Philippines being an efficient and cost-effective option. While starting as a side hustle, high-ticket dropshipping can become a full-time income stream with time and effort.

00:00:00 In this section, Lewis Smith and James Eardley discuss why high-ticket dropshipping is a great choice as a side hustle. One of the main reasons is the high profit margins high-ticket dropshipping offers. With this model, you only need to sell a few products per week to match your existing income while working your day job. Additionally, this model requires less effort, as you only have to catch one big fish figuratively a day, which means less hassle. Overall, high-ticket dropshipping makes for a great entry model into entrepreneurship.

00:05:00 In this section, the speaker discusses the advantages and constraints of high ticket dropshipping as a side hustle and how it can eventually become a semi-passive or even fully passive income. The speaker highlights that high ticket dropshipping can be automated eventually and that the key to success is building strong foundations, putting the right systems and processes in place, and having the right team. The speaker also notes that starting a high ticket dropshipping business can be done gradually and doesn't require a significant amount of time to start or to maintain. However, the speaker cautions that building a successful high ticket dropshipping side hustle requires investment in time and resources and stresses the importance of choosing the right niche, products, and strategy to start seeing results relatively quickly.

00:10:00 In this section, the speaker explains the importance of starting a high-ticket dropshipping business as a side-hustle. He advises dedicating at least an hour a day to growing the business and allocating more time on weekends to put fuel to the fire. The speaker goes on to emphasise that the earnings from the business depend on individual effort. He notes that people have reported earning anywhere from a few hundred pounds a month to tens of thousands of pounds per month in profit. Additionally, he highlights that a high-ticket dropshipping model can make sense as only ten orders per month can generate significant income due to the higher margins. The speaker stresses that with high-ticket dropshipping, there is more flexibility in providing a personal touch to customers, which gets lost in a high-volume, low-ticket business model.

00:15:00 In this section of the podcast, the guest speaker discusses the importance of establishing a strong foundation and how it can dictate the long-term success of the business. The analogy of building a tower with Lego bricks is used to describe how starting with stable and data-driven decisions helps avoid collapse down the road. The guest then describes the time investment required to be successful in high ticket dropshipping, noting that it can vary depending on individual circumstances. Overall, the guest emphasises the need for commitment, patience, and a willingness to step outside one's comfort zone in order to build a successful business.

00:20:00 In this section, Lewis and James discuss how much time and dedication are required to get a high-ticket dropshipping business up and running. Lewis suggests that individuals can spend as little as one to two hours a day, but the process may take anywhere between 12 to 20 weeks if they're willing to commit to at least four to five hours daily. However, once it's up and running, managing the business can be done in just an hour or two per day or even per week. This business model can become a "lifestyle business" that affords you more time for leisure activities and family, similar to Lewis's experience when he built a business to spend more time with his young children. They also discuss how some people may be happy to keep their job and only use high-ticket dropshipping as a side hustle, while others may want to go all the way and grow their business full-time.

00:25:00 In this section, it is stated that high ticket Drop Shipping, compared to traditional stock-taking businesses, requires a significantly lower amount of capital investment in the tens or twenties of thousands, making it an efficient and cost-effective way to start a business. With five to ten thousand pounds available, it is enough to get started. However, mitigating the risk of making mistakes and losing money is crucial, and the training is in place to avoid costly mistakes. It is also important to track costs from day one. Having an income is essential when starting, as it increases the tolerance for risks and enables one to keep moving.

00:30:00 In this section, the speaker emphasises the importance of maximising profits and being strategic in the use of advertising spend through a well-conditioned and trained business. The speaker advises against just sprinting into ad campaigns, suggesting a slow and steady approach by taking the time to properly train, prepare, and condition the business through niche selection, store design, and supplier validation before investing in ads about five or six weeks into the business creation. The speaker emphasises progress in the long run and delayed gratification, advising entrepreneurs to avoid spending time checking ads daily and instead keep an eye on the budget and wait at least two weeks before analysing results. The speaker also notes that many of the systems used for high-ticket dropshipping have built-in processes that can automate much of the day-to-day work, allowing for side hustling alongside a full-time job, with additional support from virtual assistants for handling more complex tasks.

00:35:00 In this section, the speaker gives advice on when to hire a virtual assistant (VA) for a side hustle and emphasises the importance of having enough work to keep them busy. Hiring a VA too soon can lead to a lack of work for them, causing them to leave. The speaker suggests hiring a VA when nearing full capacity and to at least have a buffer in monthly profits before doing so. When it comes to hiring, attention to detail and hiring for culture fit are important, with the speaker recommending looking for someone who complements your strengths and aligns with the company's values.

00:40:00 In this section, the speaker discusses the benefits of outsourcing to virtual assistants in the Philippines due to their excellent spoken English and the relative low cost of living in the country. He explains how creating Loom videos and documenting tasks in Asana allows for easy training and delegation to VAs, making them an efficient and cost-effective way to handle tasks like web design or customer service. The speaker also shares productivity tips, including scheduling everything, prioritising tasks ruthlessly, setting clear boundaries, and using 12-week year sprints to get projects off the ground and increase focus. By outsourcing work to virtual assistants, the speaker believes that high-ticket dropshipping can be a lucrative side hustle that can quickly become less time-consuming with the help of VAs.

00:45:00 In this section, Lewis and the host discuss whether high ticket dropshipping can be a full-time income. Lewis stresses that it takes time, effort, and hard work, but treating it like a full-time income stream from the outset can turn it into a long-term saleable asset that can replace or multiply one’s income. He emphasises that it’s a marathon, not a get-rich-quick scheme that requires a strategic approach. It’s essential to invest time, finances, and effort into building the business and taking it seriously to achieve financial freedom. The section ends with Lewis encouraging listeners to take action today if they’re interested in starting a high ticket dropshipping business.

00:50:00 In this section, Lewis and James discuss whether it is risky to hire employees for high-ticket dropshipping who may become future competitors. Lewis argues that not everyone is cut out to be an entrepreneur and start their own business, and even if they did, they would need the perseverance, hard work, and dedication that are required for success. It's similar to a bar owner hiring waitstaff - just because they work there doesn't mean they're going to start their own competing bar. Finally, they read a review from a listener and encourage listeners to share the podcast with anyone who may find it helpful.

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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

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

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Website: https://www.dropshipunlocked.com/

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🌏Want to create location, time and financial freedom? Watch Our Free Training ➽ https://www.dropshipunlocked.com/training

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