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🗣Hosts Lewis Smith and James Eardley dive into the top five mistakes new dropshippers make—mistakes that can cost thousands and derail progress.

Lewis and James share actionable insights on how to avoid these pitfalls and ensure your dropshipping journey is set up for success. 

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Links and Resources Mentioned:

Pick up a copy of Lewis’ book: https://htabook.com 

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:

★ Commit Fully: Treat your dropshipping business like a full-time job to unlock its true potential.

★ Data-Driven Decisions: Let market research and data guide your product choices, not emotions.

★ High-Ticket Focus: Fewer, high-ticket sales lead to larger profits and less stress compared to low-ticket items.

★ Choose Quality Suppliers: Working with reliable local suppliers improves customer satisfaction and streamlines operations.

★ Don't Go It Alone: Seek support and guidance to fast-track your success and avoid common mistakes.

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Topics Discussed:

In the "Top 5 Dropshipping Mistakes That Cost You Thousands" podcast episode 101, hosts L Smith and James Erley discuss various costly mistakes in dropshipping. One mistake is treating the business as a side hobby instead of fully committing to it, which can limit its potential for growth. Another mistake is quitting a job before fully committing to the business and replacing income, which can lead to slow progress and potential failure. The importance of market research and validating demand before investing in a niche is also emphasised, as well as the risk of focusing on low-ticket items and dealing with poor quality suppliers. The speakers share personal experiences and emphasise the importance of collaboration, working with local suppliers, and avoiding an ego-driven mindset. Effective strategies for signing up high-quality domestic suppliers include starting with a phone call and establishing a personal connection.

• 00:00:00 In this section, hosts Lewis Smith and James Eardley discuss the costly mistake of dabbling in dropshipping without fully committing to it. They explain that treating the business as a side hobby can limit its potential for growth and success. By fully committing and focusing all resources on the business, entrepreneurs can unlock its full earning potential and experience a transformation. The hosts share a personal anecdote about a PR agent who encouraged them to fully commit to their dropshipping business and leave their job, resulting in increased focus and success.

• 00:05:00 In this section, the speaker discusses the danger of quitting your job before fully committing to your business and replacing your income. He shares his personal experience of seeing members at Dropship Unlocked make this transition and how it leads to increased results. However, he warns against dabbling in the business before being fully committed, as it can lead to slow progress and ultimately, failure. The speaker emphasises the importance of treating the business as a full-time commitment and believing in its potential for success. He also mentions the risk of choosing products to sell based on emotion or a hunch rather than actual data, which can lead to assumptions and biases that may not reflect the market demand.

• 00:10:00 In this section, the speaker emphasises the importance of market research in dropshipping. He warns against basing business decisions solely on gut feelings and highlights the risk of investing in a niche without proven demand. Using the analogy of a chef preparing a feast for a vegan party, the speaker stresses the need to research the market and validate demand before investing time and resources. The most successful dropshippers, according to the speaker, follow data-driven decisions and validate markets using a nine-step criteria, including market demand. The speaker also encourages entrepreneurs to be patient and do research upfront to avoid costly mistakes. He shares personal experience of losing thousands by randomly selecting products from AliExpress without validating demand. The speaker recommends checking the backlog of the Dropship Unlocked Podcast and Lewis' YouTube series on building a store from scratch for more information on finding products based on data.

• 00:15:00 In this section, the speaker warns against focusing on selling low ticket items as a new dropshipper. Low ticket items, which are typically priced below £1, require a high volume of sales to make a profit, making it a risky strategy for first-time entrepreneurs. The speaker uses the analogy of filling a swimming pool to illustrate the concept, explaining that while it's possible to fill the pool with a teaspoon, it will take much longer and require more effort than using a fire hose. The other problem with low ticket items is that the market is saturated due to the false assumption that they require less effort to sell. This results in a race to the bottom on pricing, leaving sellers with no leverage and making it difficult to stand out. Instead, the speaker recommends focusing on high ticket items, which require fewer sales to hit revenue goals and allow for better customer service and a more VIP experience.

• 00:20:00 In this section, the speaker shares his experience about focusing on selling high-ticket items instead of low-ticket ones and the importance of working with good quality suppliers. He explains that selling low-ticket items requires dealing with a high volume of customers and orders, resulting in overwhelming admin and customer service tasks. Moreover, poor quality suppliers can lead to high return rates, which can result in financial losses and potential account holds or closures by payment processors. The speaker emphasises the importance of fast and reliable shipping to keep customers satisfied, making it more beneficial to work with domestic suppliers.

• 00:25:00 In this section, the speaker discusses the challenges of working with suppliers in different time zones and language barriers when using the dropshipping business model. These issues can lead to accountability problems, longer delivery times, and difficult communication. The speaker recommends working with local suppliers instead to improve customer communication and ensure supplier accountability. The speaker also shares personal experiences of dealing with returns and language barriers when working with overseas suppliers and the negative impact it had on their business. The speaker concludes by warning against trying to do everything alone in dropshipping and emphasises the importance of having a supportive community to help overcome challenges and keep momentum.

• 00:30:00 In this section, the speaker emphasises the importance of collaboration and avoiding the ego-driven mindset of working alone. He explains that working with others opens doors to partnerships, new insights, and resources, and can make the experience of building a dropshipping business more enjoyable and profitable. The speaker shares his personal experience of trying to figure it all out on his own and the disadvantages of this approach. He encourages listeners to take dropshipping seriously, avoid common mistakes such as dabbling, choosing low ticket items, and not collaborating with others, and prioritise reliable suppliers from the start. The speaker also promotes his book, "The Home Turf Advantage," for a more comprehensive guide to building a successful dropshipping business.

• 00:35:00 In this section, the speaker discusses effective strategies for signing up high-quality domestic suppliers. He emphasises the importance of starting with a phone call to get noticed and establish a personal connection. If a phone call is successful, the speaker suggests providing basic business information. For suppliers who require more persuasion, he recommends explaining one's e-commerce business, expressing interest in partnership, and highlighting benefits such as providing a new revenue source, cash up front, and easy order fulfillment. The speaker also suggests following up with a phone call after sending an email and, in some cases, even visiting the supplier in person to secure the relationship. The podcast also features a review from a listener and a request for listeners to leave reviews to help reach more people and improve content.

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