One of the best ways to start an online business is to adopt a drop ship model. This means that you don’t carry any inventory when you make a sale. You list an item for sale on your website and when a customer makes a purchase, you order it from your supplier and have them ship it directly to the customer as if it was coming from you. The beauty of this model is that you don’t carry any of the inventory risk.
If done right, drop-shipping can be a good way to expand your product offerings with very little risk. Before you begin, make sure to ask the right questions and do your due diligence before you begin doing business with a potential drop-ship supplier. You need to make sure that this new supplier is equipped to realistically offer you what you need to grow your business.
While it is important to periodically run reports to determine your best-selling products across your entire business, it is also a good idea to do the same analysis for each channel.
In business and in life, try to surround yourself with the most intelligent, capable and uplifting people you can find. Hiring less-than-qualified employees to save money will end up costing you in the long run.
How many suppliers do you have? This is one of the most obvious but overlooked questions small business owners never ask themselves. It’s important to know because it tells you how many companies you need to manage. Evaluate each supplier regularly to see if their products still make sense for your company. We recently cut […]
When it comes to inventory management, cash flow is king. If in doubt, liquidate stale inventory and invest that money into expanding product opportunities that are working for you. It may be a hard thing to do but sometimes you have to cut your losses to get ahead. We have focused on this approach lately […]
The Importance of Analyzing Your Business on a Continual Basis The frequent and continual analysis of business performance is one of the most important duties in business. Business review helps one uncover an incredible amount of intelligence about what is working and what is not working. Without this type of review, it is difficult to asses a business’ […]
If you want to be an entrepreneur, is a college education worth it these days? A lot of people argue that a college education is no longer necessary. They argue that it is too expensive and doesn’t really teach you anything useful. Anything you want to learn you can learn in the “real world.” I tend […]
Proper Business Planning: The 3 Cs and 4 Ps – A Critical First Step in Business Planning Any business venture that you plan to embark upon should go through the “3Cs and 4Ps” exercise. While at first you may think that you’re wasting your time, you’ll soon realize how incredibly valuable and insightful this exercise […]