How to Start a Supplement Dropshipping Business

Welcome, empire builders! If you’re new here or still learning the ropes to dropshipping, you’re in luck. Today we’re going to quickly break down and run through the steps of how you can start a supplement dropping business. You’re going to learn how to build your supplement brand 100% online through dropshipping strategies. We’re going to discuss everything from picking out suppliers and supplements to understanding how to capitalize on these decisions through advertisement and sales funnels. With that being said, let’s jump right in. 

How to Start a Supplement Dropshipping Business

You’ll find that supplements are incredibly trendy right now with the current pandemic situation. But the truth is that they’ve always been a popular target for making sales. Everyone loves to buy that perfect supplement that offers them a little extra boost, and that’s part of what makes starting a supplement dropshipping business such an easy thing to capitalize on.

If you’ve never started a dropshipping business, supplements are slightly different due to the legality that comes along with them. So, if you’re unfamiliar with the market or don’t have time to learn about the legal aspects of marketing supplements, you can still start dropshipping with just $0. If your goal is to get into supplements and you have a bit of a budget, then this short guide is for you.

Selecting and Working With a Supplier

Screen grab of Peter Pru explaining how SMP works

Two suppliers that we’ve already personally vetted are Ship Offers and Supplement Manufacturing Partner (SMP). Both of these are dropshipping suppliers that focus solely on supplements rather than other products. So, how exactly does dropshipping for supplements work? Let’s break it down. 

When you pull up SMP, you’ll find their catalog with 242 results for different supplements that you can private label. This means that all of the science, ingredients, manufacturing, and product-specific needs are already put together. All you have to do is pick out the supplement(s) you want to put your label on. With SMP’s supplement catalog, you can quickly click on the items you think will fit your niche and goals. Then you can check out the supplemental facts to make sure they’re a great match. 

When picking out which products you want to sell as you start a supplement dropshipping business, you have two basic options. You can go white-label or custom creation.

  • White label is where the science behind creating, manufacturing, and handling the supplements is already done. White label products are ready to go and market as-is. All you have to do is work with a supplier to label the supplements and begin marketing them.  
  • With custom creation, you’re working with a unique, new formula and private labeling. The concept for the product is brand new, so there’s going to be more focus on creating the perfect formula, testing it, and actually purchasing inventory. 

Start a Supplement Dropshipping Business With Ingredients You Know About

Customer with supplements in his smoothie

In my personal opinion, especially when it comes to supplements, always sell stuff that you use. This can be a way to further market the products, but it can also build trust in what you’re offering.

Once you’ve selected a supplement, you can send an inquiry or request a sample. We always recommend that you reach out, make a call, and start the conversation. You’ll typically speak to a representative so you can learn about what their specific dropship process looks like. This is a great way to start building that relationship with the supplier, and it allows you to get to know about them.

Depending on the inventory of each supplier, sometimes there will be a minimum purchase of 100 or so units rather than on-demand options. This is commonly practiced with white labeling because that supplier will be taking their logo off a product and replacing it with yours. 

The same setup goes for the other supplier, Ship Offers. Its interface is similar to AliExpress. So those of you familiar with the platform may find them easier to work with as a supplier. They also offer fulfillment services. 

Beginning Sales and Marketing

As empire builders, you know that we have a basic strategy that we follow when creating and building any business. This strategy is proven to work and simple to use. The basic structure relies on three main components. 

  1. The Niche — What’s the niche you want to sell to? Specifically, who
  2. Crafting the Offer — What’s your audience getting other than your product? Direct guides that go with the supplement or maybe a bundle discount?
  3. Your Funnel — This is the structure of your sales pitch. It includes your niche lingo, what your offer gives customers, and more. 

Knowing how to build and use sales funnels will be crucial to growing your business.

Learning to Drive and Manage Traffic

Screen grab of Peter Pru discussing how to market supplement products and drive sales

Now that you’ve selected your supplements and partnered with a supplier, it’s time to drive traffic to your marketing campaign. For years, we’ve used the same basic strategy to manage and maintain our sales. This is especially true when you start a supplement dropshipping business. There are so many options out there, and brand loyalty is major among consumers.

The trick is combining influencer shoutouts with retargeting ads. The idea behind it is that you’re driving warm traffic to your offer and your funnel. Retargeting ads then pop up for consumers that have already seen a little bit of what your brand has to offer. Whether that be through an influencer’s post or another ad, the exposure of seeing your business’s supplement offer pop back up is warming them up to the idea that you’re familiar and they have a connection with you. 

Through these ads, lead consumers back to your landing page for a specific supplement. Showcase the ingredients and supplemental facts. Then highlight similar products that are frequently bought together, and offer even more deals with bundles. Your landing page can be extremely basic but display the highlights customers care about:

  • What are the ingredients?
  • How do you use it?
  • Can we see people using it?
  • Can we see some reviews?
  • Where do I buy it?

Learn More About How to Start a Supplement Dropshipping Business

If you’re ready to start a supplement dropshipping business and you want to learn more about suppliers, ads, and funnels, register for our webinar today. Don’t miss out on all the knowledge and strategic planning we have to offer you in order to make your supplement dropshipping business a success. You can also receive frequent insights and tips by subscribing to my YouTube channel about dropshipping, sales funnels, and growing your business. Tagged : / / / /

Exposing Dropshipping: Why eCommerce and Dropshipping Are Legitimate Businesses

Hello Empire Builders! Whether you’re new here or you’ve been following us along on our journey, we’re excited to have you here as we talk about news sources exposing dropshipping to a wider public market. If you watch any of our videos, then you’ll see that we create content that showcases the benefits and strategies that make dropshipping such a phenomenal way to make money. For a while, we’ve had the upper hand in the market with our formulas, constantly growing network, and by being unafraid to take the risk and jump into the dropshipping world. Through trial and error, we’ve found success, and we want to share that with you. 

Recently, CNBC released content exposing dropshipping as a way to make millions of dollars selling products on Facebook, Instagram, and TikTok. Today we’re going to be dissecting their content and showing how it could impact your dropshipping business. First and foremost, let’s discuss what dropshipping is and look over CNBC’s findings.

What Is Dropshipping? Why We’re Called the Ultimate Middle Man

To make things easy to understand, the most efficient way to describe dropshipping is that it’s a business model that includes three parties:

  1. The Customer
  2. You
  3. Your Supplier

In a legitimate dropshipping business plan, you’ll have the consumer, a supplier, and yourself in order to create sales. Dropshipping itself is a logistical model. It’s essentially the idea of a supplier making, storing, and shipping your product while you, as the business owner and marketer, are focused on selling the product. You don’t control the manufacturing process or really have anything to do with the fulfillment center. 

While articles and videos like CNBC’s suggest that ecommerce is a passing trend, the reality is that it’s been around for years. In the last five to ten years, people have started recognizing it more due to how quickly the world is transitioning into relying on digital markets for purchasing products.  

Exposing Dropshipping: Is Dropshopping a Scam or a Legitimate Business?

Peter Pru watching and discussing CNBC's content about exposing dropshipping

Many articles that discuss dropshipping view it as a get-rich-quick scheme. The truth is that there is a surplus of marketers and vendors looking to make a quick buck. They’ll advertise a product and the consumer will never receive it, or it won’t be as advertised. Like any business franchise, you’ll unfortunately run into your share of scam artists. However, as CNBC discovered while exposing dropshipping, it is a legitimate idea that can be turned into a revenue-friendly business. 

Due to the large number of scam ploys on the market, you have to find a way to earn trust and build rapport with many consumers. Just like your average business, it takes hard work and requires a little bit of elbow grease to create and maintain your dropshipping market.

Should You Follow Product Trends?

Peter Pru discussing how Untapped Focus is purely a dropshipped product

As Ecommerce Empire Builders, we prefer to focus on more evergreen, long-lasting products rather than short bursts of income. My personal goal is to market products that will follow a business model that lasts for years and will offer continual income instead of jumping on product trends that only go so far. While products like fidget spinners are great to throw out there and make money on, they don’t last.

As a shameless plug, one product I market is a supplement called Untapped Focus. I don’t have anything to do with the fulfillment center, the manufacturing process, or anything like that. When somebody makes an order, I don’t touch any of it. All I’m doing is marketing the product. My manufacturer is handling making the product, checking quality, storing it at the proper temperatures, and shipping it for me. They’re hands-on, while all I deal with is marketing and selling it. 

Again, dropshipping isn’t a trendy model. It’s a logistical business model. 

Unless a trending product is in your niche, I don’t recommend using a quick trend to make a little money. It’s not how I like to do business, and it’s not a long-term way to pull in revenue

Call It What It Is: A Proper Hustle

You’re always going to have the people “exposing dropshipping” and suggesting it won’t work. But if you’re ready to put in the time and effort, it’s like any other business model — it’ll always be around, and it can be successful. Regardless of articles or videos that call out the latest scammers, dropshipping is a legitimate way to run a business. 

So many people forget that at the end of the day, it is a business, and what you put in is what you get out. Dropshipping is very easy to get started in, which is why so many people pursue it. However, many people don’t find success in it because they’re not putting in the time and effort. Instead, they’re looking for a quick way to make fast cash. Their expectations are shattered when they realize it’s not as simple as it sounds.

Dropshipping takes a good amount of time and work before you’re able to see a return on your investment. Your investment is your time, your hard work, and all of the effort you put into making your dropshipping business a success. Behind the scenes, it’s a logistical business model that requires genuine hard work and patience. In order to be successful with it, you have to recognize how it flows with the market. Also, you have to understand that you’ll face challenges as you would with any business.

Have high goals but realistic expectations. You’re most likely not going to go in and make thousands or millions on day one. You have to properly market and grow in your niche before you’re able to create the long-lasting, firm foundation for a dropshipping business. 

Make a Name for Yourself

Entrepreneur working on his dropshipping business

Once you’ve used dropshipping platforms to get your foot in the door, start taking back control of your dropshipping business. Begin branding yourself and sourcing and pulling in your products to local warehouses and manufacturers where you can make adjustments that your consumers might want to see. Grow your business by upping your customer service and providing great communication to them. This will allow you to take control of your dropshipping business, be a little more hands-on until you perfect the product, and save money on shipping times or buying in bulk. 

As fun as it is to see CNBC exposing dropshipping for the opportunity that it is, it still takes a lot of work to get started. If you want to learn more about how we find success in dropshipping by using sales funnels without using Shopify, Amazon, or any other platform, check out our webinar where we touch on the finer details of making a real business out of dropshipping. You can also visit my YouTube channel for more dropshipping insights. Tagged : / / / /

5 Passive Income Ideas That Work

Passive income is the money you generate with minimal or zero effort after an upfront investment. It eliminates the limitation of time from your ability to earn, so you can make money in multiple ways concurrently. Additionally, you get peace of mind and more time for personal interests and development. Read on to discover five proven passive income ideas you can implement to generate thousands of dollars.

1. Dividend-Paying Stocks

If you invest in a company with dividends, you earn a portion of their profit based on your investment size. In other words, you become the corporation’s shareholder, and you’re entitled to an annual or quarterly dividend.

Choosing the Best Stocks

Consider investing your money in dividend aristocrats. These are a select group of S&P 500 companies that have paid and increased their dividend base for at least 25 consecutive years. Investing in stocks with such a track record reduces the risk of losing your money.

As long as you’re earning a dividend every year, your investment is safe, and you’re making extra money for free. What’s more, your passive income from dividend aristocrats grows year in and year out.

The amount of money you can generate from stocks depends on the percentage of share price a company pays in the year. Therefore, it’s prudent to shop for stocks with high dividend yields to maximize your return.

For example, you might find a company with an annual dividend yield of $2.00 per stock. That might sound like nothing much. But what if you invested more and purchased 200 stocks? You would effortlessly earn $400 from the company that year as passive income.

2. Selling Physical Products Online

Screengrab of Peter Pru discussing dropshipping

Many consumers like buying commodities online due to the convenience of placing orders from home and waiting for a delivery. They can also access a wide range of products and prices on different ecommerce sites.

While online shopping was growing organically over the years, it made a dramatic leap in 2020 due to COVID-19. Lockdowns due to the pandemic forced even those who were skeptical about ecommerce to develop online buying habits. That’s one reason why online sales have recently skyrocketed, and you can even make a full-time income as a dropshipper.

Where to Source Products

There are two fantastic sources of physical products for resale: AliExpress and Alibaba. AliExpress is a great starting point for buying items at wholesale prices and dropshipping them to your customers. Use either platform to establish your best niche and winning products.

For better margins and more profits, move to Alibaba to stop overreliance on a few suppliers from one region. The platform features worldwide manufacturers and distributors, giving you more price options for the same product.

You’ll want to partner with reputable suppliers who have been in business for several years. Focus on building a relationship first instead of pushing for rapid supplies, especially if you’re looking for long-term business.

Ask the supplier to quote prices for different quantities of an item, say 50, 200, 1,000, 5,000, and so on. You’ll be surprised at how drastically prices can fall as you increase your order. Your selling price should include all the costs of sourcing the product and shipping it to your customer, plus your margin.

3. Affiliate Marketing

Affiliate marketing means selling other people’s products and making a commission off the sales. It’s an excellent passive income opportunity when you have an audience on social media and other digital channels.

Find a business that offers products and services you think your audience will buy and promote their affiliate links. Build a list of customers or people who follow you or engage with you online. Then define a touchpoint where you can promote relevant affiliate links.

Be sure to promote products that you’re familiar with (preferably commodities you have used). Potential customers will be more confident if you can answer basic questions about what you sell.

Where to Find Affiliate Products

One of the best places to find products to sell through affiliate marketing is clickbank.com. The platform has many digital and physical products you can promote online and earn commissions. Choose an affiliate product link and promote it through your social channels, email, website, blog, and other online platforms.

4. Selling Digital Products

Screengrab of Peter Pry discussing how to sell digital products

Professionals and industry experts can make easy passive income by creating and selling digital courses relevant to their field. You can sell ebooks, podcasts, and other digital resources on various subjects.

If you want a digital product that gives you almost 100% margin, try selling private label right (PLR) products. These are ebooks and video guides that you can buy once and do whatever you want with them. You can edit them, put yourself as the author, resell them, give them away for free, and so on.

Refining PLR Content

While PLRs have great content, most of them come in simple formats, like plaintext ebooks. You have to make them more attractive to your audience and customers, or they won’t read them.

Fortunately, there are many free and paid tools for improving these digital products. If you don’t have the time or don’t want to learn how to enhance PLRs, sites like plr.me sell ready-to-use content.

5. Real Estate

One of the most rewarding industries is real estate, especially if you own rental property. It’s a great business since you have a tangible high-value asset that generates long-term passive income.

Single-family units are perhaps the most sought-after houses since newlyweds and small families are always searching for new homes. You can net hundreds to thousands of dollars of passive income per month. Buy and rent out whichever real estate property you find marketable.

Where to Find Homes for Sale

Most people with real estate experience will agree that Zillow is ideal for finding houses for sale. The platform allows you to narrow your home search based on your preferences and budget.

Zillow also provides an estimate of the monthly costs associated with maintaining a given property. Add your mortgage, property taxes, and HOA fees to estimate a reasonable rent amount for a home before even buying it.

A good strategy is to ensure that your tenant pays the mortgage and other expenses. You’ll earn free money from the rent after paying off your monthly mortgage amount.

Start a Profitable Online Business Today

man succeeding with his passive income ideas in his home office

Ecommerce Empire Builders can provide the tools and insights you need to succeed in selling products online. Register for our webinar to learn how to build a lucrative ecommerce business today. You can also subscribe to my YouTube channel for more business insights and passive income ideas. Tagged : / / / / /

Why You Need to Move Away From Walmart and Amazon FBA in 2021

The fact is that as of 2021, Amazon FBA and Walmart are officially dead for ecommerce dropshippers. If you’re currently a seller on Amazon or Walmart or you’re toying with the idea of using either as your sales platform, we recommend you move away from them and build your own sales infrastructure. The reason for this is revealed in a recent report from The Wall Street Journal, in which they detail how it’s actually often cheaper for Amazon and Walmart retailers to issue full refunds of products and let customers hold onto or donate them. This revelation can make both of these businesses detrimental to your dropshipping business in several ways. Read more about the state of business for dropshippers using Walmart and Amazon FBA in 2021.

What The Wall Street Journal Findings Mean for Your Business

The article in question discussed how retailers Amazon and Walmart, potentially followed by others in the future, are no longer requiring customers to return unwanted items. Those items technically belong to the retailers (as opposed to individual sellers). So those companies have the authority to give customers permission to keep unwanted items along with a full refund. Amazon and Walmart reason that it’s simply cheaper for them to let customers hold onto those items. But that can be harmful to business owners by tempting people to game the system. Customers who aren’t honest can hang onto items they’ve purchased while requesting a refund. This essentially allows them to get free products at the seller’s expense.

The article shows once again how ecommerce giants like Walmart and Amazon are really in control of sellers’ products and don’t truly have sellers’ best interests at heart. However, this isn’t really news at all. Many people may be familiar with the fact that, for several years now, Amazon has allowed customers to keep products rather than return them. This a long-held practice of theirs. The WSJ article simply helped raise even more awareness of this issue.

Losing Money From Unreturned Products on Amazon FBA in 2021

Screen grab of Peter Pru discussing the Wall Street Journal article about Amazon FBA in 2021

The problem with enabling customers to keep unwanted products — which in some cases may not actually be unwanted at all — is that this hurts sellers who could otherwise resell those products. And it’s worse than an inability to resell returned products. Sellers are also hit with fees that cause them to lose even more money when customers choose to get a refund without returning their items. These problems further emphasize how harmful those big retailers can be. They can be great for occasionally free traffic and sales, but you should avoid building your business through them.

Walmart and Amazon, along with other big names in the industry, may seem like a haven for sellers. They can use the platforms to push products and generate lots of sales. But it’s important to keep in mind that they’re only looking out for themselves. In short, the products sold through those channels don’t belong to the seller; they belong to those platforms. That means that Amazon and Walmart can do what they want with them. You forfeit control over your own inventory.

Do you want to make a profit and retain control over your products and business in general? Then make sure that your primary source of sales is your website. Setting up a sales funnel and developing a successful website that you actually own will ensure you don’t suffer from another retailer’s attempts to cut corners.

A Recent Surge in Returns for Sales on Walmart and Amazon FBA in 2021

Screen grab of Peter Pru discussing changes in consumer behavior during COVID-19

Another recent article on PYMNTS.com talked more about the rise in product returns experienced with retailers (including Walmart, Amazon, and Target) throughout 2020. The new decision to allow customers to keep unwanted items was officially made as a result of an increase in returns that took place in 2020, with ecommerce packages seeing a 70% increase in returns compared to 2019. 

Due to the pandemic and the subsequent inability to take items to physical stores, returning items became more challenging for consumers. The rise in ecommerce as more people turned to online shopping during lockdowns also led to more returns. Generally, online orders tend to lead to more returns than in-store purchases. Why? This is largely due to the hassle of having to return to the store after buying an item in person. Also, people may be disappointed or receive something different from what they expect when ordering a product online because they can’t see or try the product in person before purchasing.

Unfortunately, while Amazon and Walmart’s decision to let customers keep products they no longer want may be convenient for both consumers and those retailers, it’s a considerable loss for sellers.

Build Your Own Business Without Relying on Walmart or Amazon FBA in 2021

The best way to avoid the potential costs and headaches associated with product refunds and unreturned items is to stay away from companies like Amazon and Walmart. You don’t necessarily need to avoid them entirely. They can be beneficial in generating traffic for you and boosting sales. But they shouldn’t be your primary platforms.

Instead, build your own website and control the traffic to it. Develop a sales funnel that moves people along through the buyer’s journey toward a sale and upsell. Once you’ve built a solid foundation for your business and you’re able to sustain it, then you can consider branching out to outside retail platforms like Amazon FBA in 2021. The more control you have at the start, the more likely you are to succeed and grow. Then you don’t have to worry about what corporations are doing that may hurt smaller businesses. 

Start with your own website and your own platform that attracts short- and long-term customers. Then you can leverage the power of larger companies to supplement your core efforts. The less you rely on a company like Amazon, the less likely they will be to negatively impact your business in a way that matters. You’ll always have that main source of sales to keep you safely afloat.

Consult With the Ecommerce Empire Builder Experts

Dropshipper thinking about how to strengthen their ecommerce business

Do you want to learn how to build a winning online business and succeed without Amazon, Walmart, or other retailers? If so, reserve your seat at our free ecommerce masterclass. We’ll show you how you can sell best-selling products online and create a full-time income using reliable ecommerce funnels to grow your business. For frequent tips and insights, visit my YouTube channel, too. Tagged : / / / /

How to Build Wealth Online: Gain Financial Security in 2021

Welcome back, Empire Builders! Have you ever seen someone in a Lamborghini and expensive outfit on a dream vacation they didn’t pay for and wondered, “How do I get that life?” Today, we’re talking about financial literacy and how to build wealth online with your business, no matter your current situation. In recent years, I’ve built a net worth of nearly eight figures, and now, I’m ready to teach you the same strategies.

No one teaches us financial tactics like these, and you can’t find them on Google. These completely unheard-of financial secrets can help create your dream lifestyle. Today I’ll go over the basics of these strategies and invite you to a four-week course where you’ll learn it all in detail. Let’s get started.  

A quick disclaimer: I’m not a financial advisor. I can only share what tactics and resources have worked for me personally. For financial advice, seek a licensed professional. This information is for entertainment purposes only.

1. Start With a Wealth-Building Triangle

I developed a wealth-building triangle system to help ensure that my money goes to the right places. It’s not enough to know how to earn money online — you need to know how to build wealth online from those earnings. Here are the basics.  

Security

Screen grab of Peter Pru discussing the advantages of life insurance

The triangle’s base is my security section. That’s money I can access whenever I need it. It’s broken into two parts. The first is my 911 fund. Instead of saving six months of expenses for emergencies, I save half that much because I also have other options.

The second is a unique type of insurance called a whole term life insurance policy that’s uniquely structured to allow monthly additions at an annual guaranteed 4% interest rate, compounding annually, plus dividends.

Best of all, when you add $5,000, some goes to the premium, but the rest can be withdrawn for use or investment. You don’t have to repay it, and even after the withdrawal, you’ll keep earning interest on the whole $5,000 — completely tax-free!

Savings

The mid-section also has two parts. The personal half contains money for everyday expenses and personal spending. The retirement half is incredibly extensive and diverse. The right advisor can help you realize the possibilities. There are fully tax-deductible 401(k) plans for business owners and ways for employees to contribute the maximum to their work 401(k). There are SEP IRAs and so many other ways to build real wealth. These are amazing tactics with huge benefits for your financial health.   

Growth

The triangle’s peak is for long-term, hands-off investments, which are a bit riskier but have much higher potential returns. This includes things like cryptocurrency, real estate, and high-yield stocks that pay out monthly or quarterly dividends regardless of stock performance. There are nearly endless investment options to choose from.

The great thing about the wealth-building triangle is — successful business owner or 9-5 worker barely scraping by — you can use this system to create generational wealth to pass down to your descendants regardless of your stock ROI. Why? Because the life insurance policy is the most important part.

2. How to Build Wealth Online Through Credit Cards and Points

Entrepreneur putting a business dinner on her credit card

The second topic is credit cards and points. Many of the fancy meals, clothes, and vacations you see influencers, celebrities, and businesspeople indulging in are free. Because of how they use credit cards and earn points, they don’t have to pay for things like that. People see all my gold and platinum cards and wonder why I need ten cards. It’s all about the points.

If you’re using a debit card or checking account to pay for things, you’re missing out. When you use a qualified credit card, you earn points on all these things. Even if you work full time and have the money to pay outright, paying with a quality card and earning points is like getting free money, which is a very rare opportunity.

There are different strategies for this, with assorted cards earning diverse kinds of points that can be redeemed for different rewards. You just have to leverage them correctly. Some are best for business and others for personal rewards. You can even set your business up to earn enough points to pay off your personal credit card bills.

3. How to Build Wealth Online With Business Structure and Tax Strategies

Screen grab of Peter Pru discussing business structures

Finally, we’ll go over how to set up your business and file your taxes to gain the most benefit. If you don’t have a business, you’re missing out. Even if you have a job, you could set it up so that your employer hires your LLC. This allows you to rack up expenses. Remember, don’t be wasteful. Around 90% of your income should be going into the triangle so it can grow.

That brings me to my four-week course on finances. The strategies you learn will help you get more for less. Once you have your business structured correctly, the configuration will work for you by:

  • Saving money
  • Generating expenses and assets
  • Earning you points to spend on whatever you want

Most importantly, you’ll be getting my expert contacts, so you don’t have to guess at anything. The experts will take care of it.

Final Thoughts About How to Build Wealth Online

I’m so glad to be sharing this because I wish someone had told me sooner. When I first started my business, I didn’t have an LLC, just myself, and I ended up with a terrifying $50,000 tax bill because of it. I’m hoping to save you the trouble.

Most people can’t generate real wealth because without understanding these unique systems, it’s nearly impossible to do unless you have a ton of money. These finance secrets are how the richest people get and stay that way. Luckily, you don’t need a million dollars to learn it. This course is super affordable on any budget, and I’m telling you, nothing could be more worth paying for.

Feel free to watch the video on this for more detail and subscribe to my YouTube channel for frequent tips and strategies. If you’re ready to build wealth, develop high-level financial literacy, and gain the financial independence to live the life of your dreams, then sign up for the four-week course today.

This system will work even if you’re struggling to make ends meet at your 9-5. However, if you’re ready to become your own boss and create even more long-lasting, sustainable, and even generational wealth faster, sign up for my masterclass. There you’ll learn how to build wealth online and see the step-by-step process I used to build multiple six and seven-figure ecommerce businesses without ever touching a single product. Also, you’ll get my $100k funnel template FREE just for showing up. Start building your empire today! Tagged : / / / /

How to Build Long-Term Wealth With Dropshipping

Empire builders, you know that you’re already dedicated to achieving success with your dropshipping business. But what comes next after the money rolls in? Yes, it’s fantastic to make ten grand a month, but what’s much better is making ten grand a month for years and years on end. It’s the difference between having money with dropshipping and having wealth with dropshipping. 

One is a temporary state, while the other is a solid financial foundation that lasts for the long term and can even become generational wealth. For many of you, achieving this kind of enduring wealth from your dropshipping business is the goal. If it isn’t already, then it absolutely should be. Let’s talk about how it’s possible to use dropshipping as the stepping stone to creating long-term wealth for you and your family.   

Build Wealth With Dropshipping by Thinking Long-Term  

I’m always preaching about the importance of thinking about your business in terms of the broader picture, including years down the line. If you want to build wealth, and I know you do, then having that long-term perspective is essential. For many of you, dropshipping is going to be your very first entry point into making money online. But what you do after you start earning from dropshipping is incredibly important. 

This is the advice I wish someone had given me 10 to 12 years ago when I was getting started with my online businesses — before I ever made my first dollar. 

What I’ve learned over the years about building wealth with dropshipping or any other business is that it’s not how much you make. It’s how much you actually keep within your businesses that matters. That means using your profits to reinvest and create a more solid foundation.

A lot of people that start out in dropshipping are not setting up their business properly, and they don’t know what to do with the money they make. They get excited and rack up a ton of expenses. Buying nice clothes and fancy things feels good in the moment, but it definitely doesn’t create wealth. Before spending on luxuries, think about the long term. Only spend money that you really don’t need and won’t even bat an eye at. If making that expense is going to affect the decisions you make in your business, such as not being able to invest in something that can help you grow, then just forget about it.  

Getting Your Money Right

Screen grab of Peter Pru explaining the importance of an LLC business structure

Making sure your business is structured properly is one of the most significant things that’s going to set you apart from everybody else. This is one of those nuggets I really wish I could have told myself 12 years ago because I would have saved millions of dollars. 

When I got started, I made all the expenses for my business with my personal credit and debit cards. Naturally, the profits that came in went straight to my personal bank account. I had no idea that I needed to be separating the spheres of my business and my personal finances. Most of you are probably making these same mistakes I made and, trust me: this is killing you. If you don’t have the money from your business flowing properly, you are wasting so much money and paying so much extra in taxes that it’s not even funny. 

You won’t build any wealth until you get your money right. 

How to Think About Taxes and Finances

The problem with running your business this way is you’ll get hit with a massive tax bill at the end of the year. You’re taking a salary from your business and then paying for your ads, your team members, your business trips, miscellaneous expenses, etc., from your own personal accounts. Every dollar you pay yourself as salary comes with income tax. So you’re essentially getting double-taxed for all business expenses. You’re paying the income tax and then also paying the actual taxes on the product.

Trust me, that’s not how you build wealth. You need to get your money right by creating something that legally separates you from your business. Something that makes it so that every business expense becomes a tax write-off instead of a tax liability. That “something” is called an LLC

A Quick Overview of Setting up LLCs

There are many types of business structures out there, including S-Corp and C-Corp. Typically, you want to set up your dropshipping business as an S-Corp. But it depends on your unique situation, and I am NOT giving legal advice. If you want professional guidance for how to get your money right, I definitely recommend scheduling a call with the team at PCS. They worked with me to help me set up my businesses and opened my eyes to strategies that I never knew about. They’re great people, and they’re helping me save millions of dollars, so that’s why I can enthusiastically recommend them to anyone. If you’re still using your personal accounts to do business, it’s time for a new strategy. 

Once you have an LLC, many doors will open up for you. That’s why it’s a crucial step in the direction of building wealth. All your business expenses will now be made by the legal entity occupied by your business. You can think of it as a person that’s separate from you because, legally speaking, that’s what your LLC is. Now your business can pay for courses, pay your marketing expenses, and pay for services. It’s all completely separate from the personal income in your salary.

There’s a huge variety of things that can be considered a business expense, which means there are massive tax benefits just for being a business owner. And this is only the beginning.  

Build Your Empire and Long-Term Wealth With Dropshipping

Screen grab of Peter Pru emphasizing the importance of reinvesting revenue into the business

I’m going to let you in on a little secret. You will never get wealthy by paying yourself more from your business. Wealth comes from growing your businesses and creating more value. It’s as simple as that. You need to focus on building an empire and investing back into it as much as you can. Jeff Bezos, for example, doesn’t pay himself a huge salary even though he’s the richest man in the world. He doesn’t need to because he controls Amazon and puts his focus on growing Amazon.

When you own things personally, that just sets you for liability. Try to own as little as possible. Instead, create an empire and control it all. If you want to build wealth with dropshipping, you can’t just have one business, either. Having only one business means you’re not optimizing what you have well enough or profitably enough. 

The Value of Multiple LLCs

If you set up your dropshipping business as an LLC and you’re making money, that’s absolutely fantastic. But let’s say you have another business idea, and you start another dropshipping store. That’s even better. Now you open up a second LLC, and the new business can be completely separate from the first one. Why do you want to do that? Because if your original LLC gets sued, you’re legally protected. They can’t come after you personally, and they can’t go after any other LLCs you have. Remember, each LLC is its own entity.

This is where it starts getting interesting and where it becomes possible to build long-term wealth. Because remember, you don’t want to pay a lot of income tax. Don’t pay yourself a salary that’s the most you can possibly afford to pay yourself. Instead, nurture your empire at every opportunity. For example, the way that my business is structured is that I have multiple LLCs. I pay myself a salary from only one of them. 

In the case of another LLC, I’m able to take those profits and reinvest them back into wealth-building projects like real estate. In legal terms, this investment would be considered a loan from one company to another. That means I create a third LLC that owns rental property, generates a cash flow, and pays back my other LLC for the initial investment.

I also have an LLC dedicated to affiliate marketing, which is a fantastic side project for generating extra money. Any dropshipper will benefit from going to Clickbank, finding some relevant niche products that are for sale there, and then promoting them to your customers with affiliate links. 

These are just a few examples of what’s possible when you want to create wealth from your dropshipping income.

The Impact of Multiple LLCs

Doing business this way means that you can minimize income taxes, maximize tax deductions for business expenses, and stay focused on reinvesting in your empire. Beyond my modest salary, I don’t want that money for myself. I want it to be circulating amongst my businesses, helping me to grow and creating a solid foundation of wealth.

Why Delayed Gratification Is Crucial for Wealth With Dropshipping

Ecommerce business owner setting up an LLC

Personally, my lifestyle doesn’t get crazier with the more money I have. But that doesn’t mean I don’t reward myself for milestones. It’s all about finding a balance and staying focused on your broader goals. Be honest with yourself about what you can really afford and where your priorities should be. For example, I like nice watches. Maybe for you, it’s something else. If you can utilize these extravagant purchases to motivate yourself to get to the next level, and the next level, then that’s great.

But make your consumption as mindful as possible. That’s how you create wealth with dropshipping: by delaying a little bit of gratification in service of your long-term goals. You should definitely enjoy your success but never at the expense of growing your businesses. Get your money right and get yourself set up. Make sure that when the moment comes that you want to spend ten grand on something you really enjoy, it’s because you can genuinely afford it — in short, because you’ve earned it. 

If you want to learn much more about building wealth with dropshipping and a high performing ecommerce business, you’ve come to the right place. To get practical advice on creating a full-time income online, reserve your free seat at our sales funnel masterclass. You can also subscribe to our YouTube channel for regular tips and insights. Tagged : / / / /

How to Protect Payment Gateways for Your Dropshipping Business

Empire builders, you already know that there is a lot to learn when it comes to starting your own ecommerce business. One of the things I had to learn the hard way was the importance of having multiple payment gateways available for a dropshipping business. Many dropshippers, myself included, have gotten their Stripe or PayPal accounts shut down and have been left with no way to accept payments from customers. Through trial and error, I have picked up some tips for how to protect payment gateways. Read on to learn how to avoid getting your payment accounts suspended, as well as what to do should you ever find yourself in this situation. 

Backup Plans Are Key in Business, Especially to Protect Payment Gateways 

If you’re new to dropshipping, I’m not here to scare you. What I am here to do is to prepare you for the hiccups that happen in business. 

Starting your own dropshipping business comes with some risk. One risk is having your PayPal or Stripe account shutdown. This has happened to tons of dropshippers before you, all for various reasons. These things happen. However, expecting these hiccups isn’t quite enough. You also need to make a plan of action on handling these situations before they actually arise. You can’t just close up shop when things don’t go your way. Running a successful dropshipping business will require you to develop creative solutions to make things work over time. You always want a backup plan in place. 

When I started out dropshipping, I wish someone would have told me the importance of having a backup plan to protect payment gateways when it came to accepting payments from customers. When I first started using Stripe, I thought I would never get shut down or banned. I played by the rules and had no worries. But if you think something could never happen to you, think again. 

One too many chargeback or refunds, and then poof, there goes your account. Just imagine that you’re finally making $100,000 a month, and then your payment processing account gets shut down. You never set up a backup account, so you’re instantly losing thousands of dollars for your business. This would be devastating. Don’t let this happen to your business. Always have backup plans in place to protect payment gateways for your payment processing. 

Every Dropshipper Needs a Stripe and a PayPal Account 

Screen grab of discussing the benefits of Stripe

Even though we’ve all heard the horror stories of Stripe and PayPal accounts being shut down or suspended, I still recommend that every dropshipper have a Stripe and PayPal account set up for their business. Stripe is simply the best payment processor for any dropshipper to get started with. At Ecommerce Empire Builders, we use Stripe for every funnel we set up. While any Stripe account can get suspended, the platform still provides many perks. 

The Benefits of Stripe

Stripe is incredibly easy to set up, and you can start accepting payments from customers in just a few minutes. When I first got started in ecommerce, setting up a payment processor was not this easy. You used to have to go through large amounts of paperwork and legal work to simply get your ecommerce store off the ground. When Stripe came into the picture, the ecommerce world was made a lot simpler. 

However, Stripe will always have its brand and its best interest in mind. So when your account starts getting too high of a refund or chargeback rate, your account will be shut down. If you play by the rules, your account will most likely remain secure. However, things come up even when you play by their rules. So having a second payment processor setup is key. 

The Benefits of PayPal

After you have your Stripe account setup, go ahead and make a PayPal account as your first backup method. Stripe and PayPal are simply the best payment gateways for any beginner in the dropshipping industry to get started with. Both platforms are incredibly simple and quick to set up. Just like Stripe, PayPal has rules you must adhere to. When your dispute percentages reach a high rate, your PayPal account will most likely have a hold placed on it. 

When this occurs, you’re going to want to have another payment processor readily available to your business. This is when knowing about alternative merchant accounts becomes important.

Great Alternative Merchant Accounts for Dropshippers 

Screen grab of discussing the benefits of Easy Pay Direct

While you could simply bypass Stripe and PayPal and go straight to the alternative merchant accounts, that wouldn’t be my first suggestion. Both Stripe and PayPal are extremely user-friendly and quick to set up. They allow every new dropshipper to start accepting payments almost instantly. For these reasons, I would always set up a Stripe and PayPal account and then look into setting up alternative merchant accounts. The two alternative payment gateways that I have found success with are Easy Pay Direct and Gateway Funnel Pros

Easy Pay Direct

Easy Pay Direct is a great alternative payment gateway for established dropshippers who want more options to protect payment gateways for their businesses. Think of a payment gateway as a dashboard. Within this dashboard, there are a number of different merchant accounts available for you to use. Essentially, when you sign up with Easy Pay Direct or any other payment gateway, they can help you open multiple merchant accounts that will allow you to accept payment from customers. So, if one account gets shut down, you can easily and efficiently open another one without slowing down your sales. 

Keep in mind that with Easy Pay Direct, you will need to be making a decent amount of money with your business and have some sales history before they approve your account. But once your business is built up and you’re generating a fair amount of income, having merchant accounts through Easy Pay Direct is a must. 

Gateway Funnel Pros

For those of you just starting out but who still wanting to set up alternative merchant accounts, Gateway Funnel Pros is the way to go. Gateway Funnel Pros will work with new dropshippers and will help with setting up an NMI account. Just like any payment gateway, Gateway Funnel Pros will be able to help you set up multiple merchant accounts for your business under a single gateway. 

Regardless of which route you choose, I can’t stress to you enough the importance of having multiple backup plans in place to protect payment gateways for your overall business. 

Consult With the Pros 

dropshipper setting up accounts to protect payment gateways for his business

I hope this information will help you in efficiently setting up payment methods and backup plans for your dropshipping business. If you feel like you need a little more guidance in setting up your own profitable ecommerce business, feel free to reach out to us today. At Ecommerce Empire Builders, we can help you build, launch, and scale your own profitable dropshipping business. To get the ball rolling, sign up for access to our exclusive free webinar today. Be sure to check our YouTube channel for even more free resources and insights into the dropshipping and sales funnel industries. Remember, your empire starts now! Tagged : / / / /