It is no secret that the difficult circumstances in which we live today, in the midst of a pandemic, have led us to radically change our ways of living and working. Many businesses have been forced to close indefinitely and many others have disappeared completely, causing millions of jobs to be lost globally.
What can we do if we have lost our jobs and have no other sources of income?
Fortunately, today we have a very powerful tool to be able to undertake at a very low cost and practically from anywhere, even from the comfort of our own home. That tool is the Internet.
Here are three online business ideas you can explore to generate income without leaving home. However, before starting, it is important to clarify that all these ideas require a lot of patience, discipline and strategy to achieve sustainable results, so it is up to you to go deeper into the idea that you find interesting and commit to develop it successfully.
Now, let’s get started!
Dropshipping is a type of electronic commerce that works by connecting the end customer directly to a supplier through an intermediary who facilitates the transaction between the parties. For example, suppose supplier X has its website in Spanish, making it difficult for customer A, who only understands English, to access it. Then, you, as a dropshipping entrepreneur, decide to create an online store in English with the products of supplier X so that customer A can find and purchase them without inconvenience. Customer A arrives at your site and buys the product; you receive the order and tell supplier X to deliver the product directly to the customer, without you having to take care of the inventory or logistics costs.
It is a very attractive business model because it can be started with little investment and generates very low maintenance costs.
To start in this business you basically need three things: a website or online store to promote the products, an accessible payment method for the customer and a Dropshipping provider.
To create the website, you can use tools such as WordPress, Shopify, Wix, Prestashop or even with the e-commerce features of Facebook.
To manage payments, some of the tools mentioned to create e-commerce sites already integrate international payment methods, however, there are platforms such as Paypal and Payoneer that you can consider for your convenience. Also, if you choose to focus on a certain geographic market, it is important to consider platforms with payment options adapted to that market, so you can make it easier for your customers to make transactions.
Finally, to find dropshipping providers you can use platforms such as Oberlo, Spocket, SaleHoo and World Wide Brands. They allow you to compare between different suppliers and integrate the most interesting ones into your shop. When selecting a provider, remember to look at items such as shipping times, warranty, commission offered and coverage.
Once you have your store online, now your job is to market it effectively to attract customers. You can create videos for Youtube or for your social networks, posts on your store’s blog and any other strategy you want to try, as long as you respect the rules of the dropshipping providers you have chosen.
What would be the disadvantages of this business model that seems so ideal? The main difficulty is related to the strong competition that exists in digital markets, so you have to be very creative and strategic to stand out. In addition, you must be aware of a very important issue: if for some reason the wholesaler looks bad with an order, does not send it or sends it in bad conditions, you, as a responsible intermediary, have to face the customers and give the best solutions to ensure their satisfaction. For this reason, it is very important to research the suppliers you are interested in and make sure they are serious and responsible.