My New Business Venture: Drop Shipping
I am starting a new business venture if there isn’t already enough on my plate and bringing even more time constrictions my way. But I feel that this will be a good push to get myself more financially free in a quicker time.
Time is of the essence for me and I am in a hurry to have freedom of time and not have a choke hold on myself in terms of what I can do and where I can live. Yes I do like Bangkok I am very used to it, but I feel that I want to explore more and with such a small resource of income I feel that this needs to be increased to allow me to have more freedom.
When I say financial freedom this will be $10’000 a month, now my original aim was February 2017 and I still see this as a viable solution as I hit just under $2000 this month which includes Kindle and affiliate marketing. My first aim in $5’000 a month, then I can start reconsidering where I want to be.
The New Business
Five weeks ago I was on Travel Like A Boss Podcast and after the podcast I had a few people message me, saying congrats, asking me advice. One guy asked me about drop shipping.
This guy was called Andrew, he wanted to start a drop shipping store but did not have the $1500 to buy the course to learn the skill so he asked if he could buy my half, this to me was an interesting proposal as it gave me some leverage.
I tried to start a drop shipping store in the United Kingdom. In the UK most of the suppliers would not work with me unless I had a Limited company and a VAT number, they just won’t take you seriously if you are a sole trader. So I went ahead and set up a Limited company and got my VAT number, the last stepping stone was needing a bank account. For a sole trader I can use my personal bank account for my business but as a Limited company I required to have a business bank account.
As I was in Thailand at the time opening a business bank account was not happening as you need to be in the UK and have a trading address. That is when the venture hit a road block and I put the drop shipping model on the back burner.
When Andrew contacted me I started to think of the opportunities that it presented. I knew this would be a perfect way to start a drop shipping store. I had gone through all of the process before so I was familiar with the method of drop shipping and process of setting up a Shopify store. I still have my niche lists from before, I am ready to go.
When I make an investment I always like to use that investment to its fullest potential that’s why I never got a refund for the course as I knew it would present an opportunity to me one day.
I have a schedule of 9am to 5-6 pm, this depends on whether I have a big project. I would have never started a drop shipping store on my own due to the huge amount of work that has to go into it, but as I am working with someone this takes a lot of the strain off me as we can split the work, getting more done in a shorter space of time. My current work consists of my blog and Kindle business.
Most of the work for my Kindle business is done for this month, I just have to finish up my email autoresponder series and then when the books are written and cover is made I just have to upload the book and write out the KDP, and create space pages, which won’t take me a lot of time.
My blog takes me 4 hours a week to write content for it as I am currently doing two posts a week for it. This leaves me with a lot of time to work on our new drop shipping store.
What is Drop Shipping?
Drop Shipping can consist of many different online vehicles including an online store, Ebay, Amazon and more. The one we will be using is an online store. The drop shipping model is great because you don’t hold any inventory meaning your over head costs are very low and you can do this from anywhere in the world as long as you have an internet connection.
Here are the 4 simple steps to drop shipping
- Customer orders
- We received the order and send to the supplier
- Supplier send to the customer
- Happy customer
Yes it is that simple, the most difficult part of this is finding the niche and having suppliers that will work with us. I believe this is where our hard work will allow us to be successful
Who is Andrew?
Andrew Vo is Vietnamese and emigrated to Canada several years ago. Andrew is the owner of I Do Challenges blog which he sets himself challenges to achieve in a set time limit. Check out his last post on his ‘Wrap Up To The Bullet Proof Diet’ where he lost 10 pounds in 4 weeks.
What’s The Plan?
We are doing our research on the Canadian tax laws, we already have most of the information we need and now Andrew is getting the last bits so we fully understand everything before we move forward.
We are starting the process of having a General Partnership formed so we are both covered and we can run our business legally.
Once we have everything covered we will start building our store together and have it up and running with suppliers in 30 days.
Check out this video of me and Andrew talking about our plans, what we have already done and where we are going.
Keep your eyes pealed for future updates of the drop shipping store going forward.
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