The Dropship Unlocked Podcast

How To Dropship Profitably [The Blueprint] | Episode 85

• Lewis Smith & James Eardley • Season 1 • Episode 85

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📞 Ready to Take the Next Step? https://dropshipunlocked.com/training-watch-apply?el=podcast-85-how-to-dropship-profitably

🗣Hosts Lewis Smith and James Eardley delve into the essential topic of how to run a profitable dropshipping business. 

We break down our current model, explain why we prioritise profits over revenue, and provide actionable steps for those who are either not yet profitable or just starting out.

👉 Prefer to watch this on Youtube? Check it out here  ➡️ https://youtu.be/6C55AFL0vuk

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Topics Discussed:

★ Current Dropshipping Model: Sourcing high-quality, high-ticket items. Partnering with UK-based suppliers for faster shipping. Building a brand that resonates with a specific target audience.

★ Why This Model Over Traditional Methods: Higher profit per order with high-ticket items. Improved customer trust and satisfaction through local suppliers. Sustainable business growth by focusing on a niche and building a brand.

★ Prioritising Profits Over Revenue: Ensuring cash flow management and business stability. Opportunities for reinvestment in marketing and product development. Providing a buffer against market fluctuations.

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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:

★ Focus on High-Quality, High-Ticket Items: Selling premium products offers higher profit margins, leading to significant business growth.

★ Build Strong Supplier Relationships: Partnering with reliable, local suppliers ensures better customer satisfaction and repeat business.

★ Effective Marketing Strategies: Optimising ads and targeting marketing efforts increase conversion rates and profitability.

★ Start with Solid Foundations: Choosing a profitable niche and developing a comprehensive marketing plan are crucial for long-term success in dropshipping.

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FOLLOW:

Thank you for listening to the Dropship Unlocked Podcast! Don't forget to subscribe and leave a review on your favourite podcast platform.

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★★★Dropship Unlocked - Lewis Smith★★★

🌏Watch Our Free Training ➽ https://www.dropshipunlocked.com/training?el=podcast-85-how-to-dropship-profitably

You don't have to be that smart if you're able to make hundreds, if not 1000s of pounds in profit on a single order. If you're anything like me, I went straight into a traditional dropshipping model first. And like you, Isabel Lewis was really struggling because it just doesn't work in your favor. We're not just flogging products and then kind of disappearing with building brands. The business really lives and dies with the profits. And if we don't focus on the profits, then we won't get a high valuation when we go to sell the business. So it's like choosing to sell luxury cars. Instead of budget vehicles where maybe you already make a few pounds on every vehicle you sell. It definitely saw a huge difference in my business when I switched the model from my unprofitable traditional dropshipping, where I was selling very cheap products. Yeah, if you're not profitable yet, then I'd advise starting with these steps. Welcome to the dropship unlocked Podcast. I'm Louis Smith, the founder of dropship unlocked and with me is our Client Success Coach James Adly. Now when we're not recording the podcast episodes, we're running our own e commerce businesses and helping aspiring entrepreneurs launch their own high ticket dropshipping businesses, keen to build your own six or even seven figure business. My book, the home turf advantage is your blueprint for launching a profitable online store, grab your copy at HTA books.com to date. And let's get you started. Now sit back, relax. And let's unlock your potential with the dropship unlocked Podcast. Today we're talking about something that should be front and center of anyone that's looking to build a successful e commerce business. We're talking about how to drop ship profitably. So in our conversation today, Louis, I want to talk about our current dropshipping model, why we prioritize profits over revenue and some actionable steps for those whether they're not profitable yet, or if they're just starting and wants to be profitable when they start dropshipping from day one. So Louis, I know that you are very passionate about this topic. Are you ready to share our blueprint? Yeah, absolutely. The profit from one of these businesses is what really makes it a business. You know, that's when it goes from being a hobby to a business. So I'm excited to dive into the conversation today and see if we can help our listeners maximize the profit they're getting from their dropshipping businesses. Exactly. Now, we've tried a couple of different models of dropshipping. In the past, I think the type of dropshipping that we do is crucial to how we make sure it's profitable, as early as possible. So Louis, could you go into and explain our current model of dropshipping? Yeah, absolutely. So we start off by sourcing high quality high ticket items. So unlike traditional dropshipping, we're focusing here on premium products. And that's for a few different reasons. But one of the main reasons is that it offers us such a higher profit margin as a retailer. So it's like choosing to sell luxury cars. Instead of budget vehicles where maybe you only make a few bounds on every vehicle you sell. If you're selling luxury cars, the margin can be so much higher, because you can charge a premium for it, and you attract a wealthier type of customer who have more disposable income. So we partner with UK based suppliers when we're using my home turf advantage model. And we do this again for a few reasons. First is to ensure much faster delivery times. Now that means that it's a super easy business to run for you. It also means that your suppliers are easier to deal with because they're in the UK same timezone as you speak the same language as you. But also probably the most important one, customers are so much happier because of it, it means that we can get products to customers the very next day. And so they're delighted they leave you nice reviews, which then other customers see they come back to buy more their friends and family buy more because they had a good experience. And the whole thing works is this positive flywheel this feedback cycle. Now, we don't just sell products on these stores. We're not just flogging products, and then kind of disappearing. We're building brands, we're building brands that resonate with specific target audiences as well. So that's really key. Think of it like creating a bespoke boutique shop rather than just this generic department store. We're really trying to build an audience here. Because down the line, you might want to sell a business like this. And so it's so much more valuable if it's packaged up is this this asset, this business that has a loyal following a passionate market of audience customers, but also it means that customers will come back if they had a great experience and they feel part of your brand and they enjoyed the experience and they feel at home when they're shopping with you, then why wouldn't they come back if you can give them such a great experience? So I remember like you say, using the traditional low ticket products from China drop shipping model that we hear so many people dive into because this Have any videos on YouTube saying, you know, you can try dropshipping and make you make $1,000 in your first week by selling these widgets from China and it's all just kind of falls apart when you actually start trying to implement that model. I know when I first switched over to the high ticket approach, our profit margins skyrocketed. Because of that I couldn't believe how much profit we were making on every order. And I realized the buffer that it allows you the margin for error, the margin to actually not even be that good of a business owner or entrepreneur, you don't have to be that smart if you're able to make hundreds, if not 1000s of pounds in profit on a single order. Because then you can kind of make mistakes and it almost just covers those mistakes because you have so much extra buffer. I know one of our members inside our master class Kenneth, recently posted in the group that he made a sale for 7000 pounds right on one sale one product, which netted him 2100 pounds in profit. Right after all the expense after buying the item with the 7000 pounds that the customer gave him he bought the item and was left with 2100 pounds in profit and assets 30% profit margin, which in itself. 2100 pounds is a decent monthly salary for a lot of people. And that's from one sale Imagine if candidates making a sale every single day of the month. But you can see how quickly this adds up. And how much easier it makes one of these businesses to run versus running a business with razor thin margins. Exactly. It's a much more exciting business to run. And cat is not the only one. I know Adam recently as well. Louis II was celebrating his 7000 pound order recently, he says becoming a bit of a theme in the in the masterclass community recently, always ready to celebrate these big wins that we see and give it a bit bit of a shout out on the podcast as well. But it all comes down to crucially, the model and the home turf advantage model that you teach. It's like the foundation for everything else to sit on top of. So if you've come across this podcast episode, and you're not profitable right now, I know when I was in that position, I was looking for those fast tweaks, little quick wins. Okay, how can I improve, improve my click through rate on my Facebook ads? What do I need to change to the headline? A what image should I use on my homepage, these are all little tweaks. But if you want to make big differences, that's why I've gone straight to talking about the foundation from the start, you need to have a look at the actual model that you're employing. And if you're anything like me, I went straight into a traditional dropshipping model first. And like you as builders, we've really struggled because it just doesn't work in your favor, the numbers aren't on your side, until you try out this new type of dropshipping that we are doing in teaching at the moment. So there's many reasons that you mentioned there about why it works better than the traditional model of dropshipping, specifically for being more profitable. But why did you choose? Did it come from a position of pain? Why did you choose to go into this model over the more traditional dropshipping he had there, there is quite a lot of pain associated with the traditional model. So we chose this high ticket home turf advantage model because it addresses several key challenges that most people are stumble upon when they're setting up their drop shipping business for the first time. First is that selling high ticket items means that each sale brings into significant profit. And that makes it so much easier to scale. Because then you have the budget, then you have the margin that you can reinvest into that business. And you've only had to make one sale to do that. So it just makes your life as an early stage entrepreneur so much easier. There's so much more room for mistakes and error because it's covered up by a nice, healthy, juicy profit margin. And secondly, using local suppliers because it means that you get faster delivery to your customers and also fewer quality issues as well. Because local suppliers are easy to speak with, you can easily return items if you need to, you just try returning a product that cost $20 from the UK to China and see what the supplier says it doesn't end up well. And so you as the retailer end up swallowing that return and that means a drop in your profits. And so you don't want to be on the hook for things like that you want a supplier that stands behind the products they sell because then that builds trust it builds and repeat business, it builds great customer loyalty. So that's definitely a big factor, then you've got the concept of focusing on a niche. So that's what we encourage with the home turf advantage model is building a brand to ensure long term success for your business rather than just going after the short term gains like the flash in the pan like okay, I can make a few 1000 pounds by dropshipping this trending products using Tiktok ads and then the trend dies out or the supplier stops supplying them or the customers received them and realize it's all just kind of cheap rubbish and it doesn't really work properly or you know they want to return it or they don't like they leave bad reviews. So it's kind of like I remember when I was a student I went to IKEA because my dad moved into my new student house and I needed a wardrobe to you know have my clothes because I've just moved out of student halls and in the house that I was in I didn't have a wardrobe so I went to Ikea and bought the light The cheapest flat pack IKEA Wardrobe by student mindset, I was thinking, What can I get here? That's absolute cheapest. And I remember I bought this wardrobe and it was like so it was such a flimsy construction that it almost swayed in the wind. It was like, you could tell when I was hanging up a che was like all over and Creek to the left and right. And I just thought no one felt confident with that thing. Versus now we've invested in some like proper solid wood wardrobes here. Just put that old, flimsy wardrobe to shape and it's the same with your business. Do you want to build the business? That's the flimsy, swaying around the room type wardrobe? Or do you want to build something that is solid, good quality and will stand the test of time? I know that wardrobe analogy might seem unrelated, but it's like think of it in terms of your future, your family's finances depend on you building this solid framed business. And so that's one of the big reasons why we encourage the hotel advantage model. Yeah, it's clear to see why. And I definitely saw a huge difference in my business, when I switched the model. From my unprofitable traditional dropshipping, where I was selling very cheap products with Facebook ads that I wasn't researching, I wasn't creating a brand, I switched over to the home turf advantage model. And that's what I've put roots down to a proper business. Now that's been around for three and a half years, ever since I joined the program, because it's got proper foundations, and it's much more like oak cabinet compared to an Ikea flatpak swaying in the wind, chest of drawers that I practice had before I started with the HomeSafe advantage. So great analogy, I could pick that one perfectly. So we're talking about how to make sure that we are profitable and dropship profitably, because there was a period of time when my business wasn't generating profits before I switched to the HomeSafe advantage. So why is it so crucial that we prioritize profits over revenue? Well, yeah, there's a few reasons why you'd want to prioritize profits. So the first is that I mean that profits are crucial for sustainable growth, both in the sense of actual cash flow, you know, profits ensure that you have cash flow coming in, to reinvest in your business. And, you know, it's like having a healthy savings account rather than living paycheck to paycheck. You know, if you if you have that rainy day fund, you have the cash coming into your business is so much better when times are tough in the future, because you will go through ups and downs in your business, like you may as well accept that and prepare for that. Now, you want to be stacking up that cash in your business so that when those times come and something happens or supplier changes their terms, or you've got to tweak or Add Network changes, but you want to have that profit in the bank there rather than just knowing that it was razor thin profit margins, I wasn't really making anything on every sale, but I was making a lot of sales. Companies like that just go out of business unless they have really deep pockets and they have like external funding. You know, like these companies that these startups that start up and they like make a loss for their first five years because they've got this huge venture capitalist fund backing them and pouring money in, in the hope that one day they'll float on the stock market and become some a public company. We're not in that position, right? We're not, I'm not trying to create the next Uber here, I'm I'm trying to create a business that pays for my family's future replaces my income and allows me to travel the world and have complete freedom and control over my time. But that's very doable. But I'm not trying to create the billion dollar unicorn company that's gonna get acquired next week by Google, right. So I think it's, it's about stability, and the higher the profits that you can have in your business, the more buffer you create against those market fluctuations, and also against like unexpected expenses as well, you will get bills that come through the lab or didn't expect that to come through or like there'll be something that you have to spend on that suddenly you think, oh, we need a new member of the team or we need a website overhaul or I don't know. So there's an unexpected return or something that for some reason the supplier doesn't deal with and you have to eat like if you can have good solid profit margins coming into your business, it just means that you have that buffer that room for mistakes for error for, for problems, the rainy day fund. It also means you can invest more in better marketing in better product and web development. You know better customer service is or you can hire a higher skilled virtual assistant to man the phones and to get back to people on live chat and emails. And so you can kind of use your earnings, like upgrading from a small shop to a large, thriving marketplace like that's that's what you want to be doing pouring your money back in to the business and allowing it to grow in this self sustained high profit way. The other consideration is the reason we want to focus on profit rather than revenue is because profit is how these businesses get valued. So if ever you wanted to sell a business like this, then the valuation mechanism is done based on the monthly net profit. So for example, a business that's making maybe 6k net 6000 pound net profit in a month. unswitched very doable with a business like this when your margin, you know, we're talking about Kenneth earlier and Adam, where they're making 2000 pounds profit in a sale. So that's three sales a month, and they're at 6k profit, right? So 6000 pound profit in a month. If that's your average monthly net profit, it's 6000. Businesses like this get valued from like 22, all the way up to above 30, this call it 33 times the monthly net profit. So a 33 times monthly multiple monthly profit multiple if that 6000 pound average monthly profit gets you just under 200,000 pounds in your valuation. So 198,000 in valuation, now you could sell the business for that, at that stage in cash out nearly three years worth of profit in advance all in one go. Just because you have a nice high profit business that you have SOPs in place for, you can hand over the virtual assistants as well with the business and the whole thing can be packaged up sold. And remember, you have the skills then at this point, if you've been through the training, to do this, again, like when you sell the business, you don't suddenly lose your ability to create these businesses, you have it you can just rinse and repeat. And so that's one of the big reasons we focus on profit as well, it's for that exit day, that sale event at the end, absolutely Lewis the business really lives and die dies with the profits. And if we don't focus on the profits, then we won't get a high valuation, when we go to sell the business. And crucially, the monthly income that we can take from the business is going to be dictated by that bottom line. And it's something that keeps coming up over and over again, with the investment bankers and people that are buying businesses I speak to on these podcast episodes where we've recorded and spoke to some experts. They keep looking at the EBIT, da, and that's the key. It's the net profit, the gross profit and the EBIT, da number. So what's the bottom line of the business, that really makes a difference to a business's valuation. So it's key. And I've had to make these decisions with my own business to always prioritize profit over revenue. Because sometimes you can get carried away with the revenue numbers, and you just try and swell up and get as big as possible. But instead, if you're not really affecting that profit number, there's no need to focus on the revenue number. So I've had to make those decisions a few times in my business to really prioritize increasing the profit when increasing the revenue might just be for vanity sake. So for those people that perhaps clicked on this lesson, or listening, who they're maybe they're not profitable right now, what should their first steps be to get back on track? Yeah, if you're not profitable yet, then I'd advise starting with these steps. So focus on high margin products is going to be so much easier to make that higher profit if you can shift your focus to products that just offer much higher total profit margins is like if you own a restaurant, and you decide to analyze your menu and say, Well, what are the low profit items on the menu and replace those with high margin dishes. Ultimately, you don't need any more customers coming through the business, because you'll earn more for every sale that you do make. Also, you can improve your marketing efficiency as well. So you can do that by optimizing your ads, and your marketing strategies to really reduce your costs and increase that return on adspend that you get. And you can do that by increasing your conversion rates or targeting your ads better lots of different ways you can affect how much you get out of every penny that you spend on ads. The other thing is that the room for error with higher margin products is huge. There's so much more buffer built in. I remember one of our members, Phil, who when he joined us was asking about how to sell higher margin items to help increase his profitability. And he recently posted that he signed a premium supplier for 45% margins. So they were offering 45% margins with this supplier, which meant that he would make an average of 5250 pounds, profit per order. So on every sale, he's making over 5000 pound clear profit. So if you make 5000 pounds profit on an order, that more than covers the whole ad spend probably for the month on your store. It probably covers the virtual assistant salary probably covers two virtual assistant salaries easily, plus any software expenses, and it will still leave you as profit leftover. And remember, that's all from one single sale, which I imagine if you're making one sale a week or once every couple of days, or eventually even one sale per day. Exactly. The numbers are on our side, I remember being so grateful for when I first started realizing that the numbers were on my side, because like when I first started launch my campaigns, my conversion rate was down below naught point 5%. And yet I was still profitable, you know, through a very early stage with the business. So and I realized I looked at it and thought, Okay, I'm profitable with a low conversion rate. It's down to the profit margins that I had. And the fact that the numbers were completely on my side to still be generating money, even though I hadn't yet perfected the art of conversion rate optimization, and a hadn't yet perfected my marketing campaigns which came down the line as you optimize with your Google Ads account once it learns more and more about the customers to sell to. So Yeah, it's it's encouraging because it shows you that you've got margin for error. And you don't need to be an expert to make money quickly with this business model that we that we teach. So if you're in a position right now, where you're not profitable, you just need to see that logically understand that that is data that's coming back from whatever you're doing right now. And there needs to be a change, you need to pivot, it definitely doesn't mean that you should quit at all, it just means that is telling you that there's things right now, you're trying to sell things that aren't in demand. And we need to make some switches in order to be profitable. So you're probably not far away from getting over that profit line, if you take the right actions very quickly. So for people that are starting from scratch, then different category of people, and they want to make sure when they do start dropshipping, they can be profitable from day one. What steps do you think they should take to ensure that they're profitable from the beginning? Yeah, if you want to be profitable from the beginning, then choosing a niche with high demand and clear success already is going to be key, you know, you're looking for, it's like, if you think about opening up a shop, you don't just randomly choose the street and open up the shop, you go and scout the location you choose, you look at the footfall, you look at the surrounding shops already in that area to decide is there already enough demand here for this before I set up, same thing with a nice same thing with a web property, you know, we're creating a shop, it's just a digital shop. In this case, the other thing is to establish relationships with suppliers who offer quality products, and really reliable service as well. So it's like building up a team of Dependable players be a football team, you know, you want to make sure that every single one of those adds something to your business. And so that's the same when you're you're onboarding suppliers, you don't want to, like one weak link in the chain can actually ruin the whole business, you want to make sure the suppliers are bringing on our premium suppliers, each with a nice high profit margin. And then we talked about focusing on targeted marketing strategy. So we use Google ads for this because it's search intent marketing, people are looking for the products that you're selling already. So why not serve those products on a Google search in front of those customers who are looking to buy them already. And so that's my planning a strategic campaign to capture really well defined audiences, like people who are looking for those products, you can target them, that means a nice low cost per sale and a nice healthy profit per sale as well. Then finally, just take the pressure off yourself, you know, using the home turf advantage model. As we said, there's so much more room. In the margin, you can actually just be an OK, entrepreneur, you can be mediocre marketing, like you said about the conversion rate, you can be okay at Ramat putting a store together, and it doesn't have to look that great, and still be extremely profitable. So imagine what you can do when you become really good at these things down the line. Versus if you come in selling lower priced products with slim margins, you you need to be an expert to make the numbers pan out from day one. A lot of the companies selling those roll kind of razor thin profit margins have spent hundreds of 1000s split testing every page variation and making sure they can squeeze as much profit as possible. Out of the lifetime value of their customers, they'll make a loss on their first one to three sales, because they know down the line, customers will come back and buy more can you afford to do that and make a loss on every sale for the first few months, not as a solo entrepreneur. So that's why the home turf advantage model just gives you so much more of a safety net. Exactly. I certainly wasn't in a position when I first got started to be able to go into the red for months on end before turning a profit. So I had to go into a business model that was primed and set up to focus on profits from the very start. So we've got into detailed strategies about how to set up a dropshipping business to be profitable. And specifically talking about the type of business model that we use, I'd recommend checking out episode 46 of the dropship podcast to learn that. That's called nine things I wish I knew before starting dropshipping sounds perfect for people that are just getting started packed with insights and actionable steps that you can take. But Louis, for people that are coming away from this episode, they want to make sure they're dropshipping profitably as early as possible. what final advice would you give to people listening today? Okay, final advice. I would personally focus on quality over quantity, I'd want to be building strong supplier relationships and always prioritizing customer satisfaction. You know, we're running a marathon here, not a sprint. We want to be in this business for the long term, especially if you're looking to replace your family's income and replace your job so that you can run a business from anywhere. If you are doing that on a beach in Bali from your MacBook. You want to you want assurances when you go to sleep that the businesses is going to be in a nice profitable state when you wake up. You don't want to have something that could potentially collapse because the razor thin profit margins are so small, you can give yourself a smoother ride with this as well. We talked to one of our members recently Henry he actually posted something in our masterclass group three days ago after following our program, one of the suppliers he's just saw Ideally, and his journey actually doesn't give him the profit margin that we recommend. So we recommend a minimum of 30%. He's only getting 20% from this supplier is one of his first suppliers. And he'll probably negotiate a better margin with them over time. But he's getting 20% margin. Even with that, he is getting 700 pounds profit on a single sale with that supplier 700 pounds on a single sale with a margin below what he will eventually get. That is enough profit to cover the cost of a business like this for the whole month, probably in one sale when you're getting started. Where before you have a huge team and overheads and things like that. So if you'd like the sound of that, if you think yeah, that's something I'd like to do, I'm ready to take action and take that first step and learn more about this, you know, maybe I just want to dip my toe in the water really understand this thoroughly so I can make an informed decision. Check out my book. It's called the home turf advantage. You can read it at HT a book.com. And it's all about creating a solid foundation, and then just executing it effectively to build that profitable ecommerce business and using it to eventually replace your income and ultimately create time freedom for yourself. So hopefully you found today's discussion valuable and you're ready to implement these strategies in your own business. Remember to learn how all of this works. And to connect with us as well inside our community. Just visit H T A book.com. Enjoying the podcast, we'd love to hear from you leave a comment or a review. And we might just feature it on an upcoming episode. Also, for detailed show notes and resources, head to dropship unlock.com. Forward slash podcast. If you found value from any episode of this podcast, please take just 10 seconds to leave us a quick five star review on your podcast app of choice. It helps us more than you could imagine. And who knows, you might just hear your comments on the show. Thanks for being part of our community. Your support helps us keep delivering a new episode every week. Now it's time to answer a question that we've had from a listener. And remember, if you have a question, and you'd like Louis or I to answer it, all you need to do is leave a comment beneath the YouTube video version of this episode. So this week, the question has come in from Steven Hayes 9249, which is a YouTube comment. And Stephen has asked, Do you think it's worth starting a store in Ireland? Population is obviously a lot smaller, about 5 million, but go with a broader niche. Nice question. Thank you for that, Stephen. Appreciate that. And here's my take on starting a store in Ireland and actually how we judge any market really not just Ireland before entering. Firstly, starting a store in Ireland could definitely be worth it despite the small population of 5 million, because you would choose a market that is already in enough demand and meets the demand thresholds. So as you said in your question, I think you kind of already know the answer to this, you might have to go a little bit broader and not quite so niche. If you're going to set up in Ireland and just serve the Irish market, it can work. But you don't want to start selling really niche products that only are getting a few searches per day because you might not have the demand there. So remember, when you start you don't have to be in the UK to start a store in the UK. We've got lots of members in our masterclass who've registered a limited company in the UK, so that they can then access this huge market of 67 million people in the UK, and all of the suppliers that are based here, but they themselves don't necessarily live in the UK so that absolutely can be done, you can still just use the UK market to sell to to create your business in but not personally live here yourself. The first thing you can also do if you are considering Okay, now I want to sell just to the market that I live in. So Irish market in your case, the first thing you'd want to do is figure out okay, are there enough suppliers distributed? Is there enough demand to make it work in Ireland alone? Or do I need to widen the net slightly by setting up in the UK? Or if I'm going to operate just in Ireland? Are there? Is there enough demand in the niche that I'm considering going into? So we like to look at a niche and and figure out from the keyword research? Are there more than 10,000 monthly searches happening in your niche per month on Google? Because if if there's more than 10,000 people looking for a certain type of product every month, just in the Irish market, and when there are tools that you can use and following our training to do this, then that's a high enough demand for us to move to the next step at least at least we know there's adequate demand. For example, if you're thinking is there a high enough demand for home fitness equipment in Ireland? Why are there more than 10,000 monthly searches for that? In that because if there are then that's a good indicator. Now you might have fewer niches in a smaller market like that, because like you said the population is significantly lower. And because there'll be fewer niches with at least 10,000 searches, it might limit your options slightly, but with some good index research, I'm confident you'll be able to find niches that meet not just the customer demand criteria, but also the other criteria things like are there enough suppliers Are there is there debility in that niche are there are the products that I'm considering selling in that niche, have a high enough price point that it meets our hunter advantage model criteria. And this is all detailed inside my home turf advantage book, by the way, so perhaps have a read of that. See if you want to apply it to the market that you live it. So by adhering to the validation criteria that I lay out step by step inside my home turf advantage, but you can be really confident that when you're building a business, you're building it based on data, it's proven, it's not based on gut instinct, it's not based on guesswork, or do I think I've got a few friends in Ireland that would probably buy these products. So maybe I'll set up a business is based on hard facts and data and numbers, so that you can fall back on that. And later in your journey. As you're seeking to sign suppliers and running ads, you know, there are people searching, you know, there are suppliers already that because if there weren't, then maybe you would have branched up, broaden out your niche. Or perhaps you would have even just chose to register your company in the UK. So by carefully researching and validating your niche, you can ensure that your store has a really strong potential for success. Right from the outset. Fantastic question. And Steven, thank you. Thank you, Louis. Yeah, exactly. There's always the way we enter any niche is always data backed. And remember, you have a choice about which market you enter, as long as you apply the niche criteria to the market that you want to enter. And that way you can validate that the niche will sell immediately from the start. So now it's time to highlight a recent review that we've had for the podcast as well. So a big thank you to Paul Bicknell, for sharing your thoughts and this was in a YouTube comment. So Paul said, great content for an absolute beginner and all UK based which is brilliant. Love it. Thank you so much for your review. Paul Bicknell. Really, really glad to hear that you've been enjoying the podcast. Your reviews are what inspire us to continue delivering our top insights. So if our podcast has been valuable to you in any way, shape, or form, why not share it with a friend or a colleague who could benefit to consider someone you've been chatting to recently, who's expressed an interest or has been thinking about launching their own online business or just replacing their income and wants to travel the world and have that location freedom. Sharing this episode with them might be the motivation they need to take that important first step. Thanks for joining us on this episode of the dropship unlocked podcast. We hope you're walking away with insights and inspiration. to kickstart your ecommerce journey. Grab a copy of my book The home of turf advantage at HT A book.com is a distilled guide based on real experience to help you build your E commerce venture. Don't forget to hit the subscribe button for more strategies and success stories. 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