how much money to start shopify dropshipping

what's up guys it's your boy Jordan back,with another ecommerce video and in this,video I want to talk about something,that is on everybody's mind when they're,first getting started out I want to talk,about how much capital I believe is,required to start and grow a online,business with Shopify dropshipping I'm,gonna cover what I started with what I,struggled was with that budget and,ultimately what I think you should have,before you go ahead and dive in and,start the process if you like the,quality my content give me a thumbs up,and hit that subscribe button down below,also if you're interested in growing,your e-commerce business click the link,in the description below to join my 3,Facebook groups there are over 2000,entrepreneurs in there and I am always,in there answering and helping you guys,out in whatever way I can without,further ado let's get right into the,video,first and foremost one of the main,things that a lot of youtubers and gurus,fail to highlight when they're showing,you the dream of having an online,business is that there is capital and,money that you need to have up front,before you get started there's a lot of,people like to market it as you can just,take these five dollar budgets and you,can see how them to a thousand dollars a,day with no worries and it's really easy,and all that stuff and sure that is a,possibility that's the best thing about,an online business is that there is room,for quick scalability but unfortunately,that is not the norm and it is likely,that you're going to lose money going,into this venture think of it as like,starting any other business because it,is like any other business you need,capital to get started before you begin,the process now having said that you,also have to understand that there is,definitely a benefit to the drop,shipping business model in the fact that,you don't need tens of thousands of,dollars to get started before you get,your business up and running because,you're not needing lots of capital to go,ahead and buy all this inventory and get,it stocked up in a warehouse somewhere,that's not an investment that you're,gonna have to make so there is,definitely benefit to the model in terms,of not needing to start with that much,capital but a lot of people market it as,you need no capital or you need next to,no money to get started,when this is far from the truth when,trying to come up with a figure to,determine as the amount of money that,you need to start shouts like drop,shipping it's quite difficult because,truthfully you can start with less than,a thousand dollars and find success with,it because the majority of the budget,that you're working with is going to be,used on testing products and going,through products until you find one that,is a winner and then you can scale that,and make profit off that but before you,find that first winner,you're just going to be straight up,spending money with maybe a sale here,maybe a couple sales there but you're,not gonna be getting an explosive return,that you see in all these screenshots,and all these marketing campaigns that,people throw at you because that's not,the reality you have to go through a,bunch of losses and a bunch,lost products before you find one that,eventually sticks so now I'm gonna share,with you what I started with and how,long it took me to find a winner but,just understand that you can't find,success with a low budget but the,process is significantly easier if you,have more money to work with so for me,personally I don't come from a family of,business people I don't come from a,family with a ton of money to throw at,me to venture my businesses to be honest,the capital that I raised to start my,business,was money that I took from a student,loan that I wasn't even supposed to,spend on my own ventures but I took it,anyways because that was the only money,that I had access to so when I was just,starting out I had about six hundred,dollars in my savings account to work,with and I was also working with a,business partner with mine who had about,200 to 300 dollars to work with as well,so in total we had less than a thousand,dollars to get started get everything,going and start testing products before,I launched my successful general store I,launched a niche store that failed,drastically and I lost four hundred,dollars out of the nine hundred dollar,budget that we had to work with so I,started my general store with five,hundred dollars to my name now you might,look at that as some grand success story,like I went from five hundred dollars to,a million dollars in sales and while,that did happen there were other factors,that happened along the road that,allowed me to do that in my case with,that five hundred dollar starting budget,we blew through all of that money and,just about a month's time granted there,were a couple sales that came in and,it's not like I spent five hundred,dollars to come back to zero dollars but,after spending five hundred dollars to,generate five hundred dollars in revenue,you lose money you don't make money at,the end of that process so yes we have,five hundred dollars back in the account,to work with again but that is not,profit that is not money that I can take,and spent all over again so from there,we took that money and we just kept,going and going and going,lost it all all over again and I was,back to square one so for me I had to,grind a how to hustle and pick up a side,thing and which was editing videos,get a little bit more capital to get,things going again and to be honest it,was incredibly difficult to keep,sourcing this capital and keep failing,and I was asking my best friends for,money I was asking my grandparents for,money I was asking people close me for,money and while now I'm in a position,where I'm financially secure enough to,keep growing this business that was not,the ideal situation if I could have been,in a position where I could have started,with $2,000 to get my store up and,running and get testing products that,would have been absolutely perfect but I,wasn't in that position so yes if you're,starting with a low budget like $500 or,somewhere around there there is a chance,for you to succeed but don't think that,that $500 is going to be the budget that,gets you your winning product and allows,you to scale to six figures and beyond,because I'm gonna be brutally honest,with you that is likely not going to,happen I will say maybe there is a,couple exceptions to this for example if,you're working with a one-on-one mentor,who is guiding you and showing you,everything that you need to do you're,going to be spending a lot less money,figuring it all out because you already,know what to do but even when working,with a mentor you're gonna have to go,through some losing products before you,find one that's a winner and one that,sticks so that's kind of the first thing,and second if you purchased a course or,have some type of material it's the same,principle if you have something to go,off of in you know what to do you want,to spend that money to fail excuse me,but for me when I was starting out I,never got mentorship I never got of,course because I couldn't afford it so,for me I had to get in the trenches I,had to get in the mud and like figure,this stuff out for myself so yes I lost,money yes I got back to zero but,ultimately I was able to work through,all that and figure it out so when it,comes to you what is the budget that you,should have to feel comfortable when,getting started with dropshipping now,you just heard my story so take this,number with a grain of salt because,regardless of what your situation is if,you want to succeed and you have the,drive to make it happen you're going to,succeed if you just keep working day and,day,don't let what I'm about to say,discourage you if you're starting from,position that's lower than this but I,truly believe that if you're studying,Shopify drop shipping business by,yourself you need about 1,500 to 2,000,dollars to get started comfortably and,feel happy with testing products and,scaling and having a reserve to work off,of without this the process is going to,be significantly more difficult and I'm,telling you this from experience and,firsthand recommendations if you can,find that budget to start out with,testing products is going to be,significantly more painful or less,painful I mean so that's kind of the,budget that I think is fair to get,started with and I think that is what,you should try to gain before you get,going whether you work a job whether you,get it loan from a friend I don't know,but that is a good starting budget and,the more the better like I said that's a,good number when considering how much,you need to get started and be,successful but like I said if you're,really cut out for this and you really,believe in yourself you can make it work,with any budget it just comes down to,how bad you want it how hard you're,willing to work and the sacrifices,you're willing to make for your own,success I hope this video provided you,guys some value and some insight to what,is required to get started and grow a,Shopify business there is no set number,that you need before you get started,ultimately it comes down to your drive,and your motivation for success though,having a budget to work with will make,the process significantly easier if you,like this video give me a thumbs up and,hit that subscribe button down below,join the family I would really,appreciate it also if you're interested,in growing your ecommerce business you,can join my free Facebook group in the,description below there are over 2,000,entrepreneurs in there and I'm always,happy to help you guys out but for this,video that's all I have for you guys so,I'll see you in the next one peace

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