I have run multiple dropshipping stores and have gotten them to the point where they were on auto pilot and sold them off. I’m coming in to some money and want to start a new business but unsure if I should go back to dropshipping or do something else. I work an 8-5 job doing what I love, but I want side income as well. Any thoughts?
Do you want to build something new, or build something you know? It sounds like if you just want to make a few extra bucks then another dropshipping business might do that for you. However if you’re interested in doing something new, or you want to build a business you run for the long-term, you might think more deeply about where your passions lie and what could keep you excited in a new season. FYI I built a tool to help entrepreneurs come up with business ideas that are tailored to their experiences, passions, goals, and other info about themselves. Idea generation is free to use, so you might give it a try: https://www.companycraft.ai
Your experience with successful dropshipping businesses is valuable. However, before making a decision about whether to return to dropshipping or explore alternative business opportunities, take the following factors into consideration:
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Passion and Interest: When it comes to establishing a business, it can be both time-consuming and challenging. Therefore, it’s essential to opt for a path that resonates with your interests and passions. If your 8-5 job already aligns with your field of preference, you might want a supplementary business that complements it.
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Market Research: Evaluate the current state of the dropshipping industry. It’s known for being highly competitive and subject to shifting trends. Conduct thorough research into potential niches and products to determine if there are viable opportunities.
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Diversification: Think about broadening your sources of income. Explore alternative business models, such as affiliate marketing, running an e-commerce store with your own products, engaging in content creation, or considering investment opportunities.
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Risk Tolerance: Assess your capacity for dealing with risk. Dropshipping may require lower initial investments, but it’s not without its own set of risks, including fluctuations in demand and potential supply chain challenges. Different business ventures come with varying levels of risk.
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Time Commitment: Consider how much time you can realistically dedicate to a side business. Different ventures may demand varying levels of attention and commitment.
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Long-Term Objectives: Clearly define your long-term goals. Are you seeking a short-term income boost or are you interested in building a scalable business that could eventually replace your 8-5 job?
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Testing: If you find yourself uncertain, contemplate starting small and dipping your toes into a new venture while maintaining your current job. This allows you to minimize risk and gain valuable insights.
Ultimately, your decision will hinge on your personal preferences, financial situation, and your willingness to embrace risk. It may be advantageous to explore fresh business concepts or revisit dropshipping with a novel approach. Remember that there is no universally applicable solution, and success often comes from adapting to evolving circumstances and opportunities.
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If you can build these sites reliably and make money, why not just continue doing that?