I’m sure you’ve received the news by now that congress has passed new tax laws for online business owners. It is believed, that the new laws will put small business owners at risk and possibly cause them to go out of business. Should you be worried? I’d say, instead of worry, be prepared with other options, strategies and solutions.
Over the next days, I’ll be broadcasting and posting videos across my social media channels and I’ll be talking about survival strategies for eComm stores and small business owners. I’ll also be doing a Shopify Survival Challenge series where I’ll be demonstrating some free traffic strategies to help keep your store flying high during down seasons and times like these.
I want to share with you some ways to stay ahead of the trends, law changes and any other changes that may make you question whether you can sustain your dropshipping business during this time.
- Diversify: I know it’s important to many of you that you accomplish 6 figures and more in your business. I want to help you do just that. You want to write down on paper all the different streams of income you have that can help you to get there. There are plenty of ways to earn online and while I don’t suggest you have a million streams of income before you’ve mastered one, now is the time to diversify. Plenty of options are available such as affiliate marketing, product creation and more.
- Drill Down: Dropshipping using the retail to retail model is going to become extremely challenging. I’m not saying it will be impossible, but it will be really hard for small business owners to remain competitive against the larger retailers making it almost impossible to find a good profit margin. Now is is the time to find reliable suppliers overseas and within your country. When I say suppliers, I’m not talking Walmart. I’m speaking of actual manufacturers and professional distributors. If you don’t know where to start, I’d suggest you start searching for wholesalers online and begin researching brand names and where you can purchase directly. I’d suggest attending trade shows and actually begin shaking hands with different creators/manufacturers of products. It’s time to become a “real solid” business. Not saying you aren’t, but hopefully you understand what I’m saying. It’s time to standout from all the rest and retail to retail isn’t a great way to accomplish that.
- Go Big: It may be time to move towards ordering your hot selling products in bulk and send them to a fulfillment center or store them at home. I never thought I’d say this, but to stay in control of your profit margins this may be a viable option. Stocking items that are already selling well and purchasing them in bulk will help you to stay ahead of your competitors. This may not be for everyone and I personally will not be going this way, but for those of you who are interested in physical products, now may be the time to give it a shot. For those who are Amazon sellers, FBA may become more of an attractive option.
- Brand Yourself: If you haven’t taken the time to create an actual brand, now’s the time. It’s time to find a winning product and put your own stamp on it. It’s time to offer the marketplace something they haven’t seen yet, but something they know they need. Its time to create your own products.
- Get Creative: Find ways to make your customers happy and keep them coming back. Develop unique incentives, discounts and more to keep your shoppers buzzing about your store and offerings. Promotions, freebies, contests and more are great ways to stand out in the marketplace.
What are your thoughts about the new laws? If you haven’t signed up on the list for updates yet, be sure to do so HERE. We will be talking more about this topic throughout next week, so you don’t want to miss updates. Feel free to keep the discussion going in the comments below.
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Blessings and until next time,