This Part-Time Online Business Provides a Full-Time Income

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Posted by The Savvy Retiree on July 26, 2020 in Make Money

An online business can be a great way to earn some additional income to subsidize your pension, or gain the ability to retire early and travel the world. The most important factor when considering an online business is ease of operation. Just how many hours a day is it going to take?

I began my online business back in 2005, and have had a full-time income from it since 2008. In 2011, I decided to pack up my computer and move to Panama. I have been here ever since. Now, I set my own hours, and I have no employees, no inventory, and no headaches. 

I do several things online, but one of my favorite ways to earn is dropshipping.

If you’re new to dropshipping, I will try to make it simple.

In a traditional business, when selling a product, you have a retail location, you fill it with products, open the doors, and people come into your store and exchange their money for your product. The problem with this business model is that you can’t take off and travel the world, or work from the beach, and still expect the cash to roll in.

And that’s what gives dropshipping the edge.

Dropshipping makes use of the internet, a website, and a fulfillment center. Basically, you build or buy an existing website, and you advertise a product. When you sell that product, you receive payment at your retail price from a customer. Next, you order that product at a wholesale price from your fulfillment center. They then ship the product, with your name on the packaging, to your customer. Your profit is the difference between the wholesale price you paid, and the retail price you collected from the customer.

With this model of internet marketing, once you have a website, you can be up and running and making profit in a matter of days. And you can run this type of business in an hour or two a day. For my dropshipping websites, I wake up in the mornings, check my website orders, then place those orders with my fulfillment centers, and I am done for the day.

If you want to get started in dropshipping, the first thing you need is to decide on a niche. A niche is a subset of a category of goods. For example, pets is not a niche, but dog clothes is. Find a niche that you can get excited about, and other people are interested in. For example, two niches that I chose, and run dropshipping sites for, are dog clothes and drones.

Once you find your niche, you need a website. If you do not know how to build a website, you can buy one ready-made, for a minimal cost. Your next step is finding a supplier and fulfillment center for the product that you want to sell. There are many, it will depend on your product of choice. Your final step is a payment processor, such as a PayPal account, so you can take credit cards from your customers.

There are a lot of upsides to dropshipping, such as having no inventory or employees to worry about, relatively low startup costs, good profit margins, as well as a low time commitment and little risk. But of course there are some potential downsides too. With this business model you have less control over product quality, and stock availability is also outside of your control.

That said, dropshipping can be an excellent way to earn an online income and it could even be your ticket to the relaxing life of your dreams. All you need is a laptop and a good internet connection, and it can take you anywhere in the world you want to go. Getting started may seem daunting and there is much to learn, but, take it from me, the reward is more than worth it.

By Rod Taylor