This Passive Income Opportunity Saved My Retirement
When the global financial crisis of 2008 hit, I was working on Wall Street. Like millions of other people, my finances took a big hit. I survived it, but my financial security and retirement plans were severely impacted.
I was getting older—in my mid-50s at that point—and nearing the end of my banking career, so I knew that I needed to find a way to build an independent income stream for my retirement…and that I needed to find it quickly.
During my long career at Goldman Sachs and other banking institutions, I built five investment platforms on four continents, so finding durable and lucrative investments is my area of expertise. I’ve learned that the best opportunities come at the beginning of major trends. That’s where you need to position yourself. So, I spent months researching online business models and finally determined that an ecommerce store, specifically a high-ticket dropshipping store, offered me the best opportunity to earn quickly.
If you haven’t heard of dropshipping, it’s an online version of one of the oldest and most successful retail business models in the U.S. Unlike a regular retailer, with dropshipping you never have to store the physical product you sell. When the customer buys a product from you, all you need to do is process their order and ask your supplier to deliver the product directly to the customer. There are online dropshipping services for every kind of product—sofas, phone chargers, water bottles, bathtubs, you name it. You just have to list the supplier’s product on your website—at your desired markup—and make the sale.
Rather than build a dropshipping site from scratch, I elected to buy relatively inexpensive websites that were already making modest sales. Then I grew these sites using a specific strategy. In recent years, I’ve purchased over two dozen dropshipping websites and learned every element of what makes them fail and what makes them thrive. Some weren’t worth pursuing, but today my wife, Monique, and I operate 10 high-ticket dropshipping websites that all make significant monthly profits.
Online shopping still only represents about 15% of retail sales. This is only going to increase. And there’s a gap in the market. Online retail giants like Amazon have made the decision to focus on volume rather than service. When you buy something from Amazon for $4,000, you’re still treated like you only spent $4. This is where the opportunity lies in dropshipping. A high-ticket dropshipping store can offer a great customer experience. Plus, by focusing on a specific niche, it’s easier to become the authority in that niche and dominate it.
With high-ticket dropshipping stores, if you can offer customers the exact product they want and at a higher level of service, they’re willing to spend $500 to $5,000+ per purchase. They’re also more likely to return to your store for other products.
Operating these websites has changed my life. My family’s financial security and our retirement income no longer depends on a paycheck from an employer that could be taken out by a crisis. We now have the freedom to live anywhere we choose and the ability to make flexible plans for travel and new adventures.
It’s easy to see the close parallels between where I was after the 2008 global financial crisis and where millions of people are right now with the COVID-19 pandemic. The unfolding economic turmoil will likely cause even more disruption than 2008.
One outcome of this crisis is likely to be a big increase in ecommerce spending. Right now, people who rarely or never shopped on websites before are seeing the utility and convenience of being online consumers. And this means there is rich opportunity ahead in dropshipping.
Learning how to build and operate high-ticket dropshipping websites is what saved me and my family during the darkest times after the 2008 financial crisis. In fact, we not only survived because of dropshipping, we prospered and came out better than we ever were. The online shopping trend has only increased since then, and now there are even more opportunities in this thriving ecommerce landscape.
Written by Ian Bond