The UGLY Truth About Starting An Ecommerce Business That No Guru Will Tell You

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In this video, I'll answer all of the most commonly asked questions about selling physical products online and running your own e-commerce store including the questions that most people won't give you a straight answer on.
0:00 Intro
0:53 Choose The Right Business Model 3 Choices
1:21 Dropshipping
2:19 Selling Other People's Products
3:12 Selling Your Own Private Label Products
4:20 Start-Up Costs
5:25 How Long Does It Take To Make Money With An Online Store Or E-commerce Business?
6:14 Does E-commerce Require A Sellers Permit And Business License?
6:43 Can This Business Model Be Automated And Do I Have To Ever Touch Inventory?
7:19 Where Can You Find Suppliers For Your Online Store?
10:22 How Do You Pay Your Suppliers?
11:04 Where To Find Products To Sell Online
11:47 Is E-commerce A Good Business Model For 2024
12:04 Whether You Should Start Off Dropshipping Or Starting Your Own Private Label Brand
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[@mywifequitherjob]

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[@picklejar646]

Biggest problem with dropshipping right now is product saturation. Every product that I find to sell in my niche is already being sold by hundreds of other drop shippers on every platform. And in heavy competition markets like that, I''d need to spend to advertise, which destroys any chance at a profit. I would request a video on how to find obscure drop shippers that sell products that aren't already for sale by others.

[@mywifequitherjob]

This is precisely why drop shipping is a bad business model

[@JamirGotHeart]

Great video, refreshingly honest! It's rare to find content on KZbin that doesn't just aim to make you feel good or sell an unrealistic dream. It's impressive how this video sticks to the truth and gives it to us straight. Really appreciate the genuine approach here.

[@walterogerro6687]

This one of the best and most honest and informative video I have seen. I appreciate all the knowledge you have shared. Wishing you much success. Thank you.

[@Lazalit]

Taxes, initial budget... those are the most important things I ask myself by starting online business, yet most youtubers never address that. Thank you for pointing out those important and vital elemtns for a business! I know taxes works differently in any country, but still is important to mentionen it. Greetings from Chile!

[@mywifequitherjob]

Absolutely!

[@patrickcardon1643]

Don't forget all the regulations you have to adhere to, taxes and contributions ... I'm working on going FBA in France and seeing some people on the Discord of a local training I bought, people underestimate all the costs and the budget it requires. Especially the amount of money at the different steps in the launch and stabilisation of your sales. A lot of people think results are automatic for all niches, return is quick and breakeven attainable within years, even months. Wrong, wrong, wrong. Best is to set up an Excel sheet with all the costs and the (few) income lines, then plan that on 3 years monthly. I doubt that to launch 2 products on the French MP alone and attain profit (after tax) will take less than 2-3 years and probably 20-30K over that period -- without paying myself a salary. Not finished my calculations yet, might be even worse. Start prepared and the problems will be easier to tackle

[@patrickcardon1643]

Evaluate your niche, product, competitors, client, technical limitations, demand, evaluate evolution over next 18-24 months. Also for China, don't forget the whole country closes for the Chinese New Year, and the risk of recession and a new pandemic over there ... check out the different videos on sourcing products elsewhere in the world on this channel, it will help you not put all your eggs in the same basket. Depending on your product you have choices, this channel gives you some nice concise videos on specific topics to help you build a basic understanding

[@Hello2u3582mypincode]

Great video again! Thankyou

[@mywifequitherjob]

My pleasure!

[@albertodeulofeu5277]

I wish I would’ve been told that PL was the way to go 5 years ago 😞 now I’m 200k in debt thanks to selling on amazon for the past 10 years. Arbitrage sucks.

[@setyourhandel340]

Do testing before buying any white label products, you do not want to spend $10,000 to find out your product is a dud.

[@thatdud_e]

That's good advise I'll keep in mind. I'll keep that in mind.

[@teleshacrump5641]

Hi Steve, Love your content. The link to master dropshipping in 1 day at around 4:29 does not open. It’s also not coming up when I try to search. Please advise. Thank you.

[@dunwoupe304]

hello sir, can I suggest a new approach for designing your miniatures?

[@Tobeobeo]

hey so can we get a dicount for shiping and makeing for the private lable products

[@biggiepancake1372]

Would it be more ideal to work your way up from each business model? Instead of just selecting one

[@rashawnpalmer7304]

I’m am new to the e-commerce world, can you do a video about how to increase sells on Amazon?

[@JustHere940]

What about a combination of private label and Dropshipping? I have a whole seller who may do that

[@INDENTUREDTRADER]

I signed up for your course, and I am having few problems getting going. This video seems like tha final nail in the proverbial coffin to me.

[@mohannadghannoum844]

Could you please explain what kind of problems ?

[@johnj.doublej8721]

…too many people interested in the same out there. Live stock as an example is very good business, but takes a lot to do it. The dropshipping bs is easy and is passive, and that’s why people like it… 🤔 …then the millenials… the generation z… whole bunch of very hard workers out there ready to see what they can copy or what idea they can steal… ahem… I mean modify. Then the very talented ones brutally into AI… 🤔 Too many people on the same boat…

[@jessicasmurthwaite2159]

What are your thoughts on the new AI Ecomm business selling model, where you don't have to dropship and can have a third party ship out your stuff... I just heard of it from an ad on this video of yours. What are your thoughts on it? I'm wondering what their business model is, how it works, if it's successful and long term stable and pro's and con's. I want to start a private label myself but what as much knowledge first before I start one. looking at all options like this video. love your content and thank you for your time.

[@mywifequitherjob]

Can you point me to the website?

[@Mark.Claughton]

Can you do white label as a beginner? Or is that too risky?

[@arizonanative7409]

I see ads for franchises where you pay theme $30K and they build you an Amazon FBS business. Wow! What are your thoughts? Sounds very risky!

[@maxecom5311]

3:57 all 3 at once

[@devdesigns]

How can i watch your video at 10: 11 "How to Find Suppliers Fast" that you talk about?

[@mywifequitherjob]

There's a card that should display on the upper right at that time

[@Luzia278]

By employing Zeus Proxy's proxies, advertisements are effectively directed towards authentic audiences in precise locations, guaranteeing the safety and integrity of advertising campaigns.

[@ashokseebaruth]

✔

[@karentappin]

Thanks for giving all this game Steve, about how many targeted site visitors do I need to $1M+/yr if I have a robust website?

[@mywifequitherjob]

I would assume a 2% conversion rate and then multiply that by your average order value

[@karentappin]

@@mywifequitherjob Thanks a lot, I did the math and I would need approximately 1 million targeted website visitors to meet my goal of $1 million if my AOV is $50.

[@PennyTe]

Just going to dislike from the jump 🥱