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Ultimate Guide on How to Write a Business Plan

Dropshipping is a growing trend for would-be entrepreneurs. A niche in the market, dropshipping requires careful planning and forethought. Financing the set-up of a business may mean a business loan.

Walking into the bank and asking for a loan won’t work. Banks demand a business plan. It is necessary for the bank to assess the planning going into the business. From the business plan, the bank can determine if the proposal is viable and worth financing.

What is a business plan?

A business plan is a formalized document with several components that present an overall picture of the business. A good plan indicates the steps to be taken to get the business off the ground, secure a place in the market, and make a profit.

Putting effort into writing a good business plan can be the difference between obtaining a loan or being rejected. Rory Williams from assignment writing service says good writing practices make a business plan more effective. “Don’t be afraid to ask for help to make sure your business plan is well-written,” he advises.

How to write a good business plan

There are plenty of templates to use when drawing up a business plan. When applying to a bank for finance, find out if the institution has a set template. Alternatively, consult the United States Small Business Administration website for templates.

Common elements in a business plan

Regardless of the format, there are some elements of a business plan that are common. Pay attention to the following elements to put together a coherent business plan.

1. A brief personal introduction

Start a business plan off with an introduction. The entrepreneur can discuss the skills and education they have which will strengthen the odds of success for the business. Keep this section brief. The reader doesn’t need an autobiography, just some basic details.

2. The overall summary

A summary should be no longer than one page. This page creates an impression by highlighting important information that is elaborated on in the business plan. The executive summary is vitally important. Failure to impress the reader at this stage might affect the chances of plan being taken seriously. Some business leaders suggest writing all the other components of the plan before summarizing them.

3. Describing the company

There are important details in this section. They include:

  • The proposed name of the business and what products or services it will offer

  • The location the business will operate from

  • The legal format the business will take (e.g. a partnership) and the number of employees

  • Necessary licenses and permits obtained from authorities

  • Vision and mission statements for the business incorporating its values and ethics

  • Short-term goals and the steps in the process to achieve the specified long-term goals

  • A brief description of the industry, where the business will fit into the market, and major competitors.

4. What the business offers

At this stage, go into more detail about the products or services the business will offer. Put a spin on the unique approach the business will bring to the market to stand out from competitors. Dropshippers should go into detail about categories of products and how many products fit into each category.

5. The market as it stands now

A business plan needs to show that market research has been done. A potential business owner needs to know the market well. Show there is a niche in the market the business will fill. Indicate the target group of customers the business aims to reach. Include an analysis of the competitors the business will face. Cite reliable websites or texts used to complete the market analysis.

6. Management

All parties to the management of the business should submit a brief resumé showing their knowledge, skills, and attributes. Summarize existing resumés to highlight only what is pertinent to the running of the business.

7. Finances

Here, a business needing funding must indicate how much is needed. The plan will show how the money will be spent and what the ROI (return on investment) is expected to be. Realistic indications around repayment of a loan should also be evident. Calculate a projected income trajectory to show the business is worth investing in.

8. Attached documents

Banks will ask for certain documents prior to entertaining a loan application. Credit reports, permits, and patents are some examples. Use this section to include as much relevant documentation as possible.

9. Objective analysis

Round off your business plan with a brutally honest SWOT analysis. Think long and hard about what to write in the analysis. Be objective and realistic. Subjective analysis won’t help in a finance application.

To Conclude

The first draft of a business plan determines if the business is viable before even contemplating finance. Let the plan highlight areas that need further consideration. After addressing such areas, refine the plan to tailor it toward getting a bank to see the business as a reliable investment. Get help to make the plan as professional-looking and organized as possible.

3 Ways to Boost your SEO for Your Dropship Website

No matter what kind of business you are running, one of the first things you have to think about when building an online presence is SEO. Dropshipping comes with its own unique SEO challenges and you need to employ special tactics to succeed. Here are three ways to boost your SEO for your dropship website in 2018 to ensure success this year and beyond!

Use Unique Images

One major problem dropshippers have with SEO is that they are reliant on the data feeds the stores they use provide them with. That means that the inventory and products on their website are fed through XML feed and spreadsheets. You won’t be the only website that is using this particular feed either. That means the images and content related to the products on your website will not be unique, as they are being used on any other website that uses that same feed. That can damage your SEO as search engines will decide your website is hosting duplicated content and knock some points off.

An effective way to boost your ranking is to take pictures of the products yourself. Give the image files their own unique names as well. Search engines will also look at the name of a file and so it has to be different. Colorful pictures attract more social media sharing, with people sending them to friends via the likes of Whatsapp or Facebook, this will also help boost your website, as Google looks at social media interactions as part of their ranking algorithm.

 Change Product Descriptions

We already mentioned how big of an SEO sin it is to have duplicated content. The problem goes much further than just pictures though. You want to ensure that you have a unique product description that is different from what everyone else is doing. You must change the description and the specifications of a product as much as possible, while highlighting the unique selling points of the product.

Writing your own specifications and descriptions also affords you the chance to add some extra keywords to boost your ranking a little more. It’s not difficult to reword a product description, but many business owners have trouble with specifications. Don’t just list product specifications; talk about them instead and find different ways to show them.

Writing content of your own gives you complete control over the material on your website. If you do it properly you can give your SEO rankings a significant boost.

Use Internal Links

Another important aspect of using SEO effectively is having good quality links. An internal link is a link that goes from one page of your website to another. These are different from external links and backlinks. Internal links will always use the HTML tag ‘do follow’. That tells search engine crawlers to follow the link to the page being linked to, which gives the page some extra ranking power. This basically allows you to use internal links to tell a search engine which pages should be ranked. They also have the added benefit of helping customers discover more of your website.

When it comes to dropshipping, internal links tell search engines the pages that you want to be ranked for specific keywords. They also help to categorize websites for search engines and improve domain authority. If you’ve put together a great infographic or blog post that has high authority and high quality backlinks, including a descriptive keyword that has an internal link is a great way to boost the ranking of it.

With that said, having more links on a page means that they each pass on less authority. If you were to have two internal links on a page, then each one passes on 50% authority. That’s a 33.3% transfer. Then you have to add category links, navigation, and the link into the mixture. Link placement is also an important thing to consider. If you three internal links – one high up on the page and two near the bottom – then the higher one can claim up to 60% of the authority, leaving just 20% each for the bottom two. It can take a little getting used to, so we recommend this guide on creating great internal links.

No doubt you can tell how important internal links are to SEO. Add internal links where relevant and related, and avoid overdoing it. That’s how you can get the right balance between boosting rankings and keeping content natural.

 Conclusion

There’s a lot to consider when it comes to SEO for dropshipping. Whether you use a data feed or a dropshipping e-commerce store or are warehousing your products, our SEO guide should give you all the fundamentals you need to improve the SEO of your store.

Note that the best way to take advantage of these tips and key concepts is to regularly update your content. SEO should never be considered a quick and easy way to boost traffic. It can take some deep knowledge to fully understand and master SEO, which needs a long-term approach. By following along with these beginners tips and getting some practice in, you’re already on your way to getting started on the right foot! You’ll soon see that SEO is a vital part of building organic traffic, so don’t lose heart and stick with it!

How To Take Your Dropship Business To The Next Level

The freedom and flexibility of running an inventory-free eCommerce website is exciting. Like any business, to achieve and maintain success you must continue to explore new business strategies. The tips below are designed to help new and existing dropshippers take their business to the next level.

What is a Dropship Business?

If you are unfamiliar with dropshipping, it is an inventory-free method of selling physical products.
You identify wholesale suppliers who keep inventory on hand, in stock, and up-to-date. They create an online catalog for you to browse, and the SKU and product information required for you to post their products on your website.
When you sell an item online, you submit the order and pay the wholesale price of the order—and the dropshipper ships your buyer’s order with a generic “Fulfillment Center” label. In most cases, you have full control over the retail markup.
In other words, this is an online-only business you can launch with minimal startup costs, and operate from anywhere in the world with internet connection!

Identifying Reliable Dropship Partners

To launch as successful dropship business, you need to identify reliable dropship partners. Wholesalers who keep their product inventory up-to-date, who promptly ship your orders, and who have a fair and fast return or exchange process. If your current wholesaler can’t do that it’s time to find an alternative.
Improving Your Product Mix

You have no control over each wholesaler’s inventory so you must also identify wholesalers who provide products that your buyers want. They must also introduce new products on a weekly or monthly basis, and have at least a few hundred products to choose from. Ideally, a few thousand.

The exception to this rule would be individual product-line dropship partners, such as a retailer who sells a small inventory of handmade soaps or artisanal products.

Expanding and improving your products mix is an excellent way to take your business to the next level. It requires you to identify complimentary products and upsells. For example, if you sell men and women’s jewelry and accessories—you could also sell jewelry boxes, accessory drawer organizers, and scarf and tie hangers.

Automating Your Communication

Customers don’t like to be left wondering if their order was received, or if is it on the way. If you don’t already use a tool that automates updates such as sending an email when an order is placed, and again when it is shipped—you are behind the curve.
However, sales-related or follow-up emails is not the only type of communication that should be automated. At the very least, set up an automated opt-in newsletter for each sale you make. Then send out monthly email updates to keep your customers up-to-date with what’s new.

Expanding Your Sales Channels

Whether your current sales channel is sound, or lacking—it never hurts to expand. As with anything, be strategic.
In fact, keep your website, but consider selling the same products on eBay and Amazon.
eBay and Amazon can be particularly advantageous because they already have millions of daily visitors. That being said, you will need to keep a closer eye on your markups to ensure a competitive price and attractive profit margin.

Investing in Dropship Software Service and Tool

A basic dropship software provides you with a streamlined back-of-house, workflow, and sales and reporting tools. However, some software systems do much more.

While the inventory-free business model of dropshipping keeps costs low, you may find yourself paying handsomely just to partner with a reputable dropship supplier. This cost is so high for some, that it may limit your product selection.
An alternative is to identify a combined dropship partner and tool who provides the back-of-house and business software, and the built-in wholesale partnerships. This can expand your product inventory mix to well over a million products, all from established US and Canada-based wholesalers.

Not to mention make running your business faster and easier!

The dropship business model is designed to be fast and easy to get up and running, and easy to maintain. Many choose it as a part-time secondary stream of income, while others jump in full-time. Whichever option you decide to explore, an ongoing commitment to remaining competitive is a must.

Wholesale2b is the creator of several turnkey dropship Apps that can be installed in your store with simple easy steps. Wholesale2b can help you import thousands of dropship products to your store and automate the daily inventory updates. Get started today by visiting our site at http://www.wholesale2b.com.

Get a store with ECWID and link it with any of our integrated drop shippers

Instantly Transition To An e-Commerce Website—Or Drop Ship Without A Website

Wholesale2B is always searching for the fastest and easiest methods of helping you launch or expand your drop ship business. This is why we are excited to announce our integration and partnership with Ecwid e-Commerce software. If you are searching for maximum flexibility, download Ecwid today!

Instantly Transition Your Current Website Into An e-Commerce Website

If you are looking for a way to monetize your blog, or for a way to add an additional stream of income to your existing website Ecwid makes it easier than ever. Signup for Workshop2B, select, download Ecwid, select the drop ship products you wish to sell, establish global shipping and markup—and your products will load instantly to your website.

Don’t Want A Website

No worries if you don’t have a website, and aren’t looking to create one—as the Ecwid shopping cart can be used to create a mobile shopping app, to add an online store to Facebook, or to add a single-product “Buy Now” widget anywhere on the web. Not just that, Ecwid is integrated with your favorite online marketplaces such as: eBay US and eBay Russia, Google Shopping, PriceGrabber, Nextag, Shopzilla, Yandex.Market, eBay Commerce Network. I’m not sure if you want all of these.

The Free Subscription Is All You Need

Ecwid wants you to experience how powerful their e-Commerce shopping cart is—for free! During your 7-day free trial you will have full access to all features and functions, and don’t worry there is never any setup charges or transaction fees. However, the basic online store package is free for life. Since you already have Workshop2B to work as your back of house, the free package is all you need.

A Match Made In Heaven

As a drop shipper, you understand how challenging it is to source reliable drop ship partners, which is why you are a Wholesale2B member. While we provide some powerful back-of-house tools, and can even design your modern e-commerce website—we understand that it might be easier to just add a sales area to your current website, or to run your online business website-free. By integrating with Ecwid, you now have the most robust and flexible options for building your new, or expanding your current online or mobile store. Our easy and intuitive tools:

  • Change prices with a global markup or edit prices by single items
  • Control the shipping costs with global markups
  • Change the product titles and descriptions to make them unique
  • View your estimated profit/losses
  • Process orders with just 1 click – no manual input required
  • Tracking codes are sent back to your Ecwid store automatically
  • Daily updates are sent to your store every day
  • Out of stock items are automatically updated for you
  • Add or remove products from your list anytime you want
  • Remove products in bulk based on price range
  • And more!

The combination of Wholesale2B and Ecwid provides you direct access to the inventory-free quality products you are searching for, and the ultra-convenient online and mobile shopping cart you need to optimize your sales. What are you waiting for? Signup today!

Best approach for setting your shipping cost in Shopify with our Dropship Shopify App

The best way to configure your shipping cost in Shopify is to turn ON the combine shipping option and let our system add the shipping cost to the selling prices of each item in your list.

You can then remove any shipping configuration from your Shopify store so your buyers and enjoy FREE shipping on all items.

Not only will your buyers be happy to see free shipping on all the products in your store, but you will also be sure that the correct shipping cost will always be covered in every order.

Please use the URL below from our Dropship Knowledge Base for more details:

 http://www.wholesale2b.com/knowledge-base/shopify-combine-shipping.html

 

Example of a product that you can dropship on eBay and make profit each time

SELL HIGH – PAY LOW – MAKE GOOD PROFITS

Example: Oster Baldwyn 22 pc Cutlery Block Set

SKU: 70562.22
Average selling price: $75.58
Your total cost: $55.74    FREE SHIPPING!
Your profit: $19.84    shipped to your customer


SIGNUP FOR FREE TO ACCESS OVER 1 MILLION PRODUCTS

Sell them on eBay, Amazon, Bonanza, or load them to your own website

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SEE IT ON EBAY
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