A 

business is an undertaking where one sells goods or service in exchange for money or
its equivalent. It maybe an organization, company or enterprising entity engaged in commercial,
industrial, or professional activities.

Thinking of starting a business? Starting up needs bright and smart ideas & vision,
conquering ur fears and facing risks inorder to succedd.

WH QUESTIONS:  before entering a business  

People who aspire to start a business need to explore this WH

People who aspire to start a business need to explore these WH Questions

  1.  what to sell=this maybe a product or a service=what will u offer? do u hv an idea what wud u
endeavor, product or service? By developing/generating business idea identify what is of “Value” to
the customer; what makes a product unique and competitive; what r its salient features or
competitive edge - apply creativity and innovative techniques to develop marketable product;

                                it may be a new creation or new product development,

                                it maybe a an innovatiive product or modification of an existing product. How? 

a.      find business opportunities through doing a market research Examine the existing goods
and services Examine the present and future needs
b. Needs for the products and services are referred to as market demand.
c.  by  finding a
good problem to solve, by identifying the needs &
wants of d community, these Needs and wants of the people in a
certain area that are not met may be considered as
business opportunities. Identifying the needs of the community, its
resources, available raw materials, skills, and appropriate technology
can help an individual or a new entrepreneur in seizing a business
opportunity. Tracking market research and understanding the flow of the
economy can help entrepreneurs better estimate their likelihood of success.
Needs in business are important things that every individual cannot do without,
these r d essentials. These include: 1. Basic commodities for consumption 2. Clothing
and other personal belongings 3. Shelter, sanitation, and health 4. Education Wants
are desires, luxury, and extravagance that signify wealth and an expensive way of
living. Wants or desires are considered above all the basic necessities of life. Some
examples are the eagerness or the passion which are non- basic needs like; fashion
accessories, shoes, clothes, travelling around the world, eating in an exclusive
restaurant; watching movies, concerts, plays, having luxurious cars, wearing
expensive jewelry, perfume, living in impressive homes, and others.
Needs and wants of the people are the basic indicators of the kind of business that
you may engage into because they can serve as the measure of your success.
c. conduct SWOT analysis (Strengths, Weaknesses, Opportunities and
Threats). SWOT analysis is a managerial tool to assess the
environment.
One of the best ways to evaluate the opportunities and constraints is
 to conduct SWOT analysis (Strengths, Weaknesses, Opportunities and
Threats) w/c is a managerial tool to assess the environment.
This gathers important information, which in turn is used in strategic
planning.Strengths and Weaknesses are internal in an organization.
Basically they relate to resources owned by organization, things that
you have control over. Opportunities and Threats exist in the external
environment. The opportunities in the business environment are those factors
that provide possibilities for a business to expand and make more profits.
Opportunities relate to the market, to the development of new
technologies and  new trends. Constraints, on the other hand, are those
factors that limit the ability to grow, hence reduce the chance of generating
profit.Threats relate to what the competition is doing as well as legal
and other constraints such as government regulations

right product in the right place, at the right price, and at the right time

2. who to sell= = target market customer, target audience

Knowing your target audience will also help you know how to market your business.

market refers to whoever will use or buy the products or service, and these may be people or
institutions such as other businesses, establishments, organizations, or government agencies. They
have sufficient purchasing power and willingness to buy

For whom are the products/ services aimed at? U shld identify your customers? What were
your considerations in selecting your customers?

What kind of people, their needs, wants, lifestyle, culture and tradition, and social orientation
that they belong People buy for a reason, there should be something in your products/ services
that would give consumers a good reason to go back and buy for more ? What wud satisfy their
need s? What wud dt b? the quality, availability, convenience, cleanliness, reliability, and
friendliness. understand and find out what drives and motivates your customers to buy your
product/service, why wud they buy,purchase or patrionize ur product or services?
Who are My Primary Competitors in the Industry?
Not only do you need to understand your competitiors so that you can understand the
market, you also have to track these other businesses and their activities. 

You should answer some basic demographic questions about your customers: What is
their age or gender? What is their income level? Why do they need your product with their
lifestyle?

3. where to sell= location= seen/ near customers near foot traffic, crowded places, it has conducive
Parking spaces and Accessibility to different people of different walks of life, near
Competitors to make ur product comparable with others.
Proximity to target customers, proximity to competitors, proximity to suppliers

U cn put ur stores or ur business in Commercial business

space, malls or any convenient places accessible to ur clients
or customers. shopping malls that entails having rental expenses to
pay with more customers and more sales

U cn also put up a Mobile business Food Truck business that

allows you to hit the road, traveling to different locations to
provide your products and services to your customers

Home-based busines s primary office is in the owner's home.

 Sell ONLINE Why online stores become more

and more popular? Online shopping also is known as e-shopping has
experienced an incredible growing trend especially on this time of pandemic Online stores
can be opened 24 hours a day, seven days a week to meet customers demand
whenever they get any questions or need any support. As a result, store owners
have much more opportunity to increase sales.  Store owners can save a deal of money
on set-up and operation costs like rental fees.

4. why will you sell = objective/purpose why would you

 The “Why” of Why You Sell Is What Will
   

Make You Successful

 open a business all businesses solve a problem New Opportunities

Increase Income If you are unsatisfied with the income you make every month, you
need to seriously consider starting up a business.

To Have An Additional Job They set up a business, employ one or two persons to
work for them and then still carry on with their formal job

To Be Your Own Boss When you set up your own business, you have no one to answer to
but you. You can make decisions freely and choose what to do at every point in time, without
anyone asking you questions. You are the boss and everyone respects you for that

To Get Freedom Starting your own business will allow you have full control over your life
and you could spend every day of your life traveling all over the world, getting recognition,
reaching out to needy people,  making your impact felt and enjoying all the good things money
can offer, while others work for you.

To Enjoy Life By Doing What You Love

When you do what you love, you earn money for doing nothing that is passion

To Develop Your Own Creative Skills make use of you knowledge, talents, skills,
experience

To Have Influence When you grow your business to a height that you no longer make
money for yourself alone but your money starts affecting people’s lives, you have started having
influence

5. How will you sell? = strategies, approaches, n techniques on how to go about it

What creative and innovative techniques did you adopt to your products/ services? What
unique selling strategies

Strategic selling techniques are employed in a business

a. enhance sales volume

b. to build enduring relationships with customers.

STRATEGIES

a. Personal selling, Personal selling seeks to build a good relationship

between the buyer and seller Personal selling addresses the buyers'
preferences and at the same time, points out the strong features of the
product being offered

after-sales service, After-sales service is the additional assistance the seller

provides for the buyer after they have purchased a product. The services
include home delivery, installation of items or warranty services that are
aimed at enhancing convenience and bolstering a positive image of the
company. Warranty services are the after-sales services that provide repair,
maintenance and/or replacements when an item fails to work according to
the specifications of manufacturers

b. maintaining contacts Following up on the buyer with a visit or callis done before or
after a sale has been made. Authorized representatives of the company carry out
telecalling to follow up on prospective customers or with current customers to
convince the customer to buy the product and to make the sale. Insurance,
credit card offers, bank policies, stock markets use telecalling in order to follow
up with their customers. Tele calling is also used for service calls in which the
companies call upon customers to inform about the warranty of their products
or to inform about new changes in the policies of the company.

c. advertisement & campaign

- publicize ur product or ur services thru a parade, radio & tv broadcast, social media, flyers &
leaflets, coupons & gift certificates,
 d. low pricing strategy thru promotions. special offer Price cuts
and schemes w/c are valid for a limited time and the primary intention
of which is to exhaust the stocks and make the sale early. In case of a price cut,
the products receive price cuts during the festive season in order to generate
more business. Sometimes the price cut may be psychological simply to
promote the product and attract the customer who is price-conscious.

Marketing strategies thru

a. digital marketing thru Social media is one of the biggest contributors

because almost everyone is present on social media which encourages
the companies to reach their customers with the use of social media
thru facebook, twitter, Instagram & many other social online platforms.

b. event marketing is the one in which a popular event is sponsored by the

company who is just to promote their product thru popular celebrities. The
event already has a lot of media coverage which helps the brand to get exposure
and brand recall in the minds of the people. Ex: sponsors of Ms. U,
c. Customer referral is a powerful tool to generate business. It is like a “word of
mouth” to promote or advertise ur product or service. a satisfied customer can
bring in at least 10 other customers while a dissatisfied customer can drive
away at least hundreds of them, this is why getting the feedback of positive
customer and convincing and dealing with dissatisfied customers is equally
important in order to generate future business.

Shipping is a fundamental
 pricing strategy for shipping.
part of your ecommerce business

1.     Offer Free Shipping

a. Increase product prices to cover costs for shipping (customer
pays).
b. Increase prices of products slightly to cover partial costs of
shipping (you and your customer pays).
c. Offer a discount code to certain customers for free shipping.
 d. free shipping on a minimum order amount

1.

1. Dropshipping is a fulfillment method where a store doesn’t keep the

products it sells in stock. Instead, the store or d seller purchases the
item /inventory from a third-party supplier (usually a wholesaler or
manufacturer )and has it shipped directly to the customer. As a result, the
seller doesn’t have to handle the product directly.  
2. Shipping and fulfillment refers to the process which puts ordered products
into customers’ hands. Fulfillment encompasses the entire process, from the
moment a customer’s order goes through to the moment they receive their
package. Shipping is a component of fulfillment and refers to the actual transit
of the package from its holding destination to the customer’s location.

he three functions of order fulfillment are receiving, processing, and

delivering. Receiving involves obtaining inventory, processing is when orders
are received, managed & packed and delivering is when packages go to
customers.
   

Benefits of dropshipping

a. Less capital is required you don’t have to purchase a product

unless you’ve already made the sale and have been paid by the
customer. Without significant up-front inventory investments, it’s
possible to start sourcing products and launch a
successful dropshipping business with very little money. 

b. Easy to get started Running an ecommerce business is much

easier when you don’t have to deal with physical products. With
dropshipping, you don’t have to worry about:

 Managing or paying for a warehouse

 Packing and shipping your orders
 Tracking inventory for accounting reasons
 Handling returns and inbound shipments
  Continually ordering products and managing stock level

c. Low overhead Flexible location

Wide selection of products to sell

1. Home

2. Shopify Blog

3. What Is Dropshipping?

What Is Dropshipping?
 by Corey Ferreira

 Guides

 Jun 2, 2021

 9 minute read

 Leave a comment

 Email

 Pinterest
  

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1. Dropshipping definition
2. Benefits of dropshipping
3. Disadvantages of dropshipping
4. Common questions about dropshipping
5. Is dropshipping worth the effort?
Defining dropshipping
Dropshipping is a fulfillment method where a store doesn’t keep the
products it sells in stock. Instead, the store purchases the item from a
third-party supplier and has it shipped directly to the customer. As a
result, the seller doesn’t have to handle the product directly.

The biggest difference between dropshipping and the standard retail model is
that the selling merchant doesn’t stock or own inventory. Instead, the seller
purchases inventory as needed from a third party—usually a wholesaler or
manufacturer—to fulfill orders.
How does dropshipping work on Shopify?
Two of the most common approaches for dropshipping on Shopify are to seek
out a supplier located in North America, or anywhere else in the world, using
supplier databases or to seek out a Shopify app that connects you and your
store to thousands of suppliers.

For the latter, we recommend Oberlo, a marketplace developed by Shopify

that helps independent business owners find products to sell. With Oberlo,
you can browse AliExpress and import the products that pique your interest
directly to Oberlo—which is connected to your Shopify store—with the click of
a button.

Once a customer buys a product, you’ll be able to fulfill their order in the
Oberlo app. Fortunately, Oberlo automates this process. As the store owner,
all you have to do is check that the details are correct and click the “‘order”’
button. The product is then sent directly from the AliExpress
dropshipping supplier to the customer—wherever in the world they may be.

Get the free video training

Want to get started today? Join our free training session to learn how to set
up an online store using dropshipping to fulfill orders. You’ll get step-by-step
instructions on how to quickly find and import trending products to start
selling.

Benefits of dropshipping
Dropshipping is a great business model for aspiring entrepreneurs to start with
because it’s accessible. With dropshipping, you can quickly test
different business ideas with limited downside, which lets you learn a lot about
how to choose and market in-demand products. Here are a few other reasons
why dropshipping is such a popular model.
 Learn more: Make Dropshipping a Success: Tips and Stories to Inspire Your
Dropshipping Venture

1. Less capital is required

Probably the biggest advantage to dropshipping is that it’s possible to launch
an ecommerce store without having to invest thousands of dollars in inventory
up front. Traditionally, retailers have had to tie up huge amounts of capital
purchasing inventory.

With the dropshipping model, you don’t have to purchase a product unless
you’ve already made the sale and have been paid by the customer. Without
significant up-front inventory investments, it’s possible to start sourcing
products and launch a successful dropshipping business with very little money.
And because you’re not committed to selling-through any inventory purchased
up front, like in a traditional retail business, there’s less risk involved in starting
a dropshipping store or testing a new product line.

2. Easy to get started

Running an ecommerce business is much easier when you don’t have to deal
with physical products. With dropshipping, you don’t have to worry about:

 Managing or paying for a warehouse

 Packing and shipping your orders
 Tracking inventory for accounting reasons
 Handling returns and inbound shipments
 Continually ordering products and managing stock level

Shopify helps dropshippers quickly find and import

trending products to sell. Start your risk-free 14 day trial
of Shopify today—no credit card required.
Email addressStart free trial

3. Low overhead
Because you don’t have to deal with purchasing inventory or managing a
warehouse, your overhead expenses are quite low. In fact, many successful
dropshipping stores are run as home-based businesses, requiring little more
than a laptop and a few recurring expenses to operate. As you grow, these
costs will likely increase but will still be low compared to those of traditional
brick-and-mortar businesses.

4. Flexible location
A dropshipping business can be run from just about anywhere with an internet
connection. As long as you can communicate with suppliers and customers
easily, you can run and manage your business.

5. Wide selection of products to sell

Since you don’t have to pre-purchase the items you sell, you can offer an
array of trending products to your potential customers. If suppliers stock an item,
you can list it for sale on your online store at no additional cost.

6. Easier to test
Dropshipping is a useful fulfillment method for both launching a new store and
for business owners looking to test the appetite customers have for additional
product categories, e.g., accessories or wholly new product lines. The main
benefit of dropshipping is, again, the ability to list and potentially sell
products before committing to buying a large amount of inventory.

7. Easier to scale
With a traditional retail business, if you receive three times the number of
orders, you’ll usually need to do three times as much work. By
leveraging dropshipping suppliers, most of the work to process additional orders
will be borne by the suppliers, allowing you to expand with fewer growing
pains and less incremental work.

Sales growth will always bring additional work—especially related to customer

support—but businesses that utilize dropshipping scale particularly well
relative to traditional ecommerce businesses.

Disadvantages of dropshipping
1. Low margins ecause it’s so easy to get started, and the overhead costs
are so minimal, many competing stores will set up shop and sell items at rock-
bottom prices in an attempt to grow revenue.

2. inventory can change on a daily basis

3. Supplier errors Even the best dropshipping suppliers make mistakes
fulfilling orders—mistakes for which you have to take responsibility and
apologize. And mediocre and low-quality suppliers will cause endless
frustration with missing items, botched shipments, and low-quality
packing, which can damage your business’s reputation.