The Dropship Unlocked Podcast

The Shocking Cost Before Starting Your Dream Business (Episode 48)

February 12, 2024 Lewis Smith & James Eardley Season 1 Episode 48
The Shocking Cost Before Starting Your Dream Business (Episode 48)
The Dropship Unlocked Podcast
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The Dropship Unlocked Podcast
The Shocking Cost Before Starting Your Dream Business (Episode 48)
Feb 12, 2024 Season 1 Episode 48
Lewis Smith & James Eardley

Get your copy of Lewis’ new book - The Home-Turf Advantage ➡️ https://htabook.com?el=podcast-48-shocking-cost-before-starting

🗣 In this episode, we dive deep into a topic often overlooked by aspiring entrepreneurs—the hidden costs of not starting your dream business. 

Beyond just finances, they explore the value of time, personal growth, and the risks of waiting for the "perfect moment."

👉 Prefer to watch this on Youtube? Check it out here  ➡️ https://youtu.be/R_O8vwuSON8?si=MzykS5OCt3VvO0fP

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Topics Discussed:

★ Understanding the Value of Time: Time is a non-renewable resource. Lewis emphasizes that every day delayed is a lost opportunity.

★ Entrepreneurship and Personal Growth: James discusses how entrepreneurship is a vehicle for personal growth.

★ The Myth of Perfect Timing: Lewis dismantles the myth of waiting for the perfect moment to start.

★ Embracing Uncertainty: Uncertainty is an inherent part of entrepreneurship.

★ The Daily Financial Impact of Delay: Lewis likens every day of inaction to holding a winning lottery ticket but never cashing it in. 

★ Opportunity Cost of Waiting: James references a quote by Alex Hormozi, highlighting that not knowing how to make £100k a month, when you make £5k instead, costs you £95k a month.

---------------------------------------------------------

Links and Resources Mentioned:

For Aspiring Business Owners or Side Hustle Seekers Based In the UK…

New Book Reveals How To Launch A Low-Maintenance High-Profit E-Commerce Business Using The UK "Home-Turf Advantage”…

While also enjoying more time with your family, being free to travel, and setting the hours you work.

Click here to get your copy >>> https://htabook.com?el=podcast-48-shocking-cost-before-starting

---------------------------------------------------------

Links and Resources Mentioned:

Get Shopify for £1 a month for 3 months: https://www.dropshipunlocked.com/shopify 

Get a free trial with a professional phone line: https://www.dropshipunlocked.com/circle 

---------------------------------------------------------

Key Takeaways:

★ Time is a non-renewable resource, and every day delayed in starting your business represents a lost opportunity.

★ Entrepreneurship is not just about financial success but also personal growth and development.

★ Waiting for the "perfect moment" is a myth; taking action is more important than waiting for ideal conditions.

★ The daily financial impact of not starting can be substantial, both in terms of potential income and time.

★ The opportunity cost of waiting for the "right moment" can be significant, hindering your progress and financial success.

---------------------------------------------------------

FOLLOW:

Thank you for listening to the Dropship Unlocked Podcast! Don't forget to subscribe and leave a review on your favorite podcast platform.

Show Notes Transcript

Get your copy of Lewis’ new book - The Home-Turf Advantage ➡️ https://htabook.com?el=podcast-48-shocking-cost-before-starting

🗣 In this episode, we dive deep into a topic often overlooked by aspiring entrepreneurs—the hidden costs of not starting your dream business. 

Beyond just finances, they explore the value of time, personal growth, and the risks of waiting for the "perfect moment."

👉 Prefer to watch this on Youtube? Check it out here  ➡️ https://youtu.be/R_O8vwuSON8?si=MzykS5OCt3VvO0fP

---------------------------------------------------------

Topics Discussed:

★ Understanding the Value of Time: Time is a non-renewable resource. Lewis emphasizes that every day delayed is a lost opportunity.

★ Entrepreneurship and Personal Growth: James discusses how entrepreneurship is a vehicle for personal growth.

★ The Myth of Perfect Timing: Lewis dismantles the myth of waiting for the perfect moment to start.

★ Embracing Uncertainty: Uncertainty is an inherent part of entrepreneurship.

★ The Daily Financial Impact of Delay: Lewis likens every day of inaction to holding a winning lottery ticket but never cashing it in. 

★ Opportunity Cost of Waiting: James references a quote by Alex Hormozi, highlighting that not knowing how to make £100k a month, when you make £5k instead, costs you £95k a month.

---------------------------------------------------------

Links and Resources Mentioned:

For Aspiring Business Owners or Side Hustle Seekers Based In the UK…

New Book Reveals How To Launch A Low-Maintenance High-Profit E-Commerce Business Using The UK "Home-Turf Advantage”…

While also enjoying more time with your family, being free to travel, and setting the hours you work.

Click here to get your copy >>> https://htabook.com?el=podcast-48-shocking-cost-before-starting

---------------------------------------------------------

Links and Resources Mentioned:

Get Shopify for £1 a month for 3 months: https://www.dropshipunlocked.com/shopify 

Get a free trial with a professional phone line: https://www.dropshipunlocked.com/circle 

---------------------------------------------------------

Key Takeaways:

★ Time is a non-renewable resource, and every day delayed in starting your business represents a lost opportunity.

★ Entrepreneurship is not just about financial success but also personal growth and development.

★ Waiting for the "perfect moment" is a myth; taking action is more important than waiting for ideal conditions.

★ The daily financial impact of not starting can be substantial, both in terms of potential income and time.

★ The opportunity cost of waiting for the "right moment" can be significant, hindering your progress and financial success.

---------------------------------------------------------

FOLLOW:

Thank you for listening to the Dropship Unlocked Podcast! Don't forget to subscribe and leave a review on your favorite podcast platform.

Lewis Smith:

If there's one regret I have is that I didn't start sooner and capitalize on this earlier, because I've got more of that time back to do the things that really matter to me.

James Eardley:

We're wasting time and not going after the dreams, then that's time we can't get back. You can make money back, but you can't make time back.

Lewis Smith:

Don't put it off until the perfect time. Because the error people make is that it never comes. Because if

James Eardley:

you don't know how to make 100 grand a month, for example, and you're making maybe five grand a month instead, then it's costing you 95,000 pounds every month to not know how to make 100,000 pounds that month. Fascinating.

Lewis Smith:

And I just keep applying this principle every time because it's kind of the best route that I can think of to success.

James Eardley:

But once you put that into perspective, I hope that really hammers home it definitely did for me that the ignorance cost is costing you a lot more than any other expense in your life. Every every day that

Lewis Smith:

you don't create your own company, you're you're basically just handing out money to someone else. Welcome to the dropship unlocked Podcast. I'm Lewis Smith, the founder of dropship unlocked and with me is our Client Success Coach James Hadley. Now, when we're not recording the podcast episodes, we're running our own e commerce businesses and helping aspiring entrepreneurs launch their own high ticket drop shipping businesses, keen to build your own six, or even seven figure business. My book, the home turf advantage is your blueprint for launching a profitable online store, grab your copy at h t, a books.com to date, and let's get you started. Now sit back, relax. And let's unlock your potential with the dropship unlocked Podcast. Today we're addressing a crucial topic that many aspiring entrepreneurs often overlook. It's the very real cost that comes before you start your dream business. It's not just about the financial aspects. Today, we're going to be talking about the time opportunities and potential growth. So many people miss out on without realizing. So I think it's something that normally people talk about. And this is something that we want to bring into the light today. So Louis, let's dive into this. How crucial Do you think it is to understand the value of time in business is a weird thing? Yeah, time viewing time as a non renewable resource, because that's what it is, you know, it's a bit like if your Can you scoop up a handful of water with your hands, once it slips away, you can't get back those that same bit of water, you know, you can get more water back, but you can't get back those same particles. And it won't be that exact time. And it's a bit like that with time, every day that you leave something that time is gone forever. Sure, you can find more time later. But that time is gone. It's non renewable. So every day delayed is just lost opportunity. Really, there was a study recently by Entrepreneur Magazine that showed that fast start as in business 30% more likely to succeed, which was interesting and ties into this concept of time doesn't it as a non renewable resource, the people that take time seriously, and realize that it's a limited resource that they've got to use, tend to see more results. In fact, they're 30% more likely to succeed. So it's all about avoiding that dabbling mindset and taking the action that is needed to achieve your goals, you know, that I was, the last few days have been pretty busy at work with my companies, we're growing rapidly, which is a good thing. But it creates a variety of challenges and obstacles. So currently, we're hiring for new team members and onboarding new team members. And there's lots happening here at dropship. I'm not, but with that brings an element of stress as the company owner, you know, a lot of that falls onto my shoulders. And it had been a tough day yesterday. And I was working late. And I've not seen my children and my wife that much throughout the day, which I never liked doing. But sometimes you just have to power through. But at the end of the day, my children had just had a bath and my wife was getting them into their pajamas on the landing upstairs. And I just sat down next to them. I just watched them running around like two crazy animals. And I just had to stop for a moment and just appreciate the moment. And it would have been really easy to sit there and think about all the things that I done that day or the stresses all of the stuff that I still had to do tomorrow. But it's challenging, but I still had stuff to do. I still had things on tomorrow, but I wasn't thinking about that right there. And then I was in the moment and I was just looking at that moment right now in front of me that moment of non renewable time. And I just tried to savor it and enjoy it. And it's like that water that slips through your hands you think wow, my children will never be this young again, like as they are right today. And I'll never get this moment back. And so sometimes I have to pinch myself and look back on my former life, you know, in my nine to five job and just realize how lucky I am that I made the decision to start my own business when I did you know I did it 27 Which I feel I got started late. And if there's one regret I have, it's that I didn't start sooner and capitalize on this earlier because I'd have got more of that time back to do the things that really matter to me. But every day that I left it, I remained working at my old job, I wasn't able to save those precious moments, because my time belongs to the company that I work. So it's a bit of a mindset shift. I don't think many people really stopped to appreciate this. Or if they do, then maybe not often enough, I certainly don't. But once you understand that value of time, and how irreplaceable it is, if you're anything like me, I couldn't stand spending a second longer procrastinating once the penny dropped for me, and I realized, I can't ever get back this time, once I realized that it was slipping away. If I didn't take any action, then I realized I needed to do something to control my freedom. And I chose to start a location independent ecommerce business.

James Eardley:

Now, once you started, you made that decision that time was so important to you. And I realized that the more and more time I spend around wealthy people, time is the resource that they value more than anything, I think it's easy to allocate a lot of importance to money as a currency that we can clearly see and add value to because it's it's simple, it's quantified, you can see the numbers in front of you. But time is a little bit more abstract, if more difficult to assign the importance that's there. So I really enjoyed this point that you're making Louis about putting time above and beyond anything. And if we're wasting time and not going after the dreams, then that's time we can't get back. You can make money back, but you can't make time back. They talk about people when when they're young, or whatever age they're at, as being time billionaires. So you think about 20 year olds, you can call them time billionaires or any any age actually, for that matter. Before you started a business, you're only going to get older. And you'll look back at the time before as it never been a better time to start whatever it is that you want to start. There's something that I think holds people back a lot is the right moment and thinking that there'll be a right moment for starting something. What do you think about waiting for the right moment? And do you think that can be misleading? Absolutely.

Lewis Smith:

Yeah, is a huge myth. And I love the concept of time billionaires, because time is the most valuable resource we have, especially when it comes to business and investing and personal development and growth. Because over time, that stuff compounds, doesn't it whether you say you invest, you know what the stats are that you invest 100 pounds today, in 30 years time, it would be way more than if you invested it halfway through that process, even if you invested double, triple, quadruple the amount, or because of that compounding interest. So it's fascinating when you look at that, that chart of compounding interest and how that works over time. But yeah, the myth of perfect timing is, I mean, it's like waiting for all of the traffic lights to be green before you start your journey. You just wouldn't do it. You don't. You don't wait for the sales to align before you do something. It rarely happened. I remember on the way from work one day I was in the car and I was driving back from work. And it was a rainy afternoon, I was listening to a podcast in my car. This is probably back in 2014 2050. And I was listening to a podcast this this guy on the podcast, it was on the Joe Rogan show. And it was a guy called Andreas Antonopoulos. And he was talking about this weird type of digital money. That was super niche and like he thought was going to be the future. And it was called bit coin. And I was like that sounds interesting. And I remember hearing it back then. And the way he talked about it, if you ever listened to that episode is great. That first one where he appeared on the Joe Rogan show. It was so rare he's so passionate in believes so much in it. And it was worth like $250 or something for one Bitcoin at the time. And I just remember thinking, This sounds really, really cool this technology. And I was like, maybe when I get home, I'll buy some and you know, imagine having bought for some at $250. But I don't know I like life got in the way. And I thought no, I'll see how it pans out. I'll wait for the perfect time. You know, talk about a mistake. I got distracted, got sidetracked, did something else left it? And you know, it rocketed up in value over the coming years? And the credits out today, right? I mean, depending on when you're listening to this, it might have crashed again by now. But you know, it's probably still worth a lot more than it was back then. So I could look back on that time and think, was it really worth me waiting for the perfect moment? Or would it have been just better for me to pull up my iPhone, take some small action towards the goal and just be like, is it worth 100 pounds on it? Yeah. You know, and just just invest something in it. So I think when you look back at things like that is I'm definitely not saying go out and blue all of your money on high risk investments. That's not the message that might, you know, never amount to anything. But if you see a solid opportunity and you believe in it, and you think this sounds like something I'm interested in, I'd be good at that. I'm willing to learn about that. And I'm also willing to take some risk as well. Then listen to that voice in your head. Listen to that little on intrapreneurial person on your shoulder saying gone, take some action go and do it, don't put it off until the perfect time. Because the error people make is that it never comes. And so start where you are, you know, start with what you have waiting for that perfect moment that perfection. All it is really is procrastination in disguise. You know, like, you can dress it up however you want. It really is you trying to protect yourself from taking a risk. And that fear gets disguised as I'll just wait for the you know, things to I'll wait till I'm back from holiday, I'll wait to live. You know, it's the new year I'll wait like whatever the reason is, as they say, the best time to plant a tree was 20 years ago, the next best time is today, right now.

James Eardley:

And we heard that recently in Episode 45 With dropship or not member Suraj. And he said, You wish you started earlier. And I have the same thing. My biggest regret actually was not starting my businesses earlier. I started in 2020. Well, I should have started a year before, uh, knowing people in the industry and how the industry was going and I know the skills that I would have learned earlier. And the actions that I would have taken in that year, it's easy for me to see how I could have made up about 500,000 pounds in my first year, knowing what I know now. And from that, say I make an average of 30% gross profit margin and a 20% net profit margin, then we're looking at leaving 100,000 pounds on the table, because I didn't start earlier. So it nags away at me, I'm not gonna sit there and wallow in the regrets. I'm so glad I started when I did. But I just know that had I started earlier, that's a lot of money that I did leave on the table. But it's so easy not to quantify that and not to look back at the mistakes that we've made. Like with Bitcoin, it's it's easy just to forget it. But actually, if you look back and realize the decisions that you make, do have a big impact. And you realize that there are some opportunities always out there for you to really grow. So something else that holds people back, and it's all related to that waiting for the perfect time is feeling uncertain. So can you talk a little bit about uncertainty? And why do you think that people being uncertain of the future and feeling like it's risky? Can you talk a little bit about risk and why they feel it's risky to wait? Yeah, of

Lewis Smith:

course, I mean, something I've learned over the years as a business owner is that uncertainty is something that sooner or later, you have to come to terms with as a business owner, you can continue to try to protect yourself from it as best you can. But the only constant thing, as they say in business over time is change history. That's the only constant, everything else changes. So you might as well embrace the change and the uncertainty in I'm flying my family to Mexico for six weeks, in two days, the day after tomorrow. And we're going to spend some time out there, just because we can, you know, because it's the kind of thing that I would have sat in my old job staring out of the gray rainy office window and dreamt about that I would have daydreamed about one day being able to do that take the whole of, you know, the start of the year off all of January, half of February, take my family to somewhere like Mexico. So now I've reached that point, I make a point of fulfilling those daydreams and actually taking the trips. But the last time that we were in Mexico, it was actually just my wife and I. So as before our two children were here. And then we were out there for about the same amount of time we try and do this, like say immigration thing where you go out to different parts of the world, sunny climates, but the darker gray months in the UK, and there was this thing that kept popping up on the news at home. And it was like how this strange virus was just emerging. And there was something happening on the news, and it was 2020 very early. And, you know, we all know what happened shortly after that, how the world changed. Now, did any of us know with certainty, that that was going to go down how it did? No way, you know, certain people may have predicted things like the pandemic happening, but no one knew quite how it was going to go down that way. And the effect that it would have the effect that it would have on businesses shutting down, or the economy taking a huge dive, or, you know, even the widest stuff like people's mental health and physical health. And what I think I was most shocked by was the amount of people that just got let go from their jobs during that initial wave, because maybe they didn't qualify for furlough, you know, and so they just got let go. That was like lastin first out kind of thing, that after taking my future in my own hands a few years earlier, and starting a remote ecommerce business, I was able to go out to Mexico and run from my laptop while getting back and being in a lockdown. It meant that I had the protection from the effects of that uncertainty that I couldn't have foreseen. I'm not saying I predicted that specific turn of events. I didn't know it was going to be a pandemic, but I knew there'd be something whether it was you know, it just in my life, like I got let go from my job, or if it was a global events like the pandemic, I just needed to know that my family's income was secure and that I'd protected myself against it. And that won't be the last uncertain event that shakes the world. Unfortunately, you know, you know what the news is like you tune in every day there's a new crisis or disaster or catastrophe. It's kind of like this revolving door of fear. But the question is, will you be ready to deal with it? You know, if you start your business now, and you're building resilience into your business model, if you start a business that you can run from anywhere, like a remote ecommerce business, when the next crisis occurs, and it does happen, because it will, at some point, you're going to be ahead of the game. You know, I believe you make your own stability. I don't think that some people just end up with it, I believe you build those foundations yourself. And so yeah, many people are under the illusion that a nine to five corporate job for their whole career is is stable and less risky. But then we hear about how many people who just get made redundant without any control. And they're just left with no transferable skills that they can use in any other profession. And suddenly, they have no choice but to pivot or take a huge pay cut. So when you start your own business, and learning credibly valuable skills, as you just mentioned, you could apply those skills in various different professions. It gives you more control both over your finances, but also over your future options as well, which is so important. And I

James Eardley:

was guilty, like so many of thinking that a nine to five job is definitely the least risky option, go into a big company, like a corporate role. And you'll you'll be stable, but I saw so many people around me losing their jobs. And you realize that actually, whatever path you choose is risky, there's always going to be risk involved with whichever path you decide to go down. So that gave me the the realization that I should just go after what I want anyway, if there's going to be a risk with anything involved, then I should go after the real life that I dreamt for and dreamt about. And that really was hammered home when I read The Four Hour Workweek by Tim Ferriss and you do the fear setting exercise, and you realize that actually, the risk that you want to take to start a business isn't that risky at all, you know, that you can deal with the downside, and the potential upside is huge. So I recommend that book, of course, to anyone that hasn't already come across that. But that helps to mitigate that fear of uncertainty, and to stop wasting time, because you're wasting money while you wait. So we're trying to quantify here, the wasting time aspect and how much it's costing us. So we'll dig into that. But what do you think the daily sort of financial impact is for people that aren't starting and going after a dream business? Yeah, well,

Lewis Smith:

it's difficult to quantify. But imagine it like this, imagine that you every day that you delay in starting your business is like you have a winning lottery ticket that you know is a winner, and you're just leaving it in a drawer on your desk, you're never cashing it in, you're never doing anything about it. That opportunity cost is hands down the most overlooked cost. Now that sounds like an extreme example. But it kind of is like that. Now, I'm not saying that starting a business is like winning the lottery immediately. If you're willing to roll with the punches and overcome the obstacles that come your way and you know, ride the entrepreneurial rollercoaster with enough perseverance and grit and determination and and the right strategy. So it kind of is like an eventual lottery win. Every day you wait, it's just another day that you don't have those, those lottery funds to put in your own bank account and to start compounding. So you've got to realize every day of inaction is just costing you both in in terms of your time freedom, because all of the time that you're not cashing in that you are locked doing what you're currently doing. So you have to realize that every day of inaction is really costing you. It's like having that winning lottery ticket there. And it's costing you both in time freedom, which is that irreplaceable currency that we said, you can never get back. Because every single time that day, ticks on another day, another date on the calendar, or another hour on the clock, you can't get that time back. But it's also costing you leaving it their actual currency, because the money you could be earning from your business as well. And then you know, what you do with that money is what will change your life. So if you're investing that money and allowing it to compound over time, that's that's all compound interest and compound gains that you're never going to get because the capital is sitting in other people's bank accounts at the moment. They're waiting to spend that money, they're gonna buy the products anyway, from, you know, a different ecommerce retailer. So every every day that you don't create your own company, you're you're basically just handing that money to someone else. So to give you an idea of the opportunity that's at your fingertips right now, small businesses in the UK contribute 2 trillion pounds annually to the economy so that every single year, small businesses contribute 2 trillion pounds. It's a huge amount of money. And you know, you know, when you get in a taxi, and they start the meter, and maybe like I've had it where I'm waiting for a friend or something and they're still in the restaurant and you're sitting there waiting and the meters ticking on and you start to see the meter climbing and climbing or you're sitting in traffic and you just watching it go up, but you're not going anywhere. It's like that the longer you wait, the more it costs you. Well,

James Eardley:

that is really eye opening some of those stats you've shared with us there. I couldn't believe to be honest, when when you say about how much money there is out there, it's easy to fall into a mindset. When you look at the news that's out there, that things are failing, and things are getting more difficult. And obviously, the world isn't perfect. But when you realize that there's opportunities there and you look on a more positive mindset, then you can realize how you can capitalize on that as well, because that opportunity is there for you. If you're thinking about getting started with a business, but I'm glad you mentioned there the two currencies that being lost when you don't go after your dreams, the time when and the money one. So I'll dig into that a little bit more. Firstly, the time one is, I think the one that people should focus on. Because if you wait a year, to not go after your dreams, that's a year that you'll never get back. That on the financial side for the money one, there's more easy to quantify. I love this thing that Alex for Mozi says, he says if you don't know how to make 100 grand a month, for example, and you're making maybe five grand a month instead, then it's costing you 95,000 pounds every month to not know how to make 100,000 pounds that month. And if you shift the frame, I love that framework for looking at things, you realize how much is actually costing you to not make that money and apply that to however your figures out the moment, you realize that there's a lot of money being left on the table every single month by not knowing it's like an ignorance cost. It's also opportunity cost that we've talked about a lot today as well. But once you put that into perspective, I hope that really hammers home, it definitely did for me that the ignorance cost is costing you a lot more than any other expense in your life. So I find it incredibly motivating to know that this opportunity is waiting for you. If you know if you take action and you work hard, and obviously it's not going to be a breeze, but there are opportunities out there for you to take. So do you think we could dive into opportunity cost? What do you think the opportunity cost is? Louis, for people that are waiting? Yeah, I

Lewis Smith:

love that Alex vamos a quote by the way, the the the cost of ignorance, not knowing how to make 900,000 is costing you 95,000. It's amazing, the amount of times I've had my own mind completely opened completely expanded and changed by someone who I've either brought into my business or hired or maybe someone external, who I've just paid to help me achieve something, only to realize when they come in and do it. What I didn't know. And what they did, has been costing me so much in lost money for the last few years. All because I didn't learn it and implement it sooner. By then it just keeps happening. You keep seeing this pattern repeat and you realize, okay, so this just happens again, and again, you find someone who's already doing the thing you want to do, you pay them, they show you how to do it, and then suddenly you're doing it, but the whole time you didn't pay them and learn how to do it, you were suffering from the consequences of not knowing how to do it, which means earning a lot less money, and potentially working a lot harder, not having your own time to spare and time freedom, location freedom. So

James Eardley:

it's fascinating. And I just keep applying this principle every time because it's kind of the best route that I can think of to success, why would I go and reinvent the wheel every time when I can find people who know how to do the thing I'm trying to do help me do it, and then just pay them to find out how to do it faster and simpler than if I tried it on my own. And each time you get around somebody that knows something you don't you learn that you upscale your upper level, and everything else comes afterwards. So I used to think that you had to chase success. And if you wanted something you had to go after and chase it specifically. Now I don't believe that at all, I realized that actually success is something that gets attracted to you as a person. So you need to grow first, and then success will get attracted to you. It's not the other way around, you don't go after the success it comes to you. And the way that I do that. And since starting a business, I realized that entrepreneurship and starting a business is just the external manifestation of personal growth. Essentially, the amount of personal growth that you can attain as a person is directly proportionate to your business. So they say with a business as you're growing it, you're either earning or you're learning, and that learning ultimately attracts the success. So you'll you'll start earning after you've learned initially. So to tie that all back to the conversation we're having, the longer you wait to start learning, and to start succeeding, the longer it will take for you to get to where you want to get to. So you mentioned earlier, Louis, that you wish you had taken one simple action when you listened to that Bitcoin podcast all those years ago. So can we leave something for listeners and viewers today? Is there something one actionable step that you would advise for anyone listening today? Well,

Lewis Smith:

now for a step by step guide, you could check out the episode of this podcast that we've done titled How to launch a drop shipping business with zero experience. That's a really good starting point. That's episode 27 of the drop shipper unlocked podcasts. So that one is really good, but that's packed with actionable advice to kick start your journey if that's what you're trying to do. And I think the other thing is don't let the fear of stuff it can keep you from the rewards of success that will hold you back. If you visit h t a book.com. And pick up a copy of my book, the home turf advantage, you can literally begin your journey today enjoying

James Eardley:

the podcast, we'd love to hear from you leave a comment or a review. And we might just feature it on an upcoming episode. Also, for detailed show notes and resources, head to dropship unlocked.com. Forward slash podcast.

Lewis Smith:

If you found value from any episode of this podcast, please take just 10 seconds to leave us a quick five star review on your podcast app of choice. It helps us more than you could imagine. And who knows, you might just hear your comments on the show. Thanks for being part of our community. Your support helps us keep delivering a new episode every week.

James Eardley:

Now let's answer a question that we've had in from a listener. So thank you to Jonathan haitch, who's got his question. And he got his question in by emailing us this podcast at dropship on loc.com. If you've got any questions for Luis and I then send that through. And Jonathan has asked today. So I'll close this to you now Louis, Jonathan has asked if I decide to sell high ticket products, and I need to find out whether these products are high quality? Will it not cost me significantly to test the suppliers? Because they're high ticket products? And how will I be able to find out if the suppliers quality is good, even when selling high ticket products? Brilliant. Thanks for your question, Jonathan. So

Lewis Smith:

with high ticket dropship, I'm glad to say that we can actually assess the suppliers quality without spending huge amounts of money without a costly investment, we can assess the supplier quality without directly buying or investing in their products. By selecting high quality established UK suppliers who already have a track record of working with other retailers. We can gauge the reliability and the quality standards, we can look at reviews in it before partnering with suppliers, we'll thoroughly check customer reviews online. And we'll check out their market reputation to see what other customers happy with these products because you'll likely be selling the same brands that some other retailers are selling. So you don't have to invest in them yourself to find out whether customers are happy with them. And the quality assurance and control issues are ironed out or whether there might be some problems. This step really is crucial in ensuring that the products that you sell, meet your high quality standard without you having to personally purchase and test each item because as you say, Jonathan, it would get extremely expensive if you had to keep buying like 2000 pound items just to test them out. So it's a bit different to other types of dropshipping. You might have heard of before where you'd order like sample products yourself. First, you don't have to do that with the home turf advantage model. We guide you through how to do it. But in a nutshell, partnering with reputable suppliers within your own country. It simplifies the whole process, especially the return process, if you ever did get an issue with the product and the quality didn't meet the customers expectations and say the customer says, Do you know what Jonathan, I want to return this product, then the supplier just handles it for you. Because you've already verified before you partnered with that supplier, that they are the type of supplier that would happily take back a product if it didn't meet quality assurance standards. So that way, we get a full refund as the retailer so we get our trade cost back from the supplier. And we just refund the customer as well. And usually, if the customer is happy for a replacement, the supplier will then send out a replacement product to the customer, if they don't want to refund them, they'd rather just have a replacement. So it's really nice and simple, doesn't cost us anything. And yet, the other way that we can keep track of things is just make sure we monitor quality issues because they will come up from time to time, if you're getting a supplier that's got frequent returns lots happening, you can kind of evaluate that supplier over time, and maybe you decide to not sell their products or not promote them as heavily. And that just helps us maintain highest standards for the products that we do offer. So the thing to remember is that a suppliers brand reputation is also at stake here. You know, it's not just you and they're gonna send you any old rubbish. If that's the case, we don't we don't partner with them. They're generally motivated to provide the best quality as well, because they want to protect their own business interest. So hopefully that answers your question, Jonathan, on that one. Perfect.

James Eardley:

Thank you, Luis. Yes. Great answer. And a great question from Jonathan. So thank you for that. Now, we're also going to highlight a recent review that we had in for the podcast. So a big thank you to Russell P LMR. for sharing your thoughts. I think it was a YouTube comment where he left this nice review of the podcast. So Russell said, Love the podcasts and I can't wait to start the program. Amazing. Thank

Lewis Smith:

you so much for your review. Russell. Glad to hear that. You've been enjoying the podcast and I know you said you can't wait to start the course but I believe you did recently joined the dropship unlocked master class as well. So welcome aboard on that front. Would you like to make an appearance on the podcast? Well, it's easier than you might think. Simply leave us a quick review on whichever platform You listen to us, or if you're on YouTube drop us a quick comment under this video, and we love featuring your insights in upcoming episodes. And as we wrap up, why not share this episode with someone in your circle, the journey of entrepreneurship in E commerce is filled with insights that could spark imagination in a friend or family member to share in this talk that we've had today, just might be the nudge that they need to explore the world of online business and start their own journey towards financial freedom. Thanks

James Eardley:

for joining us on this episode of the dropship unlocked podcast. We hope you're walking away with insights and inspiration.

Lewis Smith:

to kickstart your E commerce journey. Grab a copy of my book The home of turf advantage at HT A book.com is a distilled guide based on real experience to help you build your E commerce venture.

James Eardley:

Don't forget to hit the subscribe button for more strategies and success stories.

Lewis Smith:

If you like what you heard a five star review would mean the world to us and you might just get a shout out on an upcoming episode. And finally, thank you for deciding to spend your time with us today. We can't wait to bring you more insights on the next episode of the dropship unwrapped podcast.