It’s the classic story every marketing guru or salesperson trying to get you to sign up to their latest online course tells: “Man with no money finds a way to make millions online”. Half the time they are either a complete scam or spam, but this one is true.
Trevor Chapman, the man behind LDSman, began his business as an ecommerce site as a side hustle, running it after his full-time job. The 33 year old soon turned it into a full-time job, making over $1 million (£780,000) in sales in three months.
He did it by creating a dropship model and identifying Chinese-made products like kevlar pants and fidget spinners, quickly pushing sales into the seven-figure range. He realised that ecommerce along with this dropshipping model gave him the ability to scale whilst also having the flexibility to work from anywhere in the world. Not having to store the products in a warehouse or handle the shipping and logistics enabled him to keep his margins healthy.
With global online retail sales growing year by year, Chapman knew this was a great opportunity and within a number of months, (only when the business was sustainable), he quit his full-time job to focus on his online business. He told CNBC: "It requires work like everything else, but you don't have to risk your full-time job to do this."
His start-up costs were around £150, plus a domain name. He spent £75 a day on Facebook advertising.
"I made money on my second day and every day after that," he adds. “That soon rose to £7,800 per day after just two weeks.”
The revenue allowed him to hire out a customer service team in the Philippines - and he paid them well. He salaried his employees at £543 per month, much higher than the Filipino monthly average of only £310. He goes by a motto that he discovered from American business magnate, Warren Buffett: "If you don't find a way to make money while you sleep, you will work until you die." Chapman admits he didn't get it right at the start: "My initial thing was that I was going to sell Mormon artwork online. That was probably for about 10 hours until I realised that what I was peddling online was not compelling enough to drive traffic."
He used a tip from his solar panel job - you've got to be intriguing enough for someone to invite you into their homes. "Same thing online," he continues. "To pull someone away from their friend feed, you've got to be offering something interesting."
LDSman now sells a range of products, most of a viral nature - yes, we're talking fidget spinners.
In six months of operating, Chapman says his sales totals have topped £1.55m. He's also started an online course, and although few have had the success he started with, the average sales after one-month total £9,300.
Unlike Chapman, you do not need to sift through websites looking for suppliers who would be willing to dropship products to your customers - Mercarto has done the leg work for you. We have thousands of suppliers in our marketplace which you can simply add to your online ecommerce store and once you generate a sale our reliable suppliers send the product directly to your customers.
If you are interested in creating a free online store to supercharge your sales, sign up here.
If you would be interested in becoming a supplier to our platform, find more information here.
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