Founder's Story

The founder, Lewis Smith, kicked off with his journey from a biology enthusiast to a medical microbiologist. His trajectory took a turn when he landed a job in a major American corporation, selling medical devices into hospitals. Working in high-pressure environments, training surgeons, and constantly commuting started to deplete his passion. Smith pondered on his life trajectory during a rainy train ride, contemplating whether this is all there was to life. He shared a remarkable incident where a colleague saw a group of techies working on their startups in a café and suggested that he could be a part of a startup, too. This comment was pivotal, leading him to start his own e-commerce business using a drop-shipping model, eventually reaching an annual revenue of £1,000,000. The business allowed him to travel the globe and live in exotic locations like Mexico and Vietnam. Despite his successful business and travels, Smith felt a sense of fulfillment when he returned to the UK, started a family, and launched a coaching program to inspire others to follow a similar path. Drawing parallels with the movie 'The Pursuit of Happiness,' Smith shared how his journey resonates with the struggles depicted by Will Smith in the movie, and how he sees himself as a guide and provider for his children. The founder's story continues with him building a platform that helps others build their own e-commerce empires, particularly highlighting the business model of drop-shipping. He still grapples with the issues related to outsourcing operations and aims to inspire others fighting the same battle. His journey serves as a source of inspiration to many looking to transition from being an employee to becoming a business owner.

What are some efficient strategies to build a stable process related to outsourcing work?

Mitko Ivanov shares his experiences with outsourcing, which includes training others to accomplish tasks within deadlines, and addressing transitions within the company. Lewis Smith expresses the importance of this pivotal moment in an entrepreneur's journey when outsourcing becomes necessary, especially for those who may not have managed people previously. Through platforms like upwork.com, businesses can access a pool of talented freelancers for specific project work or on an hourly basis, without committing to an annual salary. However, managing outsourcing work has challenges, as Lewis recounts a time when his virtual assistants suddenly left, almost crippling the business. From this experience, he was able to learn valuable lessons about outsourcing. He recommends utilizing automation and systematization as much as possible before relying on human output. It might be tempting to simply hire someone to manage repetitive tasks, but if there is software that can automate the process, it would be a more efficient use of resources. He also suggests outsourcing efforts that cannot yet be automated, like engagements with customers. Standard operating procedures can help streamline work, and using tools like Asana ensures accurate documentation of these procedures. These measures help keep the business running smoothly even when the business owner is not present.

Why do people join Dropship Unlocked?

During the discussion of why people join Dropship Unlocked, Mitko Ivanov and Lewis Smith shared some insights. Ivanov inquired about the master class and the community, urging Smith to elaborate on the same. Smith explained that the mentorship program assists in making a transition from a full-time job to running an independent e-commerce business that offers financial freedom. The company does not make any exaggerated claims about overnight success but gears towards real-life scenarios and caters to a wide range of people with different professions. Smith then discussed why their approach differs from traditional dropshipping models. He has personally experienced issues with traditional dropshipping, such as long delivery times and low profit margins. Smith spoke about how his company teaches the 'home turf advantage model,' working with domestic suppliers, running Google shopping ads, and dealing in high ticket products that offer more profitability. The model requires setting up the business, building a website, finding and signing suppliers, setting up marketing campaigns, outsourcing, and business automation. Smith believes this is why people join— to replace their income and set up an e-commerce business. Ivanov found this concentration on the UK markets and reduction in delivery issues fascinating. He inquired if the model could work for people outside the UK familiar with forming a UK-based company and having an e-commerce background. Smith confirmed that members from locations like Dubai and Canada registered companies in the UK to avail of the rising e-commerce market. He also confirmed that having a former e-commerce background could be beneficial.

Open Discussion

Mitko Ivanov and Lewis Smith discuss the potential advantages of having an eCommerce background or digital marketing knowledge in the dropship industry. They agree people from diverse occupations can succeed but a familiarity with eCommerce processes can speed up results. Lewis suggests newcomers adopt a 'blank slate' approach, learning from past mistakes rather than making their own but claims prior experience could help one 'hit the ground running'. Mitko expresses a concern for people with previous knowledge, noting that they may carry barriers that prevent them from fully absorbing advice. Mistakes and missteps can also occur if businesses sell something they're passionate about. Passion may not necessarily translate to value to customers. Lewis's strategy of successful product selection includes adhering to a 9-step niche validation system, which considers existing demand and competition level promotes fairness and and partakes in bundling or offering additional perks to increase perceived value. This strategy avoids unnecessary price cutting and frustration.

What's the current goal you're chasing?

Lewis Smith shares his desire to balance professional success and his personal life, focusing on spending quality time with his family. He mentions planning quarterly meetups for the members of Dropship Unlocked to build camaraderie in person and strengthening connections among members. He aims to establish the best in class eCommerce mentorship program in the UK. Mitko Ivanov expresses his appreciation for Lewis's initiative to build a strong community, also sharing his fond memories from an eCommerce barbecue he attended.