Dropship Unlocked
About the Company
Lewis Smith is the founder of Dropship Unlocked, an e-commerce education company based in London, UK. Established in June 2019, Dropship Unlocked quickly became the best-reviewed e-commerce education company in the UK. The company has a robust coaching program with over 800 members and generates approximately £225,000 per month. Smith’s approach to e-commerce, which focuses on high-ticket products and local suppliers, has set his business apart in the competitive dropshipping market.
Idea Behind Company
Smith's entrepreneurial journey began with a dissatisfaction with his corporate job. Motivated by a desire for more freedom and a better work-life balance, he explored various business models and found inspiration in Tim Ferriss's book, The 4-Hour Work Week. Dropshipping appealed to him due to its low start-up costs and flexibility. However, Smith's initial attempts at dropshipping faced challenges, such as long shipping times and the need for high sales volumes. These challenges led him to innovate by sourcing products from UK suppliers and focusing on high-ticket items, making his business model more efficient and customer-friendly.
Creating the Company
Smith's first attempts at dropshipping faced significant hurdles. Shipping low-cost products from China resulted in long delivery times and numerous customer complaints. Realizing the limitations of this model, Smith pivoted to using UK suppliers who could offer next-day delivery. This shift required a different approach, as UK suppliers were wary of dropshipping. Smith overcame this by building a professional online store, meeting suppliers in person, and avoiding the term "dropshipping" in discussions. This strategy helped him build trust and establish reliable partnerships, laying the foundation for his successful business model.
Launching the Business
Launching a dropshipping store involves a quiet, gradual process rather than a grand opening. Smith built his store on Shopify and faced the challenge of driving traffic to it. Instead of relying on Facebook ads, which worked for mass-market products, he used Google search campaigns to target customers with high buying intent. This approach allowed him to attract customers who were actively searching for the specific high-ticket items he sold. The initial success, marked by the excitement of sales notifications, confirmed the viability of his model and motivated him to refine and scale his business.
Earnings
Smith's e-commerce stores now generate around £1M annually with minimal active involvement, requiring just two hours of his time per week. This success is attributed to streamlined standard operating procedures and a team of virtual assistants managing day-to-day operations. Smith's main focus has shifted to Dropship Unlocked, where he dedicates most of his time to mentoring others. The company's success and his ability to maintain a work-life balance underscore the effectiveness of his business strategies. Smith emphasizes the importance of building a business that aligns with personal lifestyle goals and leveraging automation and a strong team to maintain growth without burnout.
