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How He Makes $300,000 / Month Dropshipping At 19 | Ryan Mikols

#Dropshipping
2024-12-23 22:569 min read

Content Introduction

In this podcast episode, hosts discuss their interactions with a guest, Ryan Michels, who shares his experiences and insights on running an online store and the drop shipping business model. They talk about Ryan's journey since starting his first sale in December 2023, including challenges he faced, such as Shopify holding back a portion of his revenue, and his approach to scaling his store. Ryan shares tips on effective ad strategies, the importance of having a mentorship for guidance, and the perception of niche markets. The conversation emphasizes the importance of productivity, daily routines, and specific strategies for testing products effectively. Ryan's success is highlighted as he approaches $870,000 in revenue, along with discussions on scaling and optimizing performance in a competitive landscape.

Key Information

  • The conversation features Ryan Michels discussing his experiences with dropshipping, focusing on his journey and insights since starting his store in December 2023.
  • Ryan elaborates on challenges he faced, notably regarding cash flow issues with Shopify holding back a percentage of sales leading to difficulties in scaling his business.
  • He emphasizes the variability in returns on ad spend, suggesting a flexible approach in budget management for more profitable ad campaigns.
  • The discussion highlights the importance of self-education, notably through YouTube, and the challenges of training outsourced creatives to produce effective marketing materials.
  • Ryan notes the shift in his daily routine aimed at improving productivity, stressing a structured approach to workouts, diet, and work-life balance.
  • He critiques the notion of niches being critical in dropshipping and shares his successful experiences sourcing products across different markets.
  • At the conclusion, Ryan offers advice for beginners to avoid gurus, utilize YouTube for learning, and engage in budgeting for ad spend to effectively run their own dropshipping businesses.

Timeline Analysis

Content Keywords

Q4 Preparation

A discussion about preparations for Q4, including scaling stores and strategies to enhance revenue.

Shopify Challenges

Explores issues with Shopify holding back a significant portion of revenue and the impact this has on scaling operations.

Advertising Strategies

The speaker shares insights on effective advertising methods, utilizing platforms like Meta instead of TikTok for consistency in results.

Scaling Budget

Insights on budget management for advertising campaigns, focusing on aggressive scaling techniques based on profitability.

Daily Routine

Highlights the importance of maintaining a productive daily structure, including exercise and proper scheduling.

Drop Shipping Insights

Details experiences with drop shipping, addressing misconceptions about niches and emphasizing the adaptability of store offerings.

Learning to Execute

Advice on self-education in drop shipping and the differences between self-taught learning via platforms like YouTube and formal mentorship.

Product Testing

Discusses strategies for testing new products with a focus on simplicity in ad campaigns and using creative variations.

Private Mentorship Benefits

Describes the advantages of a mentorship program, offering direct access to the mentor for personalized guidance.

Lifestyle Optimization

The role of lifestyle habits and daily routines in achieving success in business and balancing work-life dynamics.

Related questions&answers

What is your experience with scaling your store for quarter 4?

So far, quarter 4 has been okay. It could have been worse, but it could have been better too. Right now, I've been on a reserve since I started the store, and it's been quite challenging.

What challenges have you faced with Shopify?

Shopify is holding 20% of all my revenue, which is super annoying, especially when you're doing significant daily sales.

How do you handle creatives for your products?

I create my own creatives. I've tried outsourcing, but it's been a pain, as many freelancers don't know how to make good creatives.

What would you suggest to a beginner starting in dropshipping?

Stay away from gurus and focus on learning through YouTube. If possible, invest in a genuine mentorship program for better guidance.

What is your strategy for testing new products?

I primarily use Meta for ads. My strategy involves a CBO structure where I test three to five creatives to determine profitability.

What does your daily schedule look like?

I usually wake up in the morning, go to the gym, and then get straight to work. It's all about maintaining productivity throughout the day.

Do you enjoy playing video games, and how do you manage that with your work?

Yes, I think playing video games is fine as long as you balance them with work and personal life responsibilities.

How do you approach scaling your ad budgets?

I surf my budgets by increasing them progressively throughout the day based on how well the campaigns are performing.

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