Having the right product may be the key to growing your business!
So if you want to know how to get a profitable niche, then, tune in to today's podcast to learn how to find million dollar dropshipping niche opportunities that will surely help grow your business.
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Hey, what's up everybody? Anton Kraly here and welcome back to the eCommerce Lifestyle Podcast. In today's episode, I want to share with you a few unique ways that we go about finding million dollar dropshipping niche opportunities. Now when I refer to niche, I'm referring to a product type, so not a specific product as in one skew number, one item, but to a niche as a whole, a product category. Before I share these methods with you, the first thing you should know is you should be following regardless of what you do, module one of my dropship blueprint. That's the training program you can learn more about at dropshipwebinar.com, but the criteria that I lay out there sets you up for success. So regardless of what niche you choose, you do have a massive opportunity in front of you again, if you follow that criteria.
Now let's say you do that though and you follow my methods for choosing niches, you follow all of my criteria, again, that's great. That's what you should do, but you won't know how much money the other websites that are already in the space that you want to be in are making. That's because most companies I think smartly do not post their numbers publicly. Meaning you can't just go to a random website that sells rugs and find out how much money they're making. So how can you do that though? Well, what are some work arounds to find out how much money your future competitors are actually bringing in? And in some case, even to find out how much money your current competitors are already bringing in. So the first method I love, I look for this every year when it comes out and that is the Inc. 5,000 List. I'll post the link to it in the comments or the description of this podcast.
But basically what it is, is every year Inc. Magazine does a ranking of the top 5,000 companies in America that are growing. They don't just pick random companies. For example, I would never be on that list because the way you get on there is you have to submit your company to basically apply to be on the list. You give them all your numbers. They have to have everything verified by your accountant and then based on where you fall in based on how your business is growing, you can fall somewhere from one to 5,000 in that list. Now, the reason a lot of companies do apply to be there is because it does look good to say, "Hey, we're an Inc. 5,000 or an Inc. 500 company," but what's good from my perspective and hopefully from yours is you can go to this list which is published once a year, always updated every year, and you can sort through all of the different categories.
So you can do things like retail and you can look at all of the different retail stores that are on the list. Not only that, you can see the URL for the store, you can see their top line revenue, so how much sales they're bringing in, and you can get a little bit of a kind of background on that company. What's awesome about this is it gives you data that just doesn't exist anywhere else besides the business owner or the company's tax records, right? The only way you can get it is because they're making it public by choosing to apply to be on this Inc. 5,000 List. So if you're just looking for ideas, you're brainstorming and you want to know that other people are out there making money in niches that you're considering, go to the Inc. 5,000. You can even go back, start for 2019 which is the most recent one.
But you can go back year over year over year and just look for the different niche that you're thinking about. Find the websites that are already existing there. Look at their top line revenue numbers and check out their sites, see if they're dropshipping and see if you can compete. Now, the second method that you can use to find the million dollar niche ideas is look at stores that are currently for sale, online stores, and you'll see how much money they're making from the top line, but also net profit. So getting a little bit more information than you would get from the Inc. 5,000 List. Now the problem with this obviously is that every website is not for sale. Every online business is not for sale, but there are a ton of them available. So I'm just going to read off a list of some of the website brokerage websites that I check frequently.
Empireflippers.com, they're my favorite. I recommend them. Also, Effie International, businessesforsale.com, bizbuysell.com, quietlightbrokerage.com, websiteclosers.com. That's just a few of the probably 20-plus website brokerages that exist, and when you go to these websites, what you'll see are marketplaces of online businesses that are for sale. Now, they're not all dropshipping, but a lot of them are and you'll know because the description in the marketplace for a specific business will say dropshipping store in the X niche, whatever it is, right? The thing about these listings is all of the information isn't public. For example, you're not going to go to the marketplaces and see the URL of the store because that is kind of private information. The way that you would find out what the actual store is is by reaching out to the brokerage, actually being interested in buying that website for sale.
If they vetted you as somebody that was serious about buying, then they would disclose more information to you. So things like profit loss statements, obviously the URL, the suppliers that are included and everything like that, the backend of the business. Now I don't recommend lying or misrepresenting yourself to a website broker and saying you're really interested in buying somebody's website if you're not. Again, I don't recommend saying you are just to get this insider information, but what I do recommend is looking for themes and seeing what type of websites are being sold. For example, if you go to one of those website brokerages and you see there's a site that says fully dropship site in the gun niche or a gun safe niche, asking price $1 million, then you know that somebody's dropshipping gun saves and the site's valued at $1 million. They'll also show you some more information publicly like what their net profit is and when it was established, things like that.
Again, it'll give you a clear picture of, wow, okay, people are obviously doing it. Why can't I do it too? Then you can reverse engineer the websites a little bit more and do everything I teach you inside of my dropship blueprint to stand out, to be unique and to dominate the niche. But great way to see actual numbers for stores that already exist that are already profitable. Now, the third method that you can use to find million dollar niche ideas is the one that you would use after you were already up and running and had your website and you were just trying to get some information on your competitors and see what the real opportunity is in your space. So what you should do here, what we do here is reach out to your suppliers, whoever your rep is at different suppliers, and just have a conversation with them and say, "Hey, I'm really curious. We know that product. ABC is our bestseller. We think we could sell a lot more of them, but I'm curious how many are sold every month," right? So let's just say making this up again, you're selling rugs and your best-selling rug, you sell 10 of a month. You can ask them as the brand, how many of them do they actually sell? If they tell you 1,000 of them, then you know that you're missing out on a massive opportunity, on 990 orders. And then take it a step further and say, that's, "That's great. Can you let me know where most of the orders come through?" So they might tell you, "No, I can't tell you that," or they might say, "Yeah, they come from sites ABC," whatever. They give you like you know a list of websites that are their most popular, most biggest ones that are driving most of that money.
Once you have that data and you now know that maybe what you thought was good, your 10 units of one product a month is not even scratching the surface of what's possible with one product from one supplier, and if they give you that extra information of who is selling the most for them, you can go to their websites, reverse engineer what they're doing, do a better job of selling than they are, again, by following what I teach you in the dropship blueprint. Learn more at dropshipwebinar.com. But if you do that, you'll know you're getting into a massive niche with massive potential. You'll have that insider information that you can use just for motivation to do the work, push forward and build a seven figure store, hopefully multi-seven figure store. So that's it, guys. Those are my three tips for you. Number one is check the Inc. 5,000 List.
Don't be afraid to go back a few years. Number two is seriously, consistently look at sites for sale on different marketplaces to get niche ideas and finally, talk to your suppliers. Ask them what sells the most, how many units sell, and who is selling them. Use that data to make better business decisions and to scale your business as big as it can go. So as always, hope you found that helpful. If you did, please do leave a review on Apple Podcast. It means a lot, helps the podcast grow, and as always, if you want to learn how to build a highly profitable semi-automated store just like we do, go to dropshipwebinar.com. Thank you everybody. I appreciate you and I'll talk to you in the next episode. Bye.