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Dropshipping: what you need to think about
- Start-Up Support -
Dropshipping: what you need to think about
Published: 31 May 2023
Dropshipping is a business model where a company sells products to customers without keeping those products in stock. Instead, the company purchases the products from a third-party supplier and have the supplier ship the products directly to the customer. This approach has become increasingly popular in recent years for achieving financial stability, and allows retailers to:
- Lower overhead costs because the seller doesn’t hold inventory
- More flexibility in their approach to product offerings
- Scalability - easier for companies to grow quickly
One of the most difficult aspects of running a dropshipping business is ensuring that you are compliant with all applicable laws and regulations.
There are many areas to consider when setting up your business, including:
- Product idea: You need to identify a niche or product idea that you want to sell. This can be based on your personal interests, market research, or current trends
- eCommerce Platform: You need an eCommerce platform to set up your online store
- Supplier: You need to find a reliable supplier who offers dropshipping services
- Website: The domain name is your website address that customers will use to find your store. Then you need to design your website to be visually appealing and user-friendly
- Payment Processor: You need a payment processor to accept payments from customers
At Bridges, we have been helping start-up companies for more than 20 years. We take the time to understand their individual needs and are always ready to give support on the administration.
Our experienced team will help you set-up your company. You need to choose the company name and the type of vehicle you want (the most common vehicle for a dropshipping business model is a Private Limited Company because it has limited liability) and we can help with the rest of the process.
We have well-established relationships with more than 15 Hong Kong and international financial institutions, so we’re well placed to support with opening a bank account, and our accounting services will provide you with regular and detailed financial reports that will help you make informed decisions about your business.
By relying on Bridges’ services, you can ensure that your dropshipping business is operating in compliance with all applicable laws and regulations, while also benefiting from expert financial advice.
If you would like to discuss any of the above topics with one of our team, contact Kelvin Lau at +852 2159 9666 or via kelvin_lau@bridges.hk
Mon - Fri : 9:00 - 18:00