Have you ever wondered if there’s anyone that becomes a millionaire doing dropshipping?
If so, can you become one? And, what does it take to get to that level of success?
In this post, we’ll list out the 8 best dropshipping millionaire success stories to prove it’s entirely possible. You will also learn a lot of tips to start building a thriving dropshipping business yourself.
8 Top Dropshipping Millionaire Success Stories To Get Inspired
Below are the 8 top dropshipping millionaires and their success stories to learn from and get inspired.
1. Andreas & Alexander – $10 Million Selling Pet Products
The first one is Alexander and Andreas – owners of a pet dropshipping store. As stated in their interview with Oberlo, they made $500,000/month and now have hit the $10-million-a-year mark.
However, the road to that number was not at all easy. They encountered a lot of challenges and failures during their first two stores. After long days and nights spent grinding and not giving up, they started seeing some good results and found the right formula to make their third dropshipping store – the pet business – a wild success.
Currently, Alexander and Andreas have a team of around 50 people working on the store together.
Here’re some tips to start a dropshipping business successfully provided by these two dropshipping millionaires:
- Invest your time and effort into learning basic legal stuff, Facebook ads, marketing, and branding. Knowing how to set up a website is never enough.
- Look at what works and make it better.
- Have a good relationship with your agents and suppliers and make sure they can scale with you.
- In the beginning, don’t expect to make money dropshipping right away. Focus on learning and experimenting first.
2. Harry Coleman – $5 Million Managing Three Dropshipping Stores
The second dropshipping millionaire success story is from Harry Coleman. He generated a total of $5 million in revenue from his three Shopify stores in 2018.
Before getting into dropshipping, he had some experiences importing snapback hats from the US to resell on eBay to people in the UK.
When Harry launched his first-ever dropshipping store, he spent $500-$800 on ads only to make one sale.
Not giving up, he decided to try a new strategy. This time, he spent months testing a variety of products on a general dropshipping store to find winners.
The effort started paying off, and he was able to make $100-$200 in revenue a day with products like jewelry for horse lovers, cat-themed rings & necklaces, and LED dog collars.
Not sleeping on some small successes, Harry constantly experimented to find winning dropshipping products and profitable ad strategies. The sales steadily climbed from $1,000 to $2,000 and eventually reached $10,000 a day.
Some key takeaways from this dropshipping millionaire success story are:
- Start a general store with different dropshipping niches to have enough flexibility for testing many products at once.
- Focus on branding your dropshipping store and make it look trustworthy
- Facebook is smart enough to not mess up the data of multiple products. So, you only need one Facebook Pixel for a store.
- Sell items that solve a problem, have a passionate audience, and possess a WOW factor.
- Create ad copy that focuses on benefits, not features.
3. Alex Philip – $2 Million At The Age Of 15
The next one on the list is Alex Philip. This millionaire dropshipper is just 15 years old but has made over $2 million (£1.5 million) in sales from his Alibaba dropshipping business.
When Alex was just 11 years old, he started his eCommerce journey selling Pokémon toys on Amazon with the help and motivation from his father, who is also a businessman.
However, the Amazon store soon was shut down due to customer complaints about defective items. After this incident, he decided to move on to learn and do dropshipping.
Along the way, Alex also learned a lot about increasing conversion rates, optimizing his online store, and running successful Facebook ad campaigns.
Here are what you can learn from this dropshipping millionaire success story:
- Focus on learning and improving rather than just making money.
- Be fearless to take action. You can learn a lot from failing.
- Employ a virtual assistant to help you ease the workload.
4. Pierre Emmanuel – $1.6 Million From A problem-solving niche
Pierre had a background in marketing. After seeing some of his clients were dropshipping, along with the desire to support his wife who was unable to work due to visa problems, he decided to try it out for himself.
Over the next few years of facing challenges, mainly related to poor product quality, customer returns & refunds, and suspended Facebook ads, he was finally able to grow a problem-solving dropshipping store to reach $1.6 million in revenue.
Pierre emphasized how he approached Facebook ads. He spied on dropshipping competitors and analyzed their advertisements to replicate their success. He also spent a lot of money on making a fantastic and well-branded video creative.
These are what you can take home from this dropshipping millionaire success story:
- Commit to providing the best quality products to reduce returns & refunds.
- Running a Brand Awareness Facebook Ad campaign can help protect your brand and make it known better than your competitors.
5. Irwin Dominguez – $1 Million in 8 Months
Following, we have Irwin Dominguez, who made $1 million within 8 months of starting his Oberlo Shopify dropshipping business.
The reason why he started dropshipping is that a good friend of his talked about the model and how much money he made as a successful eCommerce entrepreneur. In addition, Irwin felt that it took little investment to get into, and there was nothing to lose.
Since Irwin had already been a local marketing consultant, he was able to wrap his head around Facebook ads quickly and scaled the dropshipping business to $10,000/day.
Here are some key takeaways for beginner dropshippers:
- Constantly test and improve your campaigns.
- Start as soon as possible to validate your product ideas and to reduce competition.
6. Alex Ikonn & Mimi – Seven-Figure Business Owners With YouTube Traffic
According to the two owners, they carefully select and source their hair products from Alibaba and other high-quality suppliers.
As stated in their Shopify interview, they make seven figures in profit annually with organic traffic from their YouTube channel alone, which was created in 2010 and now has over 3 million subscribers.
Besides YouTube, Luxy Hair also has an Instagram with 612K followers, 329,035 likes on Facebook, 10+ million monthly Pinterest views.
Here are key takeaways:
- Building a loyal community is very rewarding.
- Stop thinking about yourself and your success. Focus on giving people value and helping them solve their problems.
- It’s better to lose a little money than to be right. If an angry customer really wants a refund, just be nice and do as they wish.
7. Mike & Yuliya Pavlou – Multimillion Dollar Dropshippers With Email Marketing
Mike and Yuliya are two dropshipping multimillionaires that heavily take advantage of email marketing to engage with customers and drive sales.
Their first eCommerce business wasn’t dropshipping. It was a subscription box service that helped them learn a lot about customer retention and the power of email marketing.
Some lessons to take away are:
- Delve into analytics to optimize your product pages and store design.
- Focus on retaining customers. It’s 5%-20% more expensive to acquire new ones than to retain old ones.
8. Adam Greenspan – A Seven-Figure Success From An Unlikely Niche
Finally, we have the dropshipping millionaire Adam Greenspan. His store – Wallplate Warehouse – has been around for more than 16 years.
And, as the store name suggests, he sold wallplates – a weird niche that made him $102,000 in sales every month. Adam was able to grow the business to the point of becoming the leading brand in the niche, competing against Amazon and Home Depot.
His journey is all about persevering and constantly keeping his business ahead of competitors while maintaining a full-time job.
Here are what you can learn from Adam’s millionaire success story:
- It’s important to find a niche market that has a demand and you can dominate.
- SEO is a great method to acquire a sustainable amount of traffic. However, it’s usually underutilized by dropshippers.
- Don’t just resell other people’s items. Build a real brand with custom design products.
What Does It Take To Become A Dropshipping Millionaire?
To become a millionaire dropshipping, commitment and perseverance are the keys. And, there is no one-size-fits-all formula to get to that level of success. The model requires you to do a lot of research and go through endless trials and errors to figure out what works and what doesn’t.
So, just try it out for yourself. If you’re not successful, the amount of knowledge you learn from dropshipping is immeasurable and can be applied to literally any other type of business.
So, if you wonder whether it’s possible to become a dropshipping millionaire, you have the answer.
Dropshipping, if done right, can totally make you rich and turn you into a millionaire. Like we have listed, some dropshippers profit over $1 million in a few months, others go through several years of failures to generate seven figures in sales.
The key is to be passionate and hard-working. There are no get-rich-quick schemes or one-size-fit-all formulas to dropshipping success.