Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$151

$352

Website Costs

$223

$7,215

Business Formation Fees

$5,600

$20,400

Equipment & Supply Expenses

$66

$700

Retail Business Expenses

$1,250

$11,650

Inventory Expenses

$350

$14,750

Software Expenses

$162

$3,094

Advertising & Marketing Costs

$75

$5,286

Total Startup Costs

$7,877

$70,447

MensXP Shop

shop.mensxp.com

12,011

TOM FORD

tomford.com

28,107

Gillette

gillette.com

77,522

Nykaa Man

nykaaman.com

113,815

The Art of Shaving

theartofshaving.com

135,724

Ustraa Grooming for Men

ustraa.com

136,102

Cremo

cremocompany.com

180,727

MALIN+GOETZ

malinandgoetz.com

202,238

Just for Men

justformen.com

216,294

Remington Products

remingtonproducts.com

223,388

Classic Shaving

classicshaving.com

226,847

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

Meaningful business connections

You never know who you will meet as a dropshipping men's grooming products. This could be the start of an incredible business opportunity!

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

High margins

The gross margins for your dropshipping men's grooming products are typically around 70%, which is considerably high and allows you to grow your business and manage costs easily.

Easy to encourage "impulse buy"

In the dropshipping men's grooming products, you have a much higher chance of encouraging your customers to buy on impulse - you can easily alter the price, placement, packaging, and promotional value to influence the decision of your buyer.

Longer Sales Process

A dropshipping men's grooming products can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

High employee turnover

In the dropshipping men's grooming products, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.

Taxes

As a dropshipping men's grooming products, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

Niche Market

A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience.

You may need to charge sales tax

If you are selling your products in various states, you may be required to charge sales tax. Although this may not impact your financials specifically, it can be a headache to create a process and procedure for this. To learn more about sales tax, check out this article

Churn

In this business, customers can cancel their membership or subscription for your services - which can make revenue forecasting challenging and unpredictable. It's important to focus on your churn rates and trends so that you can prevent this as much as possible.