The dream of becoming the next Amazon-affiliated drop-shipping millionaire is one that most of us have had at some point in our careers, usually after a bad day at the office or a long holiday. But can it be done?
According to research from Sillics, a consultancy that helps entrepreneurs build businesses using Amazon Marketplace, if you live in the UK or Canada, you are best placed to run your own online business. “With the evolution of modern e-commerce solutions such as dropshipping, companies no longer require inventory to get their business off the ground, and millions are now taking the opportunity to make a living online”, Sellics says.
But if you do dare to take the plunge, then you should make sure you save a few months salary first, Sellics warns, before going on to break down how many months you will need to save in different locations around the world, and rating each location for infrastructure, and cost and benefits.
Canada and the UK dominate the top 5, with Quebec rated the most online business-friendly city in the world. Why? The research shows that budding online entrepreneurs need only save 4.6 months worth of salary before embarking on their ecommerce adventure in Quebec; the lowest figure of all the cities in the survey. To provide context, in Budapest, which ranks lowest on the list, at number 130, Sellics advises saving 23.4 months of salary without benefits. Perhaps the cheques take a little longer to clear in Hungary?
Quebec also scores highly for online venture infrastructure, which is broken down into Access to Financing, Ease of Import / Export, Online Purchasing Popularity, Internet Speed and Time to Register New Venture. Winnipeg, also in Canada, scores just as highly across each category, with Sheffield, United Kingdom, Montreal, and Nottingham, UK, also placing in the top 5.
Intriguingly, London is amongst the lowest ranked UK cities, placing 111th. To make it in the capital, you will need 6 months of salary saved up, and with living costs, venture setup costs, and admin all expensive, you would be far better off relocating to the likes of Leicester, Glasgow, Liverpool, and Leeds – proving, once and for all, that the UK is more than just London, and there is plenty of business to be done north of the Watford Gap!
Adelaide (7th) and Perth (11th) rank highest amongst Southern Hemisphere cities, with Melbourne & Brisbane also ranking within the top 50, and Sydney (56th) just outside. Surprisingly, no other Southern Hemisphere cities make it into the rankings.
US cities are well represented, with Detroit, 34th, the highest ranked – a rare endorsement for a recently troubled city for business. No US city makes it into the top 30, however.
San Francisco, often thought of as a hacker’s paradise, only places 116th. Cost of venture and living expenses will cost you 91% of your annual earnings, the survey reveals, highlighting the rampant inflation of accommodation prices within the Golden State.
It goes to show, to launch a successful online venture, you don’t necessarily have to be where the action is. After all, with no inventory to physically deliver, nobody will ever know whether you are based in Winnipeg, Budapest, Adelaide or Leeds!
The choice is yours. Be Brave.