How to Build an Online, Profitable, Selling Business Starting from Absolute Scratch!
Starting a new business especially an online business is one of the best ways to increase your profits.
If
you are completely new to starting your own online business, then you
have indeed come to the right place. Building an online business is
similar to building a regular, brick and mortar one, except that it is
usually faster, easier and more fun!
Begin by putting
together a business plan and/or mission statement. This simply means
setting some goals and writing down what you want to achieve. Be
specific - the more specific your goals the better your chances of
achieving them. It could be as simple as "I want to earn $2000 dollars
to be able to buy a new car" or "$500 a week to pay for private school
for the kids". Once that part is taken care of, ask yourself these few
simple questions:
1. Where will I sell?
While
eBay is the most common option, there are also some great alternatives
out there such as Amazon, Bonanzle and Craigslist, or you can always set
up your own ecommerce store - a great option for those who are looking
for independence from fees and rigid selling structures. eCrater is a
great provider for this with their free set-up and zero fees and best of
all, plenty of support.
2. What will I sell?
Start
by getting some ideas on what sort of products you would like to sell.
It's always best to sell things you are interested in or that you have
some kind of experience in, e.g. if you have previously worked in a
mountain bike store, you will have plenty of background experience and
knowledge. Similarly, if you are a keen golfer, selling golfing
accessories might be a good idea for you. Research what some the of best
items to sell are to get a few ideas, but don't be tempted to enter
into highly competitive markets like iPods and DVDs - you are much
better off selling a niche item that will appeal to a very narrow
audience and then expanding later. eBay Pulse is a great site to find
out the latest selling trends on eBay.
3. Where will I source my items from?
You
will need to find a wholesale supplier to work with. Be prepared to
spend some time doing this as it is one of the most important steps in
creating a good business.
There are several ways to
find a supplier: you can visit trade shows and fairs and get to know
suppliers directly, or you can search for suppliers online by Googling
"your product name + suppliers OR wholesalers". However, beware when
using this method as it can make you highly vulnerable to con artists.
To ensure you only deal with reputable and legitimate suppliers, try a
supplier directory like SaleHoo.com to find verified suppliers which
will save you from being scammed. While directories like
SaleHoo charge a membership fee, they can save you a ton of money later on when you avoid losing money from being scammed.
There are a few key questions you need to ask when you find a potential supplier:
1. Do you have a minimum order quantity (MOQ)?
2. How long have you been a supplier?
3. Do you ship internationally? (if you are importing from abroad) Which companies do you use?
4. Do they offer tracking information?
So get to it! Your dream of being your own boss and earning money from your home is just a
few clicks away!
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