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3 Quick Research Tips
One of
the hardest parts of starting your first online
business is picking the right product(s) to sell.
The idea of starting your own business is exciting
and then all of your forward momentum comes to a
screeching halt because you realize...I don't know
what I should sell. Well rest assured it is very
possible for a new online seller to compete in
today's internet market but you have to be careful,
you can't just pick any ole product you want and
expect to make sales.
Here's 3 quick tips to help get you started on the
right track...
1. Avoid Mainstream Products: If you see a
commercial for it on TV or in magazines there's a
very good chance that product will be difficult for
you to sell in your first online business. Remember
those very expensive ads were bought by big
retailers and if they have the budget to spend on
mass advertising you can guarantee their plan is to
outsell anyone else who try's to compete with them.
Bigger
retail stores buy those mainstream products in very
large volume...more volume = cheaper wholesale
prices = really low retail prices. As a new comer
you probably don't have the type of budget required
to compete in mainstream markets. Stick to smaller
niche markets, there's millions of them and
*perfect* for new sellers operating on a shoestring
budget.
2. Determine Your Budget: Often overlooked
but critical to your success is determining just how
much you can afford to spend to start your online
retail business. Even if your plan is to use a
dropshipper so you don't have to buy inventory you
still have to be able to advertise within that
market to get traffic. Some products are actually
cheaper to advertise for than others. So do a tally
of how much you plan to spend on hosting or listing
fees, merchant account service and any other monthly
fee associated with your business...and then
determine how much you can afford to spend on
advertising. That ad budget can really in picking a
product that you can get instant traffic for when
your business first launches.
3. Research FIRST! Never, ever launch a new
retail business without thoroughly researching the
product you plan to sell and the market you plan to
sell in. For an online business this involves
gathering the best keywords for that product (so you
know where the traffic will come from and how much
you can tap into), estimating advertising costs for
those keywords, profit margin analysis and
competition research. These are all research steps
you can take BEFORE you spend any money building
your eStore and will save you a ton of money. Just
imagine spending all of your time and money starting
a store selling a product you later realize is going
to cost you 5 times more than you can afford just to
break into that market space. An ounce of research
is worth a pound of profits!
This is all research you can do for free on any
product to ensure it will get your first online
business started on the right track.
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