How To Find A Profitable Product To Sell.
The number of people shopping online has continued to rise and this has opened a new avenue for making money. There are many people who have made a lot of made selling products online. There are also many who have failed, especially those who entered thinking they will be rich within a short period of time. There are certain things you must know before you can succeed selling products online. There is a big market out there that needs what you are going to offer. You must ensure what you are going to offer will add value to the consumer. How can you choose a profitable product?
The first thing you must consider when choosing a product is the size. The product should be small and light enough to be easily picked up. The heavier and bigger it size, the more it will cost you to ship (not mentioning the storage space needed). You can do this when you have enough experience and storage space.
Sell a specific niche product. You are not going to sell things like “Laptops”. You have to find a specific product like “Hp Pavilion 4397”. This means the customer will know specifically what he is buying.
The price of the product should range between $10 and $200. This is important especially if you have limited capital. It is also riskier to select a product over this range. Picking a product that is under the range means less profit and you will need a lot of volume to make a sizable profit. Products under the range are usually run by big importers who can work with low margins.
Choose a product that has a consistent stream of buyers. You need a product that will sell all year round. Going with products like iPhone 6 cases means you will service the market for a couple of months and then it suddenly stops.
It should be able to sell for twice its buy price. This is important because you need the sales to cover the expenditure and give you profit. You can have your own margin, but selling twice the buying price is the best option.
It is important to avoid products that are sold at Best Buy or Wal-Mart . You will be missing the point if you sell products that are sold by big retailers. Find a niche that has consistent buyers to reduce the risks.