Advance warning of a great opportunity coming to you soon plus 3 easy steps to help you stop procrastinating and find a product to sell!
In last weeks blog post I think I possibly gave you a bit of a shock by talking about ‘Back to School’ products before the long summer holidays have even begun…if you missed that eletter you can recap here. This week I think I might be about to shock you again (or irritate you depending on how you take it!)
In fact I think I may even be about to set a new record for the mention of ‘Christmas’ before Midsummers Day! Oops, did I just say ‘Christmas?’
I certainly did, and that’s because I want you to be prepared well in advance for one of the biggest and most lucrative selling periods of the year. I do have to admit though that mid June is perhaps a little early to be organizing your festive products and listings, but I have to tell you that from August onwards you do need to be prepared and that’s why I want to give you advance warning today to keep a close eye on your inbox for an email from me coming to you in early in July.
I’ll be offering you the chance to ensure you don’t miss an opportunity to get ahead of the festive game, and list and sell proven, profitable, in-demand products in the coming months…so keep your eyes peeled! Ok, enough about Christmas (although I may mention it again in the coming weeks!). The other topic I want to talk about this week is one of my most favourite subjects – and that’s product sourcing.
It’s not surprising really that the question I hear most often is ‘What should I sell online?’ after all, if you don’t know what to sell and you don’t have anything to sell then you don’t have much of an online selling business!
The main problem though is not a lack of potential products, but rather that there can be too much choice and this can make selecting a niche and a hot product within it quite a difficult job, which ultimately results in you procrastinating a lot and going round in circles with no clear direction. And it’s not just new sellers that need to work hard to find products to sell online. You, me…we all need to go through the research and source process regularly so that stock is fresh, in-demand and up to date. So with this in mind I thought I’d introduce you to my own step by step system for identifying the best products to sell. Following these simple steps will really help you get your selling business up and running, or remind you of the basics to get you back on track when looking for new ideas.
Identify and Make a List of Potential Products
I’m a big fan of making lists when it comes to picking products to sell; in fact I make lists for everything! Having everything written down helps me to identify which items could be potentials. It’s easy to start a list if you’re looking for inspiration just by looking around the room that you’re sat in at this very moment. If you are in an office it could be the computer monitor, the printer, the stationary, novelty desk gadgets, memory sticks or diaries. If you are at home maybe its cups, ornaments, kitchen equipment, cushions, toys… I could list for hours and it’s a really good place to start getting your cogs turning, so don’t feel silly writing down anything, even if it is really obvious.
Try moving through your house from room to room, thinking of different items to add to your list. Even if you’re out and about and reading this on your Smartphone there are potential products; clothes, shoes, phones, cameras, handbags, toys, make-up, umbrellas…
And it’s not just your home or the office that can be a source of inspiration. Take a wander to your local newsagent and look at the magazines. There are some pretty obscure magazines celebrating some interesting niche markets, and they could prompt you in a new direction.
Think about what your friends are talking about, have they been mentioning one subject a lot or a particular type of item? What about the toys that your children are nattering on about; children can be a constant source of inspiration, particularly when it comes to the latest trends for kids – Loom Bands are just one of the latest crazes!
Seriously, you can find inspiration wherever you are! If you’re anything like me you’ll even start keeping a pen and paper handy wherever you go to jot down ideas that come into your head wherever you are.
Reduce Your List
So, by now your list could be several pages long but it’s likely that not everything on that list will be a profitable choice to sell online. Now you should pick up a highlighter pen, work through your list, and highlight five to ten items that really catch your attention. Maybe those items relate to something that you’re interested in like a hobby or interest? It could be cooking, maybe something to do with a certain sport, perhaps beauty products. This will be unique to you, so look for the things that stand out for you.
Research Your Shortlist
Once you have a shortlist of potential products it’s time to do a bit of research to see if they’re actually profitable and if there’s a demand for them. You’ll also need to start working towards looking to source those products on your list for a price that allows you to make a reasonable amount of profit per sale.
There are lots of different websites and tools that you can use to help with your research, however one that is really useful and the one you should visit first, is the eBay website itself. All you need to do is search for a product that you have identified and take a look to see how many other sellers are offering the same sort of products for sale, what sort of sellers are selling (big pro sellers with giant stores or smaller sole trader style operations), and how much they’re asking.
Something else you should consider is the Completed and Sold Listings tool, found within the menu on the left hand side of the results page. It will allow you to see the final sales from actual listings, including how much the product sold for which will help you determine your potential profits. You may need to refine your search if you’re seeing too many results, or drill down further into different categories or subcategories.
You should also have a quick look around here to see if you can spot any wholesale suppliers operating within your niche market. You can use Google to search specifically for your final chosen product at a wholesale price and also take a look at websites such as AliExpress that allow you to purchase goods quickly and easily from China or other countries.
So, by comparing your list and looking at what’s already selling on eBay this will give you an idea as to which products are currently selling well and the type of prices being achieved for those products. This will help you determine what you should aim to source and sell yourself.
This research does of course take time, but it’s essential for helping you find the most in-demand products to stock and will ensure you offer the goods that people want to buy. Now is a good a time as any to start making your list and making a decision – who knows you may even discover a product that’s going to be in-demand this Christmas!
As always I wish you the best of success,