- Go to www.ebay.co.uk. Click ‘Buy’ in the top right of the screen and then click ‘Browse Categories’. On the next page choose a category, then a sub-category. Now search for Top Rated Sellers with Buy It Now listings for products you might enjoy selling. Click on one or two listings and study the numbers sold at the right of ‘Quantity’.
- If sales are high from one listing, I’d say 100 or more in two months is good, head over to Alibaba - www.alibaba.com - it’s one of the world’s most reliable product sourcing portals, where you can access many thousands of different products from reliable suppliers. This reliability is what makes Alibaba a good place to source products - the company keeps careful tabs on its product suppliers and bars any that prove unsatisfactory.
There are countless other places to start your product search, including my own personal favourite The Secret Source Finder
- Key the details of eBay’s top selling products into the search box of your chosen product sourcing sites.
Study the wholesale prices against those fetched on eBay to determine the likely potential profit per sale. Study discounts on products purchased in bulk, which add to your profit margins.
- Contact the sellers and ask permission to use their images and product details in your eBay listings. I’ve only been refused once.
- Choose as many products as you have time to handle and list them on eBay. Use auction listings to determine prices people are willing to pay, and how many orders ensue for specific price levels. This information helps you determine demand and profit potential for subsequent multi-product Buy It Now listings that allow you to offer hundreds of similar products inside one listing for the same price as a one product listing at auction.
- As soon as bids appear contact wholesalers and get them to put stock aside for your test marketing exercise. Most will agree as long as you tell them you’ll be buying stock in bulk later.
- When auctions end, invoice your winning bidder and send Second Chance Offers to unsuccessful bidders whose offers also generate profit for you.
- Isolate products that do make money from those that don’t - add the former to your permanent inventory and dismiss the rest.
Note: You must do constant checks on permanent inventory to ensure profits stay high. It’s also a good idea to do further checks on products that fall slightly below your profit expectations to see if changes to your listing might generate higher profits later.
- Take payment for goods sold in your test listings, buy sufficient stock to fulfil orders, use profits to pay your eBay and PayPal fees, spend the remainder on stock for future listings.
- Make replenishment of stock from profits your main priority and look for products that at least double your investment after overheads. This allows you to double your wealth every time you acquire new stock. So as long as the market for your products remains constant, or grows, you could end up with a multi-million pound turnover business in less than one year. Much less if you’re really keen.
To prove it, this is how a little capital reinvested in more stock over several weeks (or months if you’re working alone or part-time), adds up to a quick and easy fortune. This works where you begin with £100 capital and week one finds you making and reinvesting £200 in stock (original investment plus £100 profit), week two’s investment is £200, week three is £400, and so on. It goes like this:
Week Investment Profit
£ £
1 100 200
2 200 400
3 400 800
4 800 1,600
5 1,600 3,200
6 3,200 6,400
7 6,400 12,800
8 12,800 25,000 (rounded for ease)
...etc.
Of course, I’m not suggesting you’ll make that kind of money working alone, or that you’ll do it over just a handful of products, but with a concerted effort, help and lots of mud thrown at the wall, it just shows how much money can be made in such a short space of time!
No comments:
Post a Comment