I have started to evaluate cheaper off-shore sources for all kinds of products that could be resold also for a very low price. The nice thing is that it can be drop shipped as well. At everyone’s fingertips is the ability to create your own supply chain with state of the art connectivity. Meaning you can use affiliate marketing as the means to sell inexpensive products to domestic customers. Their are really no shortages of places to source product. names like AliExpress, AliBaba, New Frog, Light in the Box, Deals Machine, Mini In The Box, and CN Direct to name a few.
The next step is to make sure the source you decide to be part of your supply chain can be reached and re-mediate any issues without hiding behind email. Many of the companies do not provide phone numbers for customer service and this could be largely due to scale. On the other hand that could create great concern. If the source company is growing to fast and not properly building out customer support then you may have an issue getting a response to a product being of inferior quality, wrong product, or the product never even shows up.
So it is imperative that you vet the source and make sure you read all of the reviews. Once you find one that you want to roll the dice with, then start with a small order. My feeling is they are either going to be competent or not. I do not think that a small order is ignored in favor of a big order. if they are messing up on the high ticket items, then they will be messing up on the low ticket items.
All of these sourcing sites require you to pay upfront, so do not be surprised to find reviews where people feel as though they have connect and money taken with the product never showing up.
Th more successful a company like AliExpress, their name has credibility, so they need to perform as optimal as possible.
Once you have an anchor source, then you can play around a bit on smaller orders looking to source cheaper. One site is not cheaper across the board, so real bargains can be found by shopping similar items across different companies.
The next step is creating an audience for your products. Will look at creative ways to do that in future posts.
This will not allow you to retire-at-40, but it will give you some breathing room. This is about taking the pennies and making it up in volume. We have looked at different ways to make money on the internet and I going to provide a technique that is becoming quite popular.
The concept is to buy something abroad a cheap price, resell it on your website and make about $5 per transaction. The idea is to first find a product that is somewhere between $1 and $4. Then sell it on your own site. Place ads with Facebook Advertising. Then take the sale from your website from your site and then place the order on the source site.
So we recommend using Ali Express to source the product. This is where you can look through niches and decide what product to sell. then create an account on Shopify. When you advertise on Facebook, you will need to create a Facebook Pixel for conversions. The satisfy the order by placing it on Ali Express and drop ship to the customer.
If you sell the product for $10 and you bought it for $3 and spent $2 on Facebook conversion, then you make a $10 profit. The idea is to do this 10 -20 times per day.
When you take advertisements on Facebook, you run several. One with a broad appeal , then another with more of a focus and then another with even more of a focus. After a couple days continue with ads that are working and stop the ones that are not.
This is simply a technique that is a rinse and repeat over and over again. The more comfortable you get with this process the more you can evolve to make even more money. It is important to understand the basics before getting more advanced. Good luck making money and pushing towards that goal of retiring-at-40.
I know I want to own a business, but what is the right path for me. Do I look at the hot trends? Do I go with a business that is timeless, like the local corner general store? Do you pursue your passion and try and monetize it.
It usually starts with the Epiphany. You take the lifetime of experience with intellectual curiosity and are able to connect the dots like they have never been connected before. What had been unclear has now become extremely tangible.
The next step is to validate the idea. You research online to make sure the idea is not already spreading virally. If so, can you do it cheaper, faster, better or just the fact that you are local? Is the product or service needed and is the market big enough?
It is good do try and communicate the idea to see what friends and family think. Just about the idea itself, not about you wanting to start a business. That could lead to other agendas invading the conversation.
Perhaps this is an idea based on unique expertise that you have in your domain. This maybe an idea that is not being heard at your job. Perhaps more viable to a competitor or perhaps you start a business around filling this gap that exists in the industry.
A more thorough way to brainstorm could be to create a grid that outlines the business. The audience you are selling to. The Business Model, the unique buying proposition. The goal of the business. Once you narrow down the search based on industry knowledge, determining that there is a sizable market and it aligns with your goals you should be well on your way to starting your own business. Once you have the one business that stands above the rest, do a comprehensive business plan and take worst case scenarios to see if this will yield the results you are looking for.