JB-HiFi, Dick Smiths, Hardly Normal (Harvey Norman), freedom furniture, k-mart, BigW, Target…
The list goes on…
They all have much the same business practice.
- Find or develop products from China or other manufacturing countries.
- Buy a ton of it and ship it over to Australia
- Sell those products at reasonable/considerable markup to the public.
- They put in a shop and that shop serves as an outlet for the people who live in that area.
If the businesses want to expand, they find a location with people and put in a new shop. That way a whole new group of people can reach the store within a short drive and buy their wares.
Then… these guys all do one other thing. They build a website where people can buy online and have stuff shipped to them.
So what’s the difference between them and you?
You’ve got no stock, no shipping contacts, no shops, no staff and no e-commerce site.
But did you know that you can change all of that in just a few days?
The infrastructure for finding out what sells, finding products and manufacturers, shipping, and warehouses that will do end to end fulfilment is already there.
With a few emails and a phone call or two, you can arrange all of these systems be put into action on your behalf.
There are also online store builders with everything you could possibly need to present your products to the world and sell them.
So imagine this:
- You search to see what people are buying.
- You choose something that you think you could sell
- You find a supplier in China to buy in bulk
- You get it shipped to your fulfilment house
- You sell your products online on your e-commerce store
- The products get shipped directly to your customer with your labels
So what’s different in this process to the big stores?
You never have to touch a product.
You can run the whole thing without a physical address from your kitchen table, and most importantly…
…it’s massively scalable.
The object of any business is to make more money from the sales of your products than it cost to sell them… it’s no different here.
If after all the cost of goods sold (which includes all advertising costs) you are left with a profit, then you can work out what each customer is worth to you…
What the average income you make from every targeted person who visits your page…
If you know that you make $4 per visitor… after all costs… that’s the average…
Then you know if you want to make 4k in a week you’ve got to get 1000 people from your targeted audience to visit your site.
That’s predictable income once you know your numbers.
The trick to getting to the point where you know your numbers?
No matter how hard you try… no amount of theory is going to get you that knowledge.
You cannot hedge yourself on this.
You can’t ‘Maths’ yourself the right answer. You only way to gain that knowledge by doing it.
Of course, you can find someone who has done it already and get some hints. And you should!
There are certain things that will help you improve your chances of winning…
But all the knowledge in the world is not going to help you succeed either…
It can help you…
it can help accelerate things for you (which is good and useful)
But you still have to take action.
So in light of that…
Here’s one single place to start:
Go to this link and check out this site. Watchcount.com
This site will show you how many people are watching certain items on eBay… and how many past sales there have been.
This is an excellent indicator of what people are interested in and what they are willing to reach into their pockets for and spend the money on.
Spend some time exploring…
(Hint: you can adjust the country you want to analyse by setting the country in the top right-hand corner)
Start typing things you could be interested in selling and see if they are viable… or if there are things that are viable to that same audience.
The other day I talked about starving crowds and how there are many feeding frenzies occurring online… people spending money like there’s no tomorrow…
This is how you find them.
Ok – go play – have fun… take notes of what you find, and what ideas you have.