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What’s more important to you in running a business?
Is it to make A LOT of profits?
Or is it to ensure that you don’t lost money?
It is actually more important to make sure that you do not lose any money.
Just like they say in football, the opponent can’t win if they don’t score any goals.
You cannot think about making HUGE profits unless you ensure your capital is safe.
Today, I want to share with you some simple tricks to find hot selling products to sell so that you can make money consistently and happily.
1) Research Your Products
The BIGGEST MISTAKE most people make when selling online is NOT doing research on their product offerings.
I mentioned in a previous post that people tend to fall in love with their own idea or products.
What you love is not necessarily what the market wants.
The best way to make sure your product sells is to find out what are existing products that are flying off the shelves and sell something similar or related.
By doing this important step, you greatly increase the chance of making money online and you will not need to be concerned with whether your stocks will sell or not.
2) Source for a supplier with the best price
There are basically 3 levels of suppliers you can get your products from.
Retail, Wholesale or Manufacturer.
We are usually not big enough to get supplies direct from manufacturers as they often require order quantity of 10,000 or more.
And Retail vendors usually sell at a higher price to make their profits, but there is no Minimum Order Quantity [MOQ] to fulfill (yes, it is still possible to buy at retail prices and still mark up to make your profits if you know how to do it!).
So Wholesalers are your best option.
You pay less for the cost per item so that you can mark up and make your own profit, although there is usually a MOQ when you order from wholesalers.
I know where you can place wholesale orders for quantity of about 5-10 units only, so your risk is very minimal as you do not need to spend a lot of money to stock up on inventory. This is a smarter way of doing business. I am sure you agree.
Nevertheless, if you build a long term relationship with your wholesale supplier, a lot of terms are open to negotiations. That means you can buy at lower wholesale costs, and sell to your customers at competitive prices so that you can earn more and at the same time, maintain your competitiveness over your rivals selling the same products.
Remember: Profits = Selling Price – Costs
The higher price you sell OR the lower cost you pay to acquire your goods, the more profits you will make! Simple mathematically formula! Easy to understand?
3) Good Product Pictures SELL!!
I am sure you have come across this before.
You are shopping online for something and come across 2 sellers with the same products at a similar price.
One seller has a professional looking picture on his/her listing while the other listing has a lousy resolution picture that looks like it’s taken sloppily on a smartphone.
So, who did you end up buying from?
Well, you don’t need any expensive or professional equipment to take professional looking product pictures in order to sell online.
These days, a decent smartphone comes equipped with a very capable camera that can take awesome and high resolutions photos for your products.
And, there are tutorials that you can find online which teaches you how to build a simple lightbox for products photo-taking.
There are also many free, online resources that allow you to edit and beautify pictures.
In essence, a picture speaks a thousand words; a good product picture sells a thousand products!
I hope you like what I have shared above today.
Those are just a few tips that I openly share at my FREE E-commerce training sessions.
I can show you how to achieve a freedom of lifestyle by leveraging on e-Commerce as a very viable business model.
My FREE training will show you HOW TO SET UP and run a SUCCESSFUL and PROFITABLE internet business on platforms like Qoo10 and Lazada and more.
People are making money with my proven selling strategies. Let’s make it happen! It’s your turn now.
Register for your free session below and learn more tips and strategies at my next full-house training!
My name is Andrew Tan, a popular E-commerce Speaker/Coach/Entrepreneur in Singapore.
If you have been following the news lately, you would have come across various articles sounding the death knell of retail in Singapore. Articles proclaiming the end of Singapore’s status as a ‘Shoppers Paradise’ have been shared all over social media the past few months.
Let me share with you my personal observations…
I travel around Singapore quite extensively and have noticed many retail outlets opening up, but closing down again within half a year.
At first, I thought it was just me; maybe my memory is not as good as it used to be, or maybe I am mixing up the shops that are opening and closing. But, many of my friends noticed the same trends and agreed with my observation.
According to statistics, Singapore’s retail market has been on a constant downtrend for the past few quarters.
More people are also losing employment during this period.
Some of these newly retrenched or unemployed with a decent nest egg have decided to switch from being employees to entrepreneurs.
Many of them chose to enter the retail market.
With the retail landscape in the shape it is in, is it really a good idea to blow your severance package or your lifetime savings on such a venture?
While retail rental has been slipping for 6 consecutive quarters, we still boast some of the highest rental rates in the world. Add to that, the high manpower costs and other overheads involved in running a retail business, it is not hard to realize that it takes a large sum of capital just to enter the market.
Some might argue that there are lower cost options out there like short term micro retail space rental or shared spaces.
Let me share my experience of experimenting with cube space rental with one of the ‘Box Shops’ that was all the rage a short while ago.
The rental for a 45cm x 45cm x 40cm space in a premier eye-level location within the shop can come up to around $200. On top of that, the shop charges an 8% commission on every sale I made.
I shut down my operations in 4 months. Rental and commissions paid outstrips revenue every single month I was in business. It was an unmitigated disaster. Many other operators did not even last more than 2 months.
Now, think about it.
What kind of merchandise can you put in a 45cm x 45cm x 40cm space?
Also, what is the likely customer profile of the shoppers that visit Box Shops?
You are seriously limited in the choices of products you can sell in those spaces.
Big ticket items would have very small chances of selling, and the effort you need to put in to move enough volume of low priced items to make a profit is simply not worth it.
If you are thinking of taking a stab at retail entrepreneurship, make sure you do your research and work out the figures. The last thing I want to see happening, is you burning through your hard earned cash for nothing.
If your capital is limited and have a small appetite for risk, I would highly suggest starting an E-Commerce business selling online. You can start with less than a thousand dollars and there are ways to source for products that people are rushing to buy, thereby lowering your risk of stuck inventory.
In fact, for the past 10 years, I have been conducting a free 3 hours, info-packed e-commerce seminar where I will share many of my secrets of running a low risk, profitable E-Commerce businesses with you.
I will also share with you on how you can start your own E-Commerce businesses on Qoo10, Lazada and eBay platform.
You will learn about what are some of the hot selling products that are flying off the shelves to sell on Qoo10, plus some tips and tricks to dominate any niche that you choose to go into.
I will be revealing these information for free at the seminar.
All you need to do is quickly click on the link below to sign up for a free seat and turn up punctually on the day of the training itself.
It’s THAT simple… and get ready to learn what works today!
I look forward to seeing you there!!
Creator of E-commerce Freedom Maker System
PS: My free training is always full-house, so please register now as I do not wish to disappoint you if my staff had to say sorry and turn you away at the door. People are literally standing throughout my entire 3 hours presentation just to listen in as they are unable to grab a seat. You have been warned! 🙂