Seven Steps to Starting Your Internet Business - Now that you're...
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Now that youíre all legal, itís time to find a product we can sell profitably.
Step 3: Choosing Profitable Products
In order to choose a profitable product to sell, you need to follow four steps: observe, analyze, test and commit. Start by observing the world around you. Look at trends reported daily in the news. For instance, obesity in America gets a lot of coverage and based upon your observations, it appears to be true.
Next, make some assumptions about the trend you have identified. For instance, if people are generally fatter, we can assume they donít like that and they are probably wearing bigger size clothes. Now letís test those assumptions.
Letís use eBay as a microcosm of a larger world. We can use one of many tools available on the market to analyze sales at eBay. ďAuction IntelligenceĒ is one of them. With Auction Intelligence, we determine that in the last 30 days at eBay, plus-size clothing for women has sold more than $191,000 and exercise equipment has sold in excess of $1.125M (all in 30 days!). Obviously, these could be profitable products for us to sell.
Itís time to commit to one. So letís pick plus size clothing as our example. Now itís time to find a supplier.
Step 4: Finding Wholesalers
When we made the company legal, we obtained a resale license (unless you live in a sales tax-free state like Oregon). A resale license is required if you wish to purchase products from legitimate wholesalers. But how do we find legitimate wholesalers for your plus size clothing line?
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