Our company publishes the Internet’s leading Directory of
genuine wholesale “Drop Shippers” (wholesalers who ship
products, one at a time, directly to your customers;
eliminating the need to stock inventory). It's called The
Drop Ship Source Directory. We also publish the Internet's
Leading Directory of genuine Wholesale Suppliers who will
sell to you in small Bulk Quantities, while still giving you
larger Bulk Quantity prices. That's called The Light Bulk
Wholesale Directory. As a result of the information we
research and publish, we get questions all the time about
what products Home-based Internet Business owners should try
to sell online.
I’ve been at this for years, and have become very
successful in my Internet business. But let’s face it,
folks. If I knew what was going to sell well on the Internet
tomorrow, next week, or next month, I wouldn’t be writing
this article. I would have retired and purchased a small
private island by now. In the retail business, whether you
are online, in a physical store in the local mall, or at a
roadside stand, it makes no difference; choosing the
products you are going to sell is always the hardest part of
getting started.
I can’t whip out a crystal ball and tell you what to
sell. However, I can tell you about the biggest mistakes
that I see new Home-based Internet businesspersons making,
all the time.
I get four basic emails from people who are stuck in this
rut, and I can pretty much tell that right off the bat, by
the way the email begins.
An Email from a person who only
thinks they can sell
what they like starts something like this:
“Dude, I’m like, a Sk8ter, and I need
to find a Wholesale Supplier for, like, Sk8tboards +
wheels + stuff”.
The first problem this person is going to run into
(aside from the fact that he needs to learn how to write
a business email!) is a problem for all four types of
people here. There may not be a Wholesale Supplier for
the products they want, that will work with a Home-based
Internet Business. We’ll talk more about that in a few
minutes, though.
The second problem is “tunnel vision”. This person
may actually find a Wholesale Supplier for “sk8tboards +
wheels + stuff”. If he does, great. However, someone who
has such a narrow vision of the Internet Marketplace
will never branch out and fulfill his own potential in
that Marketplace.
Say he does find the Wholesale Supplier he’s looking
for, and opens a store. Because of the narrow vision
that led him there, he’s likely to stick with that
store, and that store alone. He’ll make some money, but
unless he gets really lucky, he won’t make a really good
income out of it. He’ll piddle along selling “sk8tboard”
stuff forever, when he could have done so much more.
What he needs to do is broaden his scope. If he’s
interested in “sk8ting”, wonderful. But instead of
focusing on just that, he should explore selling all
kinds of sporting goods.
Sam Walton, the revered Founder of Wal-Mart, was once
a starting quarterback on his High School football team
in Columbia, Missouri. He also liked to play basketball.
Can you imagine what would have happened if Sam Walton
never tried to sell anything besides football and
basketball equipment? There would probably be a pretty
big store in the US selling just footballs and
basketballs today, because Walton was a very good
retailer. But it never would have grown to the size and
scope of Wal-Mart today if Sam had allowed tunnel vision
to crowd his overall view.
It’s okay for our “sk8ter” buddy here to open an
Internet store or run Auctions that sell skateboard
equipment. Niche marketing is a good thing. But in his
overall business, he should look for other products with
which to eventually run other Online Stores or Auctions
as well. One store leads to two, two lead to four, and
so on. Never get stuck limiting your entire business to
just one type of product!
An Email from a person who only
thinks they can sell
what they know about goes like this:
“Hey there; I’ve been riding horses
all my life, and I own a small stable where I teach
riding. I’m opening an Internet Store where I’m going to
sell all kinds of stuff that other riders will want to
buy. I’ve got to find a Wholesale Supplier for saddles
and Western Wear and such”.
Again, this person’s first problem is
going to be that he may not find a Wholesale Supplier of
the products he knows so well, that's willing to work
with Home-based Internet Businesses. But, we’ll get to
that in a bit.
His second problem is similar to the
first person’s problem, but not exactly the same. This
person isn’t fixated on selling only what he likes; he’s
just a little bit scared of having to learn about
something
new. He’s obviously going where he feels safe. That’s
okay, but let’s remember what I’ve mentioned twice so
far: he may not find a Wholesale Supplier for the
products he likes. Genuine Wholesale Supplier do not
grow on trees, folks, and most of those who are out
there do not want to work with Home-based Businesses.
There isn’t one available to you for every possible type
of product. It’s very important to keep that in mind
when you start out!
So, what does this person need to do? He
needs to understand that being in business is about
learning new things every day. New ways to market, new
software to get used to, simpler ways to do his monthly
books, etc., etc., etc. Learning new products is just as
critical. Again, never limit your business to just one
type of product. You don’t have to like what you sell.
You just need to make money selling it!
An Email from a person who only
thinks
they can sell what’s “Cool” goes like this:
“Hi; I’m looking for a Wholesale
Supplier of electronics, like MP3 Players, Plasma TVs
and such. Please tell me where to find them.”
A request for Wholesale Supplier of
electronics is a dead giveaway. Almost everybody who
starts a Home-based Internet Business wants to sell
electronics at first. It’s the Cool, Sexy market, and
even if you never sell anything, you can show your
friends your site and say, ‘Dude, I can get you an Xlent
deal on the hottest new stuff!
Electronics, like any other Cool or Sexy
market on the Internet, is not the place for most people
to start. That market is absolutely flooded with other
people who already had the same idea, and the profit
margins have plummeted. Why? Too many inexperienced
Internet sellers. They start price wars, figuring
they’re going to clean up by undercutting everyone
else’s prices by a little bit. Problem is, the second
guy comes along and undercuts the first one a bit. Then
the third person comes along and undercuts the second.
And so on.
Pretty soon all you have left are tens
of thousands of people trying to sell electronics for
pennies more than what they pay for them, just to
advertise a slightly better price than their
competition.
Not good.
The person who wants to sell Cool and
Sexy stuff needs to understand that they are not out
here to look Cool or Sexy. They’re here to make money.
Four Slice Toasters and Propane Camp Stoves aren’t sexy,
but they sell and their markets are not overcrowded, and
that’s what the goal is.
Finally, an email from a person who
thinks they
need to sell only the Hottest Products on the Internet
goes like this:
“Hello; Can you tell me were I can
find out what the Top Selling Products on eBay are? I
want to know what everyone else is selling and get in on
it.”
BAD IDEA!
Look at it this way. If you were in a
giant field filled with nothing but concession stands
selling Salted Peanuts, what’s the smartest thing you
could do? Set up yet another Salted Peanuts stand, or
set up a Lemonade Stand?
I’d sell Lemonade, wouldn’t you? :o)
In our business, we look at the Lists of
Top Selling Products on the Internet, too. Then we run
the other way as fast as we can. We don’t want to be
just another face in the crowd selling the same thing as
everyone else. We want to think about products that may
be complementary to the Hottest Sellers, that not many
other people are selling.
If everyone and their Grandmothers are
selling Salted Peanuts, we want to be the ones selling
Lemonade. :o)
