Reading your bog with great interest – loads of valuable information here! I have already followed your used goods business guide and made my first 40 pounds in profit! I will stick with used goods for now, but in the future I want to start selling brand new goods, maybe phone cases or something similar – small & cheap, just to build some experience.
My question is this – how to know what type of products and what versions (colours, styles, sizes etc.) should I start with if I’m on a limited budget? For example, take mobile phone cases – there are hundreds of different mobile phones out there, then there are plastic, leather, clear, metallic and other cases. From what I understand, to import from China, I’ll have to buy a decent quantity (probably hundreds per item) so won’t be able to start with all styles/models.
Hope this makes sense, Andrew.
Looking forward to your reply.
Thanks for your question. It’s a good one and highlights a typical problem many new eBay sellers face – the hard choice of picking the right products to start with when limited buying power doesn’t allow you to start with dozens or hundreds of products.
There are 2 ways to go with this:
1) After doing some research and seeing what sells best, go the RISK TAKER way and start selling products that are different from the current offers on eBay. This approach involves some risk as it could well turn out that people don’t want to buy these ‘different’ products, styles or colours.
2) Start with products that already sell well on eBay! With this concept, the risk is minimal as you know that these particular products already sell well on eBay and if you source the same products and create superb listings, you too should be able to make sales and take some % of the overall market. This concept is more newbie friendly, especially suitable for people who are just starting out and want to gain some experience. There’s nothing worse than having loads of dead stock you can’t move!
But this doesn’t mean that the first approach can’t work, not at all! If you have good business sense, some experience and you spot a new product or modification of a current product that you think will become a best seller, consider the risk and order a trial amount. Once again, some risk is involved so it’s not recommended for newbie traders. (more…)