As the holiday season approaches, many eCommerce entrepreneurs are getting ready to make a windfall in Q4 selling products online. Join Jay on today’s Black Entrepreneur Blueprint podcast episode # 375 as he dispels three myths to finding a profitable product to sell online.
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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 375
The eCommerce industry is continuing to grow month over month and year over year with no signs of slowing down. Today I want to talk about three secrets that can help you be a part of this opportunity.
Myth # 1
Ecommerce and selling online is saturated (not if you know what to look for in a product):
All successful eCommerce products have several things in common like……. The problem is that most of us just look at what we like or want and don’t analyze the situation. (Here are several commonalities of profitable products)
- High or higher perceived value than competitors
- Does not have overwhelming shipping or delivery costs
- Solves a problem or makes you feel good (like designer clothing or something that enhances your appearance)
- You’ve identified a target market that is ready, willing, and able to buy
- EXAMPLE: Buddy trying to sell home automation because he liked it
Myth # 2
You must have a lot of money to make money in eCommerce
It’s the complete opposite; there is a low barrier to entry to starting an eCommerce business
- Start where you are financialy – you can start with as little as several hundred dollars
- Parlay your profits and delay gratification to build up your bank and grow your business
- The key to making money is the profitability
- EXAMPLE: I student of mine started selling tool belts online with only several hundred dollars and is now grossing 8k to 10k per month.
Myth # 3
The Key to success is the percentage of ROI you make per unit sold
The real determining factor for your success is really “what dollar amount that you make per sale after advertising expenses.” This comes down to picking the right products to sell.
- What is your gross profit in dollars for each sale (EXAMPLE # 1 – product costs $5 and I sell it for $20 – that means I only have $15 to advertise and get a new customer) 9EXAMPLE # 2 – product cost is $100 and I sell it for $400 – that means that I have $300 to advertise and get a new customer). IN BOTH SCENARIOS MY ROI IS 300% $300 / $100 IS THE SAME AS $15 / $5
- EXAMPLE: My flat irons $10.72 landed to my door and selling them for $129
LEARN TO BE A SUCCESSFUL ECOMMERCE ENTREPRENEUR
Here are some tools to help you out
JungleScout – Your all-in-one platform for selling on Amazon. Find profitable products and niches.
Shopify – Bring your business online. Create an ecommerce website backed by powerful tools that help you find customers, drive sales, and manage your day-to-day.
Convertkit – Grow your database and platform with convertkit