1. Exhaustive Market Research is the Foundation for Success:
Meticulous market research doubles your likelihood of making a tidy profit from the wholesale goods you buy. Start off with a list of about 5-10 unique ideas. Then check completed listings searches on eBay to find out what the item generally sells for and the sell-through rate for each one. Use Yahoo's free keyword tool to see how many people are searching Yahoo for your product per month. You can double this figure for Google. Add the numbers together. If there are ten thousand or more searches per month for an item, this indicates thriving market.
2. Determine theTRUE Cost of Your Item:
One main reason why individuals fail at the wholesale game is that they don't do the stats. In other words, they do not treat wholesale like a real occupation. To accurately discover your exact profit potential on an item, you need to add the shipping cost and insurance, eBay fees (or equivalent for other marketing), Paypal and/or credit card fees (these can be a absolute profit killer), packaging costs and labor involved packaging, and any storage costs to the cost of your item. Know your stats if you want to make money in this business! PERIOD!
3. Growth with a Website and an eBay Store:
The way to raise your profits from wholesale is to have your own webpage and/or open an eBay store. This allows you to cross promote items plus it also makes it easier for individuals to find what they are looking for. For example, if you sell shoes, then customers can effortlessly navigate to browse all black shoes in size 9 and so on. Always include a sentence at the bottom of your descriptions urging visitors to go see your other listings - most individuals will. This is almost like an upsale maybe a lateral sale if I could put a term on it but use this religiously.
4. Powerseller Wealth:
It's a fact - eBay powersellers are able to demand higher prices for their items than ordinary eBay sellers. To get the best profits on your wholesale items, you need to aim to get and uphold powerseller status. Powerseller = customer confidence which = higher profits so get there!
This should help you to more profits in your business.
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