1. Exhaustive Market Research is the Foundation for Success:
Meticulous market research doubles your chances of making a tidy profit from the wholesale goods you purchase. Begin with a list of approximately 5-10 different concepts. 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 find out how many people are searching Yahoo for your product monthly. You can double this figure for Google. Add the numbers together. If there are ten thousand or more searches a month for an item, this indicates vibrant market.
2. Figure Out theTRUE Cost of Your Item:
One main reason why individuals fail at the wholesale game is that they do not do the stats. In other words, they don't treat wholesale like a real business. To accurately discover your true profit potential on an item, you need to add the shipping expense and insurance, eBay fees (or equivalent for other promotions), Paypal and/or credit card fees (these can be a certain profit killer), packaging costs and labor involved packaging, and any storage costs to the cost of your item. Know your numbers if you want to make money in this business! PERIOD!
3. Growth with a Webpage and an eBay Store:
The way to expand your profits from wholesale is to have your own website and/or open an eBay store. This allows you to cross sell items plus it also makes it easier for people to find what they are searching for. For example, if you sell shoes, then customers can effortlessly navigate to see all black shoes in size 9 and so on. Always include a sentence under your descriptions encouraging visitors to look at your other listings - most people will. This is almost like an upsale maybe a lateral sale if I could put a term on it but practice this religiously.
4. Powerseller Wealth:
It's documented - eBay powersellers are able to earn higher prices for their items than ordinary eBay sellers. To get the most profits on your wholesale items, you need to aim to get and hold on to 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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