Online Business: Way to go or no?

  • avatar

    by: UnknownAlly
    New SaleHoo Member
    4 posts

    Online Business: Way to go or no?

    Posted 18 Sep 08 4:31 am.

    Hi,
    I'm just another newb trying to gather info. Just taking advantage of the forum here.

    My question has probobly been asked a billion times but I would rather get a hands-on personalized answer.

    I'm thinking of an online business. The prices I see from these suppliers are pretty high. For example, a 40gb Playstation 3 video game system is $385.00 from a supplier. I know eBay isn't the place, because they are a bargain site.
    So, roughly, my question is what are the chances of selling this PS3 on a high traffic site for $400.00?

    To put it simply, if I just choose a whole bunch of products from these suppliers and put them on my site for a small profit, will they sell?
    ...or would I be better off digging real deep for a good price? That would take months to years.

    Thank you,
    Chris
  • avatar

    by: UnknownAlly
    New SaleHoo Member
    4 posts

    Re: Online Business: Way to go or no?

    Posted 19 Sep 08 5:52 am.

    BUMP!
  • avatar

    by: fudjj
    SaleHoo Staff
    2971 posts

    Re: Online Business: Way to go or no?

    Posted 19 Sep 08 6:56 am.

    Hi,
    I'm just another newb trying to gather info. Just taking advantage of the forum here.

    My question has probobly been asked a billion times but I would rather get a hands-on personalized answer.

    I'm thinking of an online business. The prices I see from these suppliers are pretty high. For example, a 40gb Playstation 3 video game system is $385.00 from a supplier. I know eBay isn't the place, because they are a bargain site.
    So, roughly, my question is what are the chances of selling this PS3 on a high traffic site for $400.00?

    To put it simply, if I just choose a whole bunch of products from these suppliers and put them on my site for a small profit, will they sell?
    ...or would I be better off digging real deep for a good price? That would take months to years.

    Thank you,
    Chris
    To answer your question with any confidence I would need to know the traffic flow, I mean saying high traffic flow is a little general. It seems that you are talking about your own shop, but unless you are about to drop a bomb of cash on it generating traffic, I doubt whether you could generate enough serious traffic to consider it a high flow.

    You're spot on about ebay, wholesale and below are the only prices that will compete in that environment, so looking at wholesale suppliers is a waste of time if that is your market.

    In my opinion, if you run an online retail business then your biggest competitor is ebay, and if you can't compete with price, then you need to compensate in other areas to make sales. Shopping online is just too easy for customers to reference pricing.

    Marc Ransom

    Community Manager
    SaleHoo.com

    About the Community Manager

  • avatar

    by: UnknownAlly
    New SaleHoo Member
    4 posts

    Re: Online Business: Way to go or no?

    Posted 20 Sep 08 2:04 am.

    That is a real bummer.
    Salehoo advertised itself suggesting that it would be great for eBay or an online personal business. I guess not...

    Well, I guess the simplest way would be a public/local showcase, such as a shop. Lucky for me, my family owns a laundry mat. I will have to try that! lol
  • avatar

    by: thepro888
    SaleHoo Junior Member
    30 posts

    Re: Online Business: Way to go or no?

    Posted 20 Sep 08 2:12 am.

    you can't forget to factor in expenses that may play into an online business. working with such a margin you'd go in the red real quick. depending on the route you'd have merchant credit card fees, web hosting fees, domain name registration, the list can vary depending on which route you take making your own website or using another company's service like ebay or amazon.
  • avatar

    by: jg42122
    SaleHoo Master Member
    157 posts

    Re: Online Business: Way to go or no?

    Posted 20 Sep 08 3:56 am.

    That is a real bummer.
    Salehoo advertised itself suggesting that it would be great for eBay or an online personal business. I guess not...

    Well, I guess the simplest way would be a public/local showcase, such as a shop. Lucky for me, my family owns a laundry mat. I will have to try that! lol
    No Salehoo is great for ebay or an online business however you must know where to look honestly guys THERE IS NO MAGICAL SITE where you can find a ps3 for 100 bucks and people have been tricked into believing this hype and it is a lie that is used to get you to sign up to some of the scam sites and once they get your money there is no turning back you have been scammed and no matter how many rip off report articles are wrote people still fall for it every single day I love this site and it can help you tremendously of you put time,effort,and COMMON SENSE into it . PM me if you ever need anything and I will gladly help you.
  • avatar

    by: fudjj
    SaleHoo Staff
    2971 posts

    Re: Online Business: Way to go or no?

    Posted 20 Sep 08 4:47 am.

    That is a real bummer.
    Salehoo advertised itself suggesting that it would be great for eBay or an online personal business. I guess not...

    Well, I guess the simplest way would be a public/local showcase, such as a shop. Lucky for me, my family owns a laundry mat. I will have to try that! lol
    Just because wholesale doesn't cut it on ebay there are other sources you can consider if you do want to sell on eaby, or sites like it.

    Liquidations, Auction House Sales, Markets. You can even keep an eye out on ebay itself for bulk wholesale loads, break them down and resell back on ebay. I did that with a bulk buy of watches once. I paid around 350.00 from memory, tossed out about 10% of the stock that I didn't consider sellable and re-listed each watch.

    To be honest I can't remember exactly how much I made on them, took about 4 months to clear most of them, but I cleaned up ok. I keep telling people to think outside the box if you want to make money online because the space in that box is getting less and less each day.....if you know what I mean : )

    Marc Ransom

    Community Manager
    SaleHoo.com

    About the Community Manager

  • avatar

    by: UnknownAlly
    New SaleHoo Member
    4 posts

    Re: Online Business: Way to go or no?

    Posted 20 Sep 08 12:12 pm.

    Thanks for the great advice, guys!
  • avatar

    by: jg42122
    SaleHoo Master Member
    157 posts

    Re: Online Business: Way to go or no?

    Posted 20 Sep 08 8:33 pm.

    Yes you must have business sense to really make it if you can think outside the box as fudjj says you will succeed but if you cant your chances are really slim to none especially if you are new I wish it was as easy as portrayed in those late night info commercials I had posted a question asking about one of those earlier some guy on late night tv saying if you use his proven ways you can be a dropshipping millionaire in a years time if that crap were true we would all be rich but it just does not work that away I have put more time and effort into my online business than anything I have ever done and for decent results but it has took years for that to happen if you think that you can just throw up a website and in comes the money with no work your nuts you must build a name for yourself spend time advertising have a new best friend (Google) and learn everything you can because on the internet no one gives you a thing those 30 day free trials you sign up for and the giant dropshipping companies that claim to have millions of products most of which are useless and sites like dropship designs that offer you some crappy website all have one goal to take every new persons money they can find and leave your xxx high and dry with nothing in return it happens every day I have seen people come in here and expect miracles but until JESUS becomes a moderator here I dont think it is gonna happen .
  • avatar

    by: fishaman101
    SaleHoo Junior Member
    18 posts

    Re: Online Business: Way to go or no?

    Posted 22 Sep 08 2:12 pm.

    i remembered when i first started my online business i was in the same mind state looking for cheap iphones and game concoles. Frustrated but determined i found away to make some cash on ebay thinking outside the box.

    my advice would be if its a hot product chances are margin is very small try to stay away from electronic divices for awhile and remember thats not the only thing people buy.
  • avatar

    by: K22texan
    New SaleHoo Member
    8 posts

    Re: Online Business: Way to go or no?

    Posted 22 Sep 08 9:39 pm.

    Guys, I think the problem is that most people who are looking to start up something on ebay or any other internet based business come into it with minimal understanding about how internet business is conducted, from A-Z. Usually they are in a financial bind and are truly desperate to get some cash inflow as soon as possible. In their frustration and desperation, they look for anything that sounds like it will deliver the big bucks they need.
    Reality is that while there are clearly differences between internet based business and selling goods or services out of a storefront, the commonality is that you have got to go into any new business with the frame of mind that you may not see a real profit for 6 months to a year. At that point, it is usually pretty clear if you are making substantial progress, or if it just isn't going to work this time around.
    So my advice, plan carefully, from the research you do on every single aspect of running your business, to the business plan you MUST have, to the realistic finances needed not just to start up the business, but to get through those leans times while you are waiting for things to really pick up. If you are selling solely out of a web site you better be prepared to lay out some decent cash money to get your site as far up that Google search page you can, or you are just invisible.
    Above all, as Jimmy is so passionate about saying, think outside the box in terms of selling venues. START SMALL, sell low dollar, things you have around the house to build up experience and feedback. Find ways to get yourself involved with groups on line that may have an interest in what you sell or offer. Find groups that sell similar things that are open to working together to promote each other in terms of links and the like.
    Okay, I gotta get back to work. I love to work. It is a sickness. But I love it. Good luck. When I think of more to add I'll be back.
  • avatar

    by: userexists
    SaleHoo Master Member
    227 posts

    Re: Online Business: Way to go or no?

    Posted 23 Sep 08 4:56 am.

    If you are just starting up an online business, on e Bay or anywhere else, please forget about xboxes, iphones, ipods, playstations or any other hot selling electronic device unless you already have huge capital to invest. Large retailers purchase these items by the thousands and therefore are given by the manufacturer or wholesaler a price at which they can make a small profit on each item. You cannot hope to compete on price and if you do decide to sell these products you can lose your shirt after paying all the necessary fees and merchant service charges because the profit margin is so tiny. . Thinking outside the box also means trying to find products people want in niche markets. Could you cater to (for instance) anglers, golf enthusiasts, cyclists, bikers, quilt makers, wedding planners, amateur photographers, costume party accessories, people with special skin-care needs, people with different kinds of hobbies. (just to mentioned a few). Although a niche market may be small by contrast with the ipod market, people in those niches are willing to part with good money to obtain products that cater to their needs. Just search through the categories and sub-categories on eBay to find some really quirky niches in which people are making a killing catering to particular sectors. I believe (although I haven't researched this) that there is also great demand for very large high-heeled shoes, boots and lingerie which sell in the niche cross-dresser market, so it just pays to sometimes think well outside the box Don't give up - keep searching!!!!.

    Difficult I can do right away. Impossible takes a little longer

  • avatar

    by: planes
    Forum Moderator
    843 posts

    Re: Online Business: Way to go or no?

    Posted 24 Sep 08 1:45 am.

    Try and find things to sell from your house to start and keep your eyes open.

    Examples that worked for me.

    I sell for a place that cleans out homes. I get 40% of the sale. I have made about 2000 dollars from this.

    I found 800 45s on the side of the street for the garbage man. Sold them for about 350.00 There was a vintage elvis and others in there. 2nd release of Mystery Train' by Sun records.

    Found a lot of clothes in a dumpster by accident. They turned out to be hiking clothes by top manufactuers. I made about 400 on those. I don't dumpster dive I was throwing out items and looked inside the dumpster first. Now I am considering diving, LOL.

    I sell lots of cigar boxes from local cigar shops.

    Also, as soon as I get some coin together I will be ordering from Jimmy a palet of Macys.

    I have up for sale some new windows from order errors for a local installer.

    Also, don't forget about arts and crafts.