Hello and welcome to SaleHoo, RoisinC154!
I agree with Marilou. Generally it's best to start selling something you are interested in. Another reason is - it's likely that there are plenty of other people who also share your interests giving you an instant audience for your product. These questions may help you come up with some ideas for niche markets to target:
1. What are your hobbies? (Fishing, hunting, scrapbooking, cooking, photography)
2. What do people tell you you’re good at?
3. What would you like to be able to buy online but have trouble finding?
And if you haven't already done so, try selling stuff on eBay from around your home that you no longer need anymore. In the process, you will often stumble across items that sell really well that you would never have otherwise picked. Everyone makes mistakes when they start out and it’s best to get some practice – to find out what sells best – before you start investing in inventory and selling seriously.
After some practice with goods from around the home, you can start buying small wholesale lots of products. Remember, it’s wise to start off small. It’s extremely likely that you will make a few mistakes along the way, and starting small means that you limit your risk. At first, sales may be slower as you get to know your market, but in the long term, you’ll be able to target your market much more precisely and reduce the chance of having stock on your hands that you can’t shift.
Magazines, newspapers and blogs are also very useful for brainstorming and researching new markets. It's also a good idea to keep tabs on what is happening in the news if you want to pick up on new trends. The trick is to analyze what you hear and read for product opportunities. For example, is global warming causing water restrictions in your area? Good products to sell might include garden hose timers, low-pressure shower heads, water purifiers and so on. And don’t forget everyday items - boring old every day stuff like bed sheets, socks, mugs, dehumidifiers, storage containers, etc - products that most people use on a daily basis. Many of these are excellent sellers, plus they are fairly easy to get hold of and they make up a huge percentage of all online sales.
Now when you start thinking about what to sell, you also need to think about the market. Focusing on a market at the same time not only allows you to make more astute decisions about what to sell, it also means that you get yourself a scalable business. In other words, there will be other related items that a particular market wants, which will enable you to grow your business naturally.
You're right, electronics is actually one of the most competitive markets online. However, if you really want a shot at this industry, then here is what we suggest:
* Increase your feedback and get powerseller status BEFORE entering the electronics market. This will give you more visibility in the search.
* Sell via your own website or your eBay store if possible, as buyers generally pay more from these venues than eBay.
* Add third-party extras and up-sells to your orders. These will help you bump up your margins to a much more acceptable level.
* Better still - consider selling accessories for electronics rather than electronics themselves. Accessories are very popular, have less competition, cost less to ship and have much greater margins.
* And once you're able - use liquidation suppliers to get bulk lots at prices well below wholesale OR purchase from wholesalers in very large quantities to drive the wholesale price down.
Hope that helps!
PS - Please don't forget to upload a picture to your profile next time. All the best!
