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How to create
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https://youtu.be/S2E47V0ydHc
Answering Some
Common Comments
Questions
Do you really make 250K a month?
No, and
I never claimed to.
The $250,
000 is referring to sales not profits.
If I buy 10 potatoes for $1 each and sell them each for $5 I have $50. That entire $50 is not profit I have an initial investment of $10 for inventory. I also have eBay and
Amazon fees, I have to pay to ship the items, and I may spend money on advertising to promote the products so though I have $50 at the end of it, probably only $25-$30 of that is actual profit. Depending upon the type of product my margins may be better or worse.
I can find some of these products cheaper or as cheap on eBay?
If your trying to compete with the bottom of the barrel prices on eBay your doing it all wrong. Many of you will be have your supplier from
China, also selling on eBay as well.
Obviously you can't compete trying to be lowest price. What you can do is advertise the fact that your in the
USA and ship quickly. Most buyers don't want to wait
3 weeks for an item to arrive from China, many people prefer only buying from USA sellers. More importantly though selling online and private labeling is all about creating a higher perceived value. You can do this by comming up with your own packaging, creating your own brand or private labeling, by putting together quality listings with great pictures, titles and descriptions, etc.
What is bundling?
Bundling refers to packaging items together.
Let's take for example something like the fire starter. You can buy this for
0.20 cents and maybe sell it for a couple bucks right?
Okay, well what if we now add a fire starter, a compass, a paracord bracelet and a folding credit card knife. All these items are very cheap. We could probably buy one of each for say $1. When we bundle these items together and call it a "
Survival Pack" something along those lines we create added perceived value and can maybe get $16.95 for these 3 or 4 items which maybe cost us a buck and some change at most.
How does private labeling add value to a product?
Most people prefer buying brands as opposed to generic products.
Sometimes it's because the brand product is superior, while other times peole just like a fancy name on a box.
Think about it, if your at a store and your looking to buy a
HDMI cable. Are you going to buy the one in the clear plastic bag with no name that just says "
HDMI Cable" or are you going to buy the one in the box called "Lightening Cable" that has diagrams showing how the connections are gold, its faster than other
HDMI cables, etc. Most people will probably opt for the branded item. Same thing with most other products, people want a branded product more and will typically pay a couple extra bucks to get it.
Why do you sell Fiverr gigs if your your making 250k a month on eBay and Amazon?
Again I never claimed to make 250k a month,
I'm not rich far from it. I make a comfortable living and am able to work for myself and don't have to work a full-time job in addition to my side hustles like I did years ago. Again, that said I'm far from rich, I'm not one to turn my nose up at $5 and if you are there's a problem with how you view money. There's no such thing as money being "beneath me".
Alot of $5's add up to big money. Also, I enjoy Fiverr, I enjoy working with people and helping people, it keeps me up on my game and learning new things when I take jobs on topics I'm not as familiar with it forces me to familiarize myself with that business model. Lastly, Fiverr actually does add up to some decent money. When you work for yourself it's critical to have multiple revenue streams, at any time Amazon could shut my account down, ebay could, paypal could and actually my account is limited right now. Algorithms can change and your once hot selling product now sells nothing.
It's always important to have multiple streams of income incase things slow down. This is even more critical when your selling on third party platforms like eBay and Amazon where you don't make the rules and where you can be kicked off unlike with your own website.
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- published: 30 Oct 2015
- views: 270173