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Online Marketplace Rent and Sell

A detailed account of a Fastlane process...

ADR

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Im in the process of launching my own Online Marketplace where vendors can sell or rent goods with local pickup option. I have decided to use the WordPress Framework (Offered by my host as a bundle). I just added the Verified SSL certificate ($150 on Go daddy Sale) for secure interaction. I setup the Stripe gateway for payments. I am almost ready to soft launch the website. In parallel, I would like Vendors to start posting their products and building their Shops.
 
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ADR

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I started a marketing campaign targeting merchants and store owners to post and its been difficult getting them on. Creating valuable content and target ads hasn’t given the expected results.


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Contrarian

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Im in the process of launching my own Online Marketplace where vendors can sell or rent goods with local pickup option. I have decided to use the WordPress Framework (Offered by my host as a bundle). I just added the Verified SSL certificate ($150 on Go daddy Sale) for secure interaction. I setup the Stripe gateway for payments. I am almost ready to soft launch the website. In parallel, I would like Vendors to start posting their products and building their Shops.

Tough field. What value does your marketplace provide that isn't already available elsewhere?

I started a marketing campaign targeting merchants and store owners to post and its been difficult getting them on. Creating valuable content and target ads hasn’t given the expected results.

Have you considered calling them?
 

Andy Black

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I had a couple of calls with @Scot and one with @Contrarian that you might find useful.

You can find them in the link in my signature where I talk to fellow forum members.
 
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ADR

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Read Fastlane!
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User Power
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Jul 23, 2016
110
89
36
Miami, FL
Tough field. What value does your marketplace provide that isn't already available elsewhere?



Have you considered calling them?

I have called two medium tool rental players. I was thinking of just doing some foot work and visiting them. As far as value, it would be their only online presence for now. I offer to create their stores and do the marketing for them. Its risk free to start ... Fees are only charged if products are rented. A lot of them are just mom and pop shops. They will be getting another channel of income without changing their daily operations. I offer local pickup and shipping.


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Contrarian

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Nov 13, 2014
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I have called two medium tool rental players. I was thinking of just doing some foot work and visiting them. As far as value, it would be their only online presence for now. I offer to create their stores and do the marketing for them. Its risk free to start ... Fees are only charged if products are rented. A lot of them are just mom and pop shops. They will be getting another channel of income without changing their daily operations. I offer local pickup and shipping.

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On the face of it, it sounds like a valid premise.

I'm working on a similar model right now. I don't know what your background is before you started this, but a few pointers for you.

1. I highly recommend this book: https://www.amazon.com/dp/B015FAOKJ6/?tag=tff-amazonparser-20

It goes into the hows and whys that marketplace businesses operate, scale and succeed very differently from traditional companies - it really helped to clarify my thought processes and premise. I'm sure I'll revisit it regularly as new challenges present themselves.

2. Seriously, don't be afraid to pick up the phone (or knock on the door - even better!). I learnt a big lesson from my last failed venture (and as a career sales guy, I should have known better): when you're starting up, you need sales first, not marketing. You can't do the big things until you've done the small things first.

3. I don't know if this is relevant for your market, but I'm sure you could do something similar. One great tip I picked up is to start off as a concierge service rather than a marketplace. So, you already have a site built (I don't yet). So you might be wondering - why? BUT.

Picture this. You set up a professional looking landing page (to be fair, the professional looking part is even optional). You have a short opt-in form to fill in offering to act as a free concierge to find the client the best tool rental for them. Run Google ads to the page. Take the leads, call them, find out what they need and then broker the deal with the best tool rental company for them.

Why bother when you already have the site up?

A couple reasons. It's the quickest way to validate demand (feedback!). You'll get to see firsthand their buying process, so you can build that into how your marketplace operates. And rather than going to the tool companies with an unvalidated promise, you can go to them with a willing buyer. You'll find out how valuable those buyers are to the suppliers, and how to charge for your services. Then it'll be easier to get them to list on your marketplace.
 

Andy Black

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On the face of it, it sounds like a valid premise.

I'm working on a similar model right now. I don't know what your background is before you started this, but a few pointers for you.

1. I highly recommend this book: https://www.amazon.com/dp/B015FAOKJ6/?tag=tff-amazonparser-20

It goes into the hows and whys that marketplace businesses operate, scale and succeed very differently from traditional companies - it really helped to clarify my thought processes and premise. I'm sure I'll revisit it regularly as new challenges present themselves.

2. Seriously, don't be afraid to pick up the phone (or knock on the door - even better!). I learnt a big lesson from my last failed venture (and as a career sales guy, I should have known better): when you're starting up, you need sales first, not marketing. You can't do the big things until you've done the small things first.

3. I don't know if this is relevant for your market, but I'm sure you could do something similar. One great tip I picked up is to start off as a concierge service rather than a marketplace. So, you already have a site built (I don't yet). So you might be wondering - why? BUT.

Picture this. You set up a professional looking landing page (to be fair, the professional looking part is even optional). You have a short opt-in form to fill in offering to act as a free concierge to find the client the best tool rental for them. Run Google ads to the page. Take the leads, call them, find out what they need and then broker the deal with the best tool rental company for them.

Why bother when you already have the site up?

A couple reasons. It's the quickest way to validate demand (feedback!). You'll get to see firsthand their buying process, so you can build that into how your marketplace operates. And rather than going to the tool companies with an unvalidated promise, you can go to them with a willing buyer. You'll find out how valuable those buyers are to the suppliers, and how to charge for your services. Then it'll be easier to get them to list on your marketplace.
Someone has learned from his first venture alright. Good stuff.
 
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ADR

Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
81%
Jul 23, 2016
110
89
36
Miami, FL
On the face of it, it sounds like a valid premise.

I'm working on a similar model right now. I don't know what your background is before you started this, but a few pointers for you.

1. I highly recommend this book: https://www.amazon.com/dp/B015FAOKJ6/?tag=tff-amazonparser-20

It goes into the hows and whys that marketplace businesses operate, scale and succeed very differently from traditional companies - it really helped to clarify my thought processes and premise. I'm sure I'll revisit it regularly as new challenges present themselves.

2. Seriously, don't be afraid to pick up the phone (or knock on the door - even better!). I learnt a big lesson from my last failed venture (and as a career sales guy, I should have known better): when you're starting up, you need sales first, not marketing. You can't do the big things until you've done the small things first.

3. I don't know if this is relevant for your market, but I'm sure you could do something similar. One great tip I picked up is to start off as a concierge service rather than a marketplace. So, you already have a site built (I don't yet). So you might be wondering - why? BUT.

Picture this. You set up a professional looking landing page (to be fair, the professional looking part is even optional). You have a short opt-in form to fill in offering to act as a free concierge to find the client the best tool rental for them. Run Google ads to the page. Take the leads, call them, find out what they need and then broker the deal with the best tool rental company for them.

Why bother when you already have the site up?

A couple reasons. It's the quickest way to validate demand (feedback!). You'll get to see firsthand their buying process, so you can build that into how your marketplace operates. And rather than going to the tool companies with an unvalidated promise, you can go to them with a willing buyer. You'll find out how valuable those buyers are to the suppliers, and how to charge for your services. Then it'll be easier to get them to list on your marketplace.

My background is in technology; even though I had my own convenience store and dj business.
You have a point. Im going to try that out and update you on how it went.
 

Andy Black

Help people. Get paid. Help more people.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
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May 20, 2014
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Ireland

Andy Black

Help people. Get paid. Help more people.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
369%
May 20, 2014
18,900
69,746
Ireland

Andy Black

Help people. Get paid. Help more people.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
369%
May 20, 2014
18,900
69,746
Ireland

ADR

Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
81%
Jul 23, 2016
110
89
36
Miami, FL

ADR

Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
81%
Jul 23, 2016
110
89
36
Miami, FL
On the face of it, it sounds like a valid premise.

I'm working on a similar model right now. I don't know what your background is before you started this, but a few pointers for you.

1. I highly recommend this book: https://www.amazon.com/dp/B015FAOKJ6/?tag=tff-amazonparser-20

It goes into the hows and whys that marketplace businesses operate, scale and succeed very differently from traditional companies - it really helped to clarify my thought processes and premise. I'm sure I'll revisit it regularly as new challenges present themselves.

2. Seriously, don't be afraid to pick up the phone (or knock on the door - even better!). I learnt a big lesson from my last failed venture (and as a career sales guy, I should have known better): when you're starting up, you need sales first, not marketing. You can't do the big things until you've done the small things first.

3. I don't know if this is relevant for your market, but I'm sure you could do something similar. One great tip I picked up is to start off as a concierge service rather than a marketplace. So, you already have a site built (I don't yet). So you might be wondering - why? BUT.

Picture this. You set up a professional looking landing page (to be fair, the professional looking part is even optional). You have a short opt-in form to fill in offering to act as a free concierge to find the client the best tool rental for them. Run Google ads to the page. Take the leads, call them, find out what they need and then broker the deal with the best tool rental company for them.

Why bother when you already have the site up?

A couple reasons. It's the quickest way to validate demand (feedback!). You'll get to see firsthand their buying process, so you can build that into how your marketplace operates. And rather than going to the tool companies with an unvalidated promise, you can go to them with a willing buyer. You'll find out how valuable those buyers are to the suppliers, and how to charge for your services. Then it'll be easier to get them to list on your marketplace.

I finished building the landing page. I will be running AdWords later this week and going from there. I am having flyers created on fiver for when I start the footwork. I have also reached out to some friends in the construction business and offered my services. Ill keep you updated on the progress.


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