Step by Step Guide on How to Find a Profitable Product to Sell

[WillMitchell]

You have to give things a try. Especially if the cost is low. I am currently selling the same product that I sold on this link but I am now selling 10 instead of 5. In less then a week I have already sold 5 of them. I have not figured out the numbers but I am guessing my profit is about 230.00.

Awesome job! Keep it up, and keep up updated!

 

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[rocksolid]

I sold my 10 items in 8 days. Total profit is 490.21. I will keep going with 10 items at a clip.

 

[cutlass]

I sold my 10 items in 8 days. Total profit is 490.21. I will keep going with 10 items at a clip.

Not bad at all for 8 days...

Are you just importing 10 items at a time or did you get a larger order but only posting 10 items at a time on ebay?

Are you only selling on ebay?

 

[rocksolid]

Well, I just got contacted by one of my buyers and he was asking me if this product was authentic. I told him I had no issues from any other buyers and I would check with my contact in China. He checked with the manufacturer of the product and they said mine was a counterfeit because they do not produce the item in China. I am pissed! Now I issued a credit to this buyer and I am hoping the rest does not come back to haunt me. In the meantime I am trying to get a credit issued for the 10 that I just ordered. Needless to say that is the end of selling this product. Be careful when buying from China everybody!

 

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[Eskil]

Sorry to hear that. Counterfeits have become so good these days that they can sometimes even fool the real manufacturers. I would be hesitant to get any type of brand product from China for this reason.

 

[OnePerCent]

A great article.
But the great opportunity to import from China is almost impossible in Euro zone, I mean almost imposible if you are beginning this business.
Custom fees, custom regulations and VAT kill ROI on deals.

 

[Mach79]

Will, thank you for publishing your posts, I found them very helpful!

I do have a question about using alibaba, was hoping that someone on this board could share their experience.

Is my telephone number safe to use when registering a membership with alibaba? I understand from Will's posts that it's wise to use a "disposable" email address due to serious spam issues, but what about the phone number (which is required to join)? Because I'm just in the "testing the waters" stage if my importing business I don't have a dedicated business phone, and even if I did I wouldn't want it to be bombarded with telemarketing calls. So, I would have to give them my personal cell number. Or is the "spam" issue only a factor when dealing directly with the suppliers and not with Alibaba?

I hope this thread stays active, it's a good one!

Thanks in advance for your advice!

 

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[WillMitchell]

Well, I just got contacted by one of my buyers and he was asking me if this product was authentic. I told him I had no issues from any other buyers and I would check with my contact in China. He checked with the manufacturer of the product and they said mine was a counterfeit because they do not produce the item in China. I am pissed! Now I issued a credit to this buyer and I am hoping the rest does not come back to haunt me. In the meantime I am trying to get a credit issued for the 10 that I just ordered. Needless to say that is the end of selling this product. Be careful when buying from China everybody!

Sorry to hear that. You have to be very careful with these :-\

A great article.
But the great opportunity to import from China is almost impossible in Euro zone, I mean almost imposible if you are beginning this business.
Custom fees, custom regulations and VAT kill ROI on deals.

Yea, it's unfortunate that the EU (I almost said EU Gov't, but it's not even that!) destroys small entrepreneurs with taxes like these. There are ways around them, but I don't know them. Something about products costing between $10-150 being exempt or something. I'm not sure, but it's out there.

If you're in the UK, then you get hit with VAT and Import Tax - 20% + 15% at the point of purchase! They're not even taxing profits, they're purely taxing entrepreneurs. Very sad.

Hope you can figure your way around that burden of a system...

Will, thank you for publishing your posts, I found them very helpful!

I do have a question about using alibaba, was hoping that someone on this board could share their experience.

Is my telephone number safe to use when registering a membership with alibaba? I understand from Will's posts that it's wise to use a "disposable" email address due to serious spam issues, but what about the phone number (which is required to join)? Because I'm just in the "testing the waters" stage if my importing business I don't have a dedicated business phone, and even if I did I wouldn't want it to be bombarded with telemarketing calls. So, I would have to give them my personal cell number. Or is the "spam" issue only a factor when dealing directly with the suppliers and not with Alibaba?

I hope this thread stays active, it's a good one!

Thanks in advance for your advice!

That's a good question, and definitely something I should have added in the post! If I were you, I would grab a separate Google Voice number and just redirect it to your phone. That way, you can just drop it and get a new one with no expenses whenever you want. The phone won't be abused nearly as much as the email though. It's much harder for a Chinese person to cold call than cold email

Hope this helps

 

[OnePerCent]

Yea, it's unfortunate that the EU (I almost said EU Gov't, but it's not even that!) destroys small entrepreneurs with taxes like these. There are ways around them, but I don't know them. Something about products costing between $10-150 being exempt or something. I'm not sure, but it's out there.

If you're in the UK, then you get hit with VAT and Import Tax - 20% + 15% at the point of purchase! They're not even taxing profits, they're purely taxing entrepreneurs. Very sad.

Hope you can figure your way around that burden of a system...

You're right, I have just figured that in some euro countries no vat and no custom fees for products whose value is under 40 Euro. And lower fees for some electronic products.
Only the sky is the limit

 

[21elnegocio]

Will be reading this as soon as im done with the first article

 

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[WillMitchell]

You're right, I have just figured that in some euro countries no vat and no custom fees for products whose value is under 40 Euro. And lower fees for some electronic products.
Only the sky is the limit

Awesome! It's a shame we have to deal with these things at all, but glad to hear you found a way around it. Every good entrepreneur knows, any obstacle can be turned into an advtantage.

Will be reading this as soon as im done with the first article

Awesome, would love to hear what you thought!

 

[OnePerCent]

Awesome! It's a shame we have to deal with these things at all, but glad to hear you found a way around it. Every good entrepreneur knows, any obstacle can be turned into an advtantage.

I have planned to setup an ecommerce business fully outsourced, working with niches, paper and docs now, I want something 101% legal and gov proof. I think to be ready after the summer.

 

[putinwork]

Awesome article and I've been trying to locate products on Alibaba but have found myself always looking at more common products, not niche.

How do you step away from that mindset of trying to look for a more popular/sell-able product?

Any help and advice is much appreciated!

 

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[Dionysus]

Awesome article and I've been trying to locate products on Alibaba but have found myself always looking at more common products, not niche.

How do you step away from that mindset of trying to look for a more popular/sell-able product?

Any help and advice is much appreciated!

I'm having this same problem too. After searching and thinking I've only came up with products like these:
Picture frames
Silk Sleeping masks
Memory Foam Neck pillows for airplane
Auxiliary cable
Wall keyholders

None of which have been a hit, when I look into the product more.

 

[OnePerCent]

Awesome article and I've been trying to locate products on Alibaba but have found myself always looking at more common products, not niche.

How do you step away from that mindset of trying to look for a more popular/sell-able product?

Any help and advice is much appreciated!

You must setup your mindset on ROI not on popularity of a product.
ROI is a tough matter that needs deep exploration.
BTW when you find a niche with a reliable ROI stick with it and begin to test and experiment, metrics and analytics are your friends.

 

[putinwork]

You must setup your mindset on ROI not on popularity of a product.
ROI is a tough matter that needs deep exploration.
BTW when you find a niche with a reliable ROI stick with it and begin to test and experiment, metrics and analytics are your friends.

ROI is definitely important but it also needs to be a product that consumers will purchase using their hard earned dollars. Finding both is the challenge.

 

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[Talisman]

The key is to find what people WANT. And then give it to them. This applies to this endeavour as well, just like every other.

Any ideas that you have come up with, and then find that "none of them have been a hit" - you need to ask yourself why that is, and what you can do about eliminating / minimising the risk (especially if you bought in bulk for some of these - don't, until you know). Will's article, and many others relating to ecommerce, hold the key(s) to determining if a product has a high likelihood of success in this area.

Do your due diligence and you will find products that DO sell well.

 

[WillMitchell]

I have planned to setup an ecommerce business fully outsourced, working with niches, paper and docs now, I want something 101% legal and gov proof. I think to be ready after the summer.

Awesome, congrats on taking action. Good move staying legal. But, I've been searching for a Government proof business model my whole life

Awesome article and I've been trying to locate products on Alibaba but have found myself always looking at more common products, not niche.

How do you step away from that mindset of trying to look for a more popular/sell-able product?

Any help and advice is much appreciated!

Tough question to answer, it's very difficult to expedite a mindset shift. I suppose just practice, practice, practice. Find some good content if you get stuck of frustrated, but don't lean on it. Learn through action, and you'll start seeing patterns emerge.

I'm having this same problem too. After searching and thinking I've only came up with products like these:
Picture frames
Silk Sleeping masks
Memory Foam Neck pillows for airplane
Auxiliary cable
Wall keyholders

None of which have been a hit, when I look into the product more.

Yea, those seem too generic. Again, look less for "Memory Foam Neck Pillows" and more for "Soothing Vibrating Cow Memory Foam Pillow For Children on Airplanes". It has to be more specific. For instance, I know people are making a killing with decorative throw pillows, but I'm sure most decorative throw pillows have garbage margins. Nobody ever made money opening a memory foam neck pillow store, but plenty have made money delivering the right one to the right audience.

You must setup your mindset on ROI not on popularity of a product.
ROI is a tough matter that needs deep exploration.
BTW when you find a niche with a reliable ROI stick with it and begin to test and experiment, metrics and analytics are your friends.

Absolutely, great advice here...

The key is to find what people WANT. And then give it to them. This applies to this endeavour as well, just like every other.

Any ideas that you have come up with, and then find that "none of them have been a hit" - you need to ask yourself why that is, and what you can do about eliminating / minimising the risk (especially if you bought in bulk for some of these - don't, until you know). Will's article, and many others relating to ecommerce, hold the key(s) to determining if a product has a high likelihood of success in this area.

Do your due diligence and you will find products that DO sell well.

Couldn't have summed this thread up better. Such a good closer, I almost don't want to reply!