Just this week whilst browsing The Wholesale Forums I spotted a post with the words ‘Getting Discouraged’. This was quite clearly not a positive headline and as I read on I recognized a familiar tale.
Researching and sourcing products from genuine suppliers that can be sold for a decent profit online is one of the biggest challenges most people starting an online business face. I know this because I’ve been there, got frustrated, wanted to give up (but didn’t) chased my tail, wanted to give up (but didn’t) and generally felt like bashing my head against my desk!
The important point here is that I didn’t give up. But so many people do, and I totally understand why. But I have to tell you that in fact by using some simple strategies it is possible to research and source products that can be resold for a profit online – on eBay, Amazon or from your own website. I know this because I do it on a daily basis and compile the results – including profit calculations for eBay and Amazon – on my membership site The Source Report.
In fact I posted an example of one of my recent product, supplier and profit calculations contained within The Source Report to the ‘Getting Discouraged’ thread that I mentioned earlier to help the opening poster (and anyone else who’s feeling a bit demotivated) get started.
I’m not in the habit of doing this, but felt that by posting my example, it would encourage the contributors to the thread and help them realize that although researching and sourcing products can be extremely frustrating, with the right know-how and skill it can be done.
If you would like to read my report then please just access the thread here and scroll to my comments: http://www.thewholesaleforums.co.uk/threads/getting-discouraged.174847/
The reason I am able to source profitable products is because I stick to my tried and tested strategy every time. You’ll see my methods in detail within the report and you can easily do the same yourself.
It’s important too to remain motivated and not give up! No-one ever said it would be easy! If it was too easy the whole world would be sourcing and selling online – as it is, very few of those who start an online business really achieve true success - which in fact sounds quite depressing doesn’t it!
But this can be down to a number of factors such as lack of skill, lack of time, lack of knowledge, lack of money, lack of motivation – or all of these combined! And organization – this is incredibly important too.
All business owners need to set goals – everyone requires direction after all and so by putting a bit of a ‘road map’ in place, this will help elevate you to new heights, pushing you to succeed rather than see you running around all over the place, leaping from one task to another not really knowing what you are doing…or what you are trying to achieve.
Of course, this will involve hard work. This is always a requirement when it comes to reaching your goals, but by putting those goals in place to start with you can reap a host of benefits that will keep you motivated, even when things get frustrating, challenging or downright disappointing.
Having written goals will help you in many ways, but my top 3 are:
1. More Motivation
It is much easier to feel motivated when we have achievable goals written down in front of us. There are few things more motivating than making real progress towards a target, ticking things off a list and seeing a job get done! So, by breaking your goals down into manageable steps you’ll have more determination to reach the next level.
2. Reduced Effort
By putting a detailed plan in place to take you from where you are now to where you would like to be you will save yourself effort along the way. There’s no trial and error involved, no going in circles, just simple, managed steps towards your end goal.
3. Increased Confidence
You really need to believe in yourself, to know that you are more than capable of achieving great results. Your confidence is something that will grow over time as you start to see your success, but you can give it a big boost by setting goals. Just think - each time you achieve a result, each time you cross a step off your list, your confidence will naturally start to grow.
If you are really serious about selling on eBay, or online in general, it’s helpful if you can be a little creative with your goals and ideas… and also use your common sense. There is always a way.
For example you could:
1. Think about bundling several products together to make a unique package – this way you’ll be offering something different to your competition.
2. Look at sourcing popular unbranded products and then branding them with your own label so that you corner the market and others can’t copy you.
3. Negotiate with suppliers! This is the single most common part of sourcing that so many people overlook. The price you see isn’t necessarily the price you have to pay. There is always room for maneuver!
So although I know it can be incredibly frustrating, and so much easier to simply ‘throw in the towel’ before you’ve barely got started, Ii you give up, you’ll regret it. If you carry on – although it will likely be a bumpy ride you’ll reap the rewards.