How to choose the right product so you're not afraid to sell online

You want to sell more. To sell and earn a profit. Whether you already sell online or are just beginning, the big question is “what to sell”. These handy tips will guide you on getting the most profit with the least headache.

1.Who are you selling to?

If you answered online shoppers, that’s not enough. Consumers online represent a vast spectrum of the market. For example, are you selling to men, women, or kids? In the US or internationally? Once you know who you want to sell to, you can determine the best place to find them.

Choose something that appeals to you. Love sports and want to sell sporting goods? Maybe you’re interested in kitchen items primarily for men. Explore what interests you and who you want to focus on.

Tips to help you start brainstorming:

  • See the Best Sellers on Amazon & eBay
  • Check what’s trending on Google
  • Find popular posts on Pinterest & Facebook.
2.Where are you selling the product?

Do what’s convenient for your target audience and you. Do you want to build your site, or do you want to leverage a marketplace? When you start selling online, a marketplace can give you a jumpstart.

Make sure your target audience visits that site, then make sure it’s feasible for you. Each marketplace has its pros and cons and its own rules. Selling on Amazon is not only popular, it’s also strategic. It’s accessible for new sellers and has a 50% share of the eCommerce market.

Research to find your best options before committing to any products.

3.What are you selling them?

You know the audience, and you see the medium. Now you need to find the CASH.
You need to get nitty-gritty and crunch the decimals when deciding on the exact product. First, check what’s popular. Then, evaluate the level of competition, and determine what can sell for a profit.

Bottom line: You want to calculate your expected sales margin so you won’t work too hard for too little – or for debt. 

The crucial checklist for no regrets

1. Know the product
  • Look for lightweight and small items. Heavy and bulky items cost more to ship and store, which means lower profit margins.
  • Choose a product with a sales price roughly between $35 - $75. Enough to make money on, but not too high to scare customers away.
  • Determine the quality of the product and the percentage of replacements/returns/refunds required.
  • Tip: Everyday essentials move off the shelves quickly.

2. Know the competition

  • Analyze how much you will need to spend to market the product and drive views to your listing.
  • Identify the price point you need to offer to remain competitive.

3. Know the customer demand

  • Look at sales and pricing over time to determine seasonality.
  • Balance seasonal products with other items that peak during different seasons. School supplies in August, Summer Toys in June, July

After you go through the checklist, calculate

  • The price you buy
  • Shipping/storing
  • Advertising
  • Faulty products
  • Price you can sell for
  • your cost
  • Profit
  • expected monthly sales

YOUR COST

PROFIT

WORTH YOUR TIME?

Bottom line: You want to calculate your expected sales margin so you won’t work too hard for too little – or for debt.
(Yes, I repeated that word for word, so you know to DO IT. You’d be surprised how many wanna-be entrepreneurs jump into online selling without hard numbers.)
Happy with the numbers?

Congrats! You now know a product that’s right for online selling!

Have more than one product on your final list?

Now’s the time to focus on your interests. Which item appeals to you the most? Leveraging your excitement will help you work hard to drive more sales.

Now go ahead, buy your right product, and sell fearlessly.