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Starting My Own Online Business?

Discussion in 'Making Money' started by wallofiron, Oct 25, 2010.

  1. wallofiron

    wallofiron Power Member

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    How do you guys that do this know you will be profitable before you start?



    I am getting tired of affiliate marking and wanting to make one website where I sell my own products for my niche.


    I know what products I want to start selling but how do you know before you start if you will be remotely profitable. I mean I figure most people would rather buy all their products from the big names out there, amazon, ebay, and other big websites. How can a small guy take off and survive in any market where tangible products are involved?


    Anyone that does this successfully care to share any tips?

    Big thanks
     
  2. ShadeDream

    ShadeDream Elite Member

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    No one can be 100% sure they will be profitable, you just gotta give it a go and see what happens, if your ded!cated to what you are doing, you'll make it.


    If that's what you want to do then you need a really good plan; in order not to screw up and end of with a crap product you will need to do some extensive research and find a good niche for yourself to create a product for. As well as this you will have to remember that although you may have the best idea around and your product may be one of the best out there, you can still fail. It's not easy and I would recommend sticking to affiliate marketing unless your ded!cated and you know what you're doing.

    If you want to go into tangible goods, don't bother going into the branded electronics section unless you've got a huge investment capital. If you want to create your own tangible product, you will need to source manufacturers, either way, it's a big hassle and it requires a lot of dedication. ;)
     
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  3. wallofiron

    wallofiron Power Member

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    thanks...

    My business partner and I were just considering opening an online store selling others actual products, not actually designed and producing our own.
     
  4. mudbutt

    mudbutt Jr. Executive VIP Jr. VIP Premium Member

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    Yeah, forget market research and analysis..as long as you're passionate enough the money will come!!!! This kind of thinking may sound good on paper, but its not a healthy wealth accumulation way of thinking. To make money, you got to chase money.
     
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  5. eBayMafia

    eBayMafia BANNED BANNED

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    That's what I was thinking.

    Finding a market is a lot like finding keywords for SEO. I never thought I would be selling the stuff I am, such as Anime Toys.

    Something that I miss with selling digital products is going into the garage and seeing a box of my items that I invested in. Now I have a mini-warehouse thats 50x100 ft packed with products and an office and I do international sales. At the end of the week I go in there and just sit there staring at stuff and finding stuff I didn't even know I was selling, deals set up by an employee I've never met that before I pay.

    There's a bunch of great market data sources out there. eBay, Amazon, large Retail, etc... it's fun in a way, but very very stressful at first. If you are like me then it will make you into a cheap bastard. I'll never buy a spatula for 9.00 knowing I can get it for 20 cents.

    Of course I still sell digital products and I make good money from them, but it doesn't compare.
     
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  6. DaveWolf

    DaveWolf Junior Member

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    Starting your own business = taking risks.

    You won't get rich if you dont take the risks.
     
  7. danielgb123

    danielgb123 Regular Member

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    Exactly what others have said - I haven't started my own business yet, but I plan on doing so and running a successful one by the time I finish school (18) till my early 20s - I hope to be making a great turnover in something I enjoy doing - internet marketing.

    As with any business, you need the passion, enthusiasm and drive to make it to where you want to be. When spending money, spend smartly, not excessively; when originally setting up think about what you're doing - when doing anything in business, work smart not hard.

    Once you understand what you're doing; you will know what you need to do to get there. Yes, that does include creating goals; which are a pain in the butt; however they give you a sense of direction. Set goals that are slightly out of your reach, nothing easy, nothing unreachable - but a target where you may be able to almost and eventually reach.

    Best of luck! :)
     
  8. You won't get rich if you dont take the risks. so try with innovative solutions, then u can make profit on ur hand.
     
  9. wallofiron

    wallofiron Power Member

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    I still cant find out where you can get detailed information on profitability of your particular market before taking the leap.....

    How can you figure out if there is enough room/profit in your current market to survive. In any market you end up competing against companies 100x bigger than you.

    I cant see how you can figure this out before hand... there must be a way.
     
  10. ShadeDream

    ShadeDream Elite Member

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    I don't really know how to answer your question but I guess you just need to find a hungry market, once you find a market you will know whether or not there's money to be made. And once you find your market, you just got to be different from everyone else.

    These articles may help you out a bit:

    Code:
    http://www.businessweek.com/smallbiz/tips/archives/2009/05/know_your_market_before_developing_your_product.html
    Code:
    http://www.entrepreneur.com/startingabusiness/businessideas/evaluatingyouridea/article70518.html
    You can also take a look at this, it's related to web hosting but you can practically apply the article to any other business out there:

    Code:
    http://www.webhostingtalk.com/showthread.php?t=332733
    PS. I know you asked a slightly different question but this may help you out a bit.
     
  11. Fireboltgirl

    Fireboltgirl Regular Member

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    Hi there,
    I watched a webinar a few months ago from the Ringold Brothers which tells you EXACTLY how they research markets before they create products of there own. It is really cool because they know their buyer, price range, what the product will be, BEFORE they pay to get the product made.

    Sorry I don't have a link ... but basically the method involves finding a clickbank product to use to test the market. Traffic is driven direct to the sales page using PPC, and also landing pages are split tested. Obviously this involves digital products, but maybe you can tweek it to get info about what hard products will work well. Shouldn't be to bad if you dropship (method of dropshipping Amazon products is here in the downloads, no money down, uses setting up an Amazon store of your own using the free trial to begin with, and worldwidebrands free trial. I can see you testing things this way but may not be worth the set up time).

    Good luck in your enterprise, sorry I can't be more help. I only watched the webinar to get ideas of another line of income later on, not really my area as yet.
     
    Last edited: Oct 31, 2010