If you’ve been wanting to start your own business on the side while you have a full time job, selling products online is an easy and quick way to get started. There are many ways to make money on the Internet, but one of the quickest ways to create income is to retail products to people who are shopping online. Online retail means that you source out a product for a good price and sell it online for a profit.
With the Internet, retailing products have gotten much easier than in the past, because we no longer have to invest a large amount of capital to open and stock a physical store, also known as a ‘brick and mortar’ store. This was the reason I was able to begin my business with my brother. If you’re still on the fence about retailing products online, here are 10 benefits of selling products on your own e-commerce store.
- Your Website is a Sales Team That Works 24-7: Most retail stores are only open during regular business hours. Have you gone to a store to find that it has already closed for the day? Luckily, if you have an e-commerce website, your customers can find and place orders on your site any time of the day.
- Low start-up costs: This is one of the main factors in starting a business. Most people lack the capital (as I did) to start their own business which makes it difficult and sometimes impossible. With an online e-commerce website, the start-up costs are very low and e-commerce shopping carts are easy to setup. You can even get started with some hosted shopping carts for less than $20 a month!
- Easier to keep track of marketing ROI: In the past, marketing and advertising ROI was difficult to track, due to the nature of how advertising and marketing was distributed. Tracking your ROI is drastically different on the Internet because high-quality tracking systems make it easier for you to discern if the money you’re spending is working for you.
- Reach a global client base from your bedroom: What used to be a local retail store is now open to people around the world. People who never had access to certain products are now free to surf the web and find what they’re looking for. Where your customer is located is not a problem for anyone with an Internet connection.
- No need for physical retail store: If you already have a physical retail store, great! By adding an e-commerce store to your existing brick and mortar store will help you generate more revenue and move more products. If you don’t have a brick and mortar store, no problem. By having your own e-commerce store, you don’t have to be tied to a brick and mortar store, allowing you to work from your home or where ever you please. If you grow large enough, you can always get a warehouse to stock your products or find a drop shipper to handle your fulfillment.
- Compete with larger businesses: Yes, you can compete with the ‘big boys.’ This is because the Internet is full of ‘niches.’ By finding a niche in the market you can fill, you’ll be able to bring in a sizable amount of revenue. This is great because you don’t have to be the superstore that sells everything under the sun, and instead concentrate on a few products making it easier for you to buy inventory.
- No Need to Hire Employees: If you have many employees that need management, it’s probably going to be the most frustrating and stressful part of running your business. With an online e-commerce business, this stress can be eliminated completely if you choose. Check out benefit number 9, to see how outsourcing can completely free you from this stress.
- Work in your PJs: Once you’re able to quit your regular full time job, you can start working from home in your PJ’s! Although I don’t recommend this because I want you be as productive and achieve as much success as possible, if you’re able to work productively in your PJ’s, you can do so!
- Ability to Outsource Many Aspects of Running the Ecommerce Site: There are many ways to outsource your business and outsourcing can all be done through the Internet. Do you want to outsource your marketing? Do you want to outsource your website design? Do you want to outsource your fulfillment? Do you want to outsource your bookkeeping? These things can easily be done and more. With a little creativity and work, you will be able to outsource most of the work for a very affordable price.
- Higher Profit Margins: No need for a retail location, no need for employees to run your retail store, no need for a warehouse if you don’t want to. All this translates to lower operation costs, putting more profits into your pockets.
As you can see, if you want additional income on the side, or a full blown business, retailing products online can be a great way to get you get you started on the business track.
Have you sold anything online before? Have you sold anything on eBay? Let me know how your experience was!
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