How to Make Money Selling Online
How to Make Money Selling Online Online businesses are flourishing everywhere, so people want to know how to make money selling online. You probably know someone or has heard of a friend of a friend, maybe an acquaintance of your family, who has ...
How to Make Money Selling Online
Online businesses are flourishing everywhere, so people want to know how to make money selling online. You probably know someone or has heard of a friend of a friend, maybe an acquaintance of your family, who has earned money by selling online.
At a glance, it may seem easy, but just like brick and mortar stores, there are many things one has to think about when it comes to selling online. What are the elements you need to consider?
Can I make money selling online?
Many people make money by selling their goods online. Ever since the world entered and utilized the digital age’s advantages, getting goods online has been constant. Day in, day out, there are thousands of packages delivered worldwide to meet consumers’ demands. The consumers’ need has grown exponentially for the past decade. Shipping and courier services work nonstop to keep up with the growing number of packages that need to be delivered daily.
When you think about this, you might have the misconception that it’s easy to find items to sell. But that’s not true. You first have to decide on the market you want to enter, assess whether you can provide supplies for it, and on what level.
How do I choose what to sell online?
Determine the level of comfort you are willing to sacrifice to be an online seller. Are you doing this for part-time, short-term, or long-term?
The time will determine how much you are willing to invest in this type of business.
- Part-time – You can sell items that don’t need to be replenished quickly in your spare time. There may be delays in providing for buyers since you won’t be stocking items in huge quantities.
- Short-term – You need items that you can sell quickly. It can be trendy pieces from popular fads, like in style clothes, accessories, and the like. Another way would be to buy and sell items to make a profit.
- Long-term – You will need to provide something that will consistently be in demand. You can supply items in general demand, like consumable goods, clothes, vitamins, etc. You can also enter a niche market that caters to specific buyers. Examples are hobbyist collectors, shoe collectors, figure collectors, and the like.
Choose your target market
Once you’ve decided on how long you want to sell online, you’ll need to consider the following factors.
- Who is your target market? How do they think, and what do they need?
- What item can you provide that is needed or welcomed?
- Will you be selling your self-made product? Reselling or repacking a product?
- What do you have access to, or how can you have access to a specific product?
- What is your budget? How many items can you hold and are willing to carry?
It would be best if you studied the industry you’ll be entering. You can sell several items, but you must know your products well to sell them effectively.
What do I need to know before selling online?
Build the structure of your business. It’s crucial to plan how you’ll be managing the workflow.
- Know if you will need permits or licenses if you will be importing items from a foreign country directly.
- You will need an identity. Will you be representing the store, or will your store have a name?
- Decide on the shipping and courier services you’ll use. Choose which one is the best fit for your needs and schedule.
- Accept as many payment methods as you can, or choose only the ones most convenient for you. (Paypal, credit card, bank deposit, cash on delivery, dragon pay, etc.)
- Always keep an inventory list to track your stocks and their amount.
- Record all related expenses to monitor your sales. Knowing what sells the most will help in choosing items to keep selling or replace.
- Set store policies. The rules should explain the validity of warranties, limits, and replacement issues.
Where do I sell online?
Luckily for online sellers, there are dozens of websites that they can sell their products on. Popular free sites are social media websites, like Facebook and Instagram. Some famous marketplace sites are eBay, Amazon, Shopee, Etsy, Zalora, and Aliexpress. If you’re keener on creating a personal webpage, then places like Shopify, WordPress, Wix, or BigCommerce, to name a few.
There are advantages and disadvantages to each site if you only want to set up one. But it’s a good idea to create pages of your store on as many sites as you can manage. You’ll be able to reach more customers that way.
How do I promote the items I sell online?
Create a social media store page
One of the ideal ways to introduce it to the public is by creating a social media account. This page can be purely informational if you want, and link your active store pages. You can interact with potential and existing buyers on these accounts and answer queries. The more information you can provide, the more people will be inclined to try and trust your items. It’s also an excellent way to show your available stocks and keep customers updated.
Social media ads
Unlike ads on billboards and magazines, online ads will not consume hundreds and hundreds of dollars. You can start small, as Facebook and Instagram ads can start as low as $0.50 – $3. The more money you spend on ads, the wider their reach, possibly thousands of users every day. These ads are helpful because they will target platform users who have similar interests to your products, so they are more likely to buy from you.
Join online events
Participate in online gatherings, so your product will be consistently shared and viewed by the event’s participants. You can also sponsor products in giveaways and build up interest in your store and items. By being active in communities and letting people experience your products, you’re increasing people’s awareness and knowledge of your store. More credibility means more people willing to try out your products.
Every business project is a gamble. There’s no one sure-fire way to guarantee success in anything. What happens, in the long run, is shaped by your decisions. So, don’t hold back and do everything that you can. Only you can direct where you will go.