Alright, so here is the first way to help jump start your business over the next couple days. Depending on your business, this may not work for you. But if you are in any kind of retail or product supplying- whether that is a retail store, an e-commerce/auction site, small wholesale supplier, etc., then consider expanding your product line.
As many of you know, I have been selling on eBay as a business for over a year now. We have been pretty successful in the sense that we continue to sell at least 2-5 items a day. However, we want to bring this up to more like 5-10 items a day. If we can reach this goal, we know we have the potential to make a lot of money.
So, I have been continually looking to expand our product offering. I have been researching wholesalers in the camping equipment industry and have had some success in finding new suppliers. Of course, as with most wholesalers/distributors, there are higher minimum order quantities then I would like for there to be, but that is just the way it goes sometimes.
On top of finding new suppliers, I have also found some a new drop shipper that offers a wide variety of products for a small monthly fee. After doing a decent amount of research about the products and their success rates on eBay, I have decided to give it a shot and start listing their products in the store format auctions, instead of a normal 7-day auction (it saves us upwards of $0.75 – $1.00 for each item listed). With drop shippers, it is a very easy way to quickly expand your inventory. Our eBay store currently has about 20 items listed in it, over the next few days, this should rocket up to about 50. Then I am going to let the products sit and see what sells.
What markets can you expand your reach into and offer products or services to?