If you’re looking for an easy way to make money from home, you’ve probably considered exploring the lucrative world of online selling. There are plenty of ways to make money online. You can start an online store, sell and display ads, build a membership site, or become a freelance writer.
Although there’s plenty of room for improvement, the one thing everyone needs to get started is a product to sell. Without a product, you don’t have anything to sell, so starting with a product that already has some demand is ideal. The product you select needs to have enough demand to make you money, but not so much that there’s already a store or website selling that product online. That would be tough competition!
The Basics Of Choosing Your Online Product
When it comes to choosing your product to sell online, there are a few key things to keep in mind. First, make sure that there’s enough demand for your product. You can use several methods to find this out, but the simplest is to check online reviews. These can help you get a feel for what other customers think about the product.
If you’re worried that your product won’t earn you any money, you can sell a similar product that’s already popular to get some initial traction. The key is to find a product that fits your niche and has enough demand to make you profitable. Once you have this product, you can move on to the next step.
The next thing to consider is pricing. You need to decide how much you’re willing to charge for your product. The pricing for your product should reflect the demand for it. If you have a new product that no one has ever heard about, it can be challenging to figure out how much you should charge. One thing you can do is look at the pricing of similar products and use your best judgement. Ultimately, you’ll have to test different prices to find what works best for your product.
Once you’ve determined the price for your product, you need to set a selling price. This is the price you’ll actually charge your customers. You should set your price slightly higher than your competition’s low price, just in case someone decides to buy from your competitor instead of you. Your price should be high enough to cover your costs and make a profit, but not so high that you lose money on every sale. This is where margins come in handy. Margins are the difference between what you spent to make the product and what you actually make from it. For example, if you spend $100 on ingredients to make a product that sells for $500, your margins are $400. This is also known as your “profit.”
Which Platform Should You Use To Sell Your Product?
As mentioned above, without a product, you don’t have anything to sell, so it follows that you need a platform to sell it on. There are several online marketplaces that you can sell your product on. The most popular ones are
- Facebook Marketplace
If you have a physical store, you can also use the same platforms to find customers. You should consider using multiple platforms so that you can reach as many potential customers as possible. For example, if you have an online store and a physical store, you can use the email newsletters that you send out to promote your products on social media platforms like
Keep in mind that different platforms have different restrictions and requirements. For example, if you decide to sell your product on
you need to be mindful of the fact that not all businesses can be posted on these platforms. Instagram in particular has a lot of
- content policies
- community guidelines
- geo-location limitations
- media optimization
- re-post limits
- spam policies
- video length limits
- content removal
The Pros And Cons Of Each Platform
Before you make a decision about which online marketplace to use to sell your product, consider the pros and cons of each one. It’s always a good idea to do your research first, so that you have a good understanding of what to expect. Below, you’ll find a short list of Pros and Cons for each platform. Take a few minutes to consider which platforms might be the best fit for your product.
One of the first platforms that comes to mind when you think about selling online is Amazon
Amazon Prime is a membership program that provides customers with free two-day shipping, exclusive member discounts, and access to a huge library of downloadable videos.
The advantage of selling on Amazon is the sheer size of the platform. With over a billion active customers, you’ll definitely be able to reach a large audience. Another advantage is that Amazon offers a variety of payment options, including
- Amazon Gift Cards
- Credit Card
- Direct Deposit
- Wire Transfer
The disadvantage of selling on Amazon is probably the least attractive of the bunch. The platform can be a bit predatory in nature, especially towards small businesses. What this means is that Amazon tends to prefer large companies and brand name products due to the fact that they have a lot of money to throw around. These aren’t exactly the kind of customers you want to appeal to if you’re looking to make money from selling your own products.
EBay is one of the most popular online marketplaces, with nearly 500 million active users shopping for everything from electronics to clothing and accessories. The marketplace allows users to compare prices and find the best deals. If you decide to sell your product on
you can give your customers the advantage of getting a great deal, while also keeping all the proceeds. There’s also a dedicated customer service team available to help with any problems. This is a popular choice for online sellers because it’s so easy to use.
The disadvantage of selling on
is that the vast majority of orders come from customers outside of your country, so you might have to deal with customs and import taxes. Additionally, some markets have different restrictions about what you can and can’t sell on their platform. For example, you can’t sell
- Espionage and Sabotage
- Adultery and Fornication
- Mafia Activities
Shopify is the biggest online marketplace for shopping
- Pet Care
with over 250 million active users. The platform makes it easy to set up a storefront, with no need for design expertise. Once you have a Shopify store built, you can use the platform to actively promote and sell your product. You can even use the platform’s SEO tools to help your product or service stand out from the crowd.