Ebook Sample Content Preview:
Like most business models, there have been plenty of people who have gone before you and failed. There are also people who have gone before you, made tons of mistakes and learned from them, eventually becoming huge successes. It's important that you try not to reinvent the wheel. Learn from people who have done it and succeeded hat new Marketplace sellers make. Let's go over a few.
Not Spending Money
How much you invest in your business is proportionate to how much you expect to earn in your business. If you only put up 10 low inventory products, you can’t expect to make six or seven figures. If you want to make that much, you need to invest proportionate to your desires. When you buy merchandise, know the retail value. If you want to make six figures, the retail value must be worth six figures.
Not Placing Value on Time
A lot of new business owners do not place any value on their own time. This is understandable because most business owners work for free for a lot of hours before turning a profit. People who don't understand their own value will often forgo the idea of using fulfillment services because they think the fees are too high. But what is your time worth? You only have so many hours in the day to invest in your business. But, you also likely have a family and a life outside of your business. With strategic outsourcing, you can make the most of your time while increasing your profit potential.
Starting Without a Clear Plan
Every business owner needs to start their business with a plan. Business plans aren't something that only corporations make. A business plan is essential to your success. It will help you determine what type of products you want to sell, how you'll price your items, how many you need to sell to earn the kind of money you want to earn. Without the plan, you're just starting another hobby. With a plan, you're starting a real business with real profit potential.
Pricing Items Incorrectly
If you price items too low, you will lose money. If you price items too high, you will also lose money. The worst offender is pricing products too low. You make a sale, and think you're successful, but once the books are reconciled you realize you're losing money. No one wants that, right? Keep in mind selling fees, per order fees, shipping costs and other costs that affect your profit potential as you price your items.
Describing Items Inaccurately
Amazon Marketplace has a feature that allows you to enter a UPC code of an item, or an ISBN number for books to automatically list an item without having to put in a separate description of each item. You want to use this feature, but check it to be certain it is right. Sometimes data entry errors happen but other times the number has changed and it brings up a different product entirely. This can be a customer service nightmare and play havoc on your seller rating. So pay close attention.
Mismanaging Inventory
If you choose to sell items at more than one marketplace, it's imperative that you keep track of your inventory. If you are only selling through Amazon Marketplace, it will be easier for you to keep track of inventory. A good way to do this, if you sell at more than one marketplace, is to allocate a set number to each outlet, such as 12 items for Amazon Marketplace, 12 for eBay and so forth. That way you won't have to disappoint someone who ordered because you didn't realize you were out of product.
