4 things you should know before starting an e biz

4 Things You Should Know Before Starting An E-Biz

Advice from a Genius
Renowned E-Biz author Sydney Johnston created the now-famous Auction Genius courses () to aid people wanting to create their own e-businesses. She shares some important tips for anyone looking to learn the online retail industry:

Tip 1 Start Small.
Many of Johnstons students are eager to dive in head first, ready to invest all their savings into overseas imports or shopping network returns. But Johnston discourages ...

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Advice from a Genius
Renowned E-Biz author Sydney Johnston created the now-famous Auction Genius courses () to aid people wanting to create their own e-businesses. She shares some important tips for anyone looking to learn the online retail industry:

Tip 1 Start Small.
Many of Johnstons students are eager to dive in head first, ready to invest all their savings into overseas imports or shopping network returns. But Johnston discourages such risky moves for two reasons.

• They havent considered all the costs the enormous minimum quantities that may be required, or the price of having their goods shipped from overseas, not to mention the incidental charges they may incur in the process.


• They have little experience and, therefore, no way of knowing all that these transactions entail. Says Johnston, Youre going to make mistakes in the beginning. The way to minimize any kind of horrible error is to learn with inexpensive items, and scale up. Start with a minimum investment; and as you begin to make a profit, put that money back into your business rather than buying new toys for yourself.

Tip 2 Research the Market and Test Your Results.
As you go, youll learn which products sell well and where youre actually making a profit. Johnston has a funnel theory on finding your product niche: You start really broad, with huge categories. Then you do your market research and you funnel down. You get smaller and smaller, until out the other end of the funnel comes a handful of products that you can really do well with.

Tip 3 Start on EBay.
EBay is a great tool for beginners just learning about online retail. There are several reasons why its a smart place to start:

• Its quick, easy, and inexpensive.


• The traffic is built in, and the people that are seeing your listings are seeing them because theyre specifically searching for your type of product.


• Its a good way to get exposed to the ins and outs of the business.

Tip 4 Theres No Such Thing as Get Rich Quick!
Starting an e-business is just like starting any other business it takes patience and persistence. Dont expect to be magically rolling in money overnight. And dont just jump at every opportunity that comes along, for fear of missing out. Research it first; if it sounds too good to be true well, you know... If you take the time to understand what youre doing, theres plenty of room in the e-commerce industry for you to make money.

 

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