No one tells you about the pitfalls and mistakes you could make when you’re a newbie in pursuit of income online. There are many tips that could help you save time and money before you start your venture. No one can really tell you all the possible situations that could work against you. You have to gain your own experience and you should do the research before you invest in your physical product. Here are a few questions you should ask yourself before you invest and sell your product.
What are you planning on purchasing?
How are sales looking in the local, nationwide and internation
al market for your product?
Where will you promote and sale the product?
Do you have experience and product knowledge?
What is your sales and marketing plan?
Who are you purchasing from and does the company or person have a good reputation?
Are you looking for a discount and risking quality?
Is this a product that you like or love and can standby?
If you are working alone and learning step by step, here are a couple of things that are helpful to know about a couple of widely used resources.
If you are working with low funds, dont make the mistake of not setting a reserve price on your product. You may see products with a starting bid on eBay for $1.00 or set at some outrageously low price. The product is usually protected with a reserve price. This is a price you set for the least price you will accept for your product. If no one reaches your reserve price at the close of bidding, you are not obligated to sell. The customers are allowed to contact you and ask for the reserve price. You can disclose this information or keep it private, its up to you. A customer can win the bid on your product and fail to pay.
If the customer hasnt paid for the product in a couple of days, you can open a case. During this time, eBay customer support advises you to make attempts to settle with the customer. If you have not received payment after 2 days. Report to eBay Customer Support to open the case, wait four days to report back to eBay customer support concerning the case. In the meantime, you still have to attempt to resolve the matter.
Once you report back to eBay, they only file a report of the case on the customer It seems to me this person is not penalized monetarily or maybe not even restricted from the system. You lose time and money on a sale that you had hopes of receiving.
This situation is not uncommon and happens a great deal. When you set up your product for bidding, the account settings give you an option to block members who have a history of unpaid cases. The system gives you an option to sell your product to lower bidders at the last bid he or she placed for your product. So dont put all your hopes in one item for sale and one bidder unless you are just testing the waters. eBay gives you some complimentary fees when you engage in the bidding process to sell your products.
You can also consider the “Buy Now” process for a more effective sales strategy. Beware of the fees that you have to pay if you list multiple products separately, there is a way that you list them together and pay once. When you list them separately you pay the fees each time for each product.
Selling books or other products on Amazon
You have a choice of business or personal account when you setup an online store with Amazon. If you are just starting out and dont have a high volume of products, make sure that you choose personal account on your settings. If you mistakenly choose the business account, you will end up paying a tremendous amount of fees. Amazon charges a percentage fee for each sale that you make. You then have to ship the book out of your own pocket. So make sure the books you resale are worth your time. Its possible to have low book sales and sporadic income from the books. If you have the business account, the fee is over $40 dollars monthly. Don’t make the mistake of choosing a business account and attempting to edit your account back to personal later. In order to have a business account there is a standard of volume that is necesary for that type of account. You will still be charged for a business account even if was a mistake. You can only make sure the changes for a personal account goes into effect for the upcoming month.
Purchasing your physical product
If decide to buy your products online and are considering a lower price to maximize profit, think again. Consider the quality and demand for the product. Remember the saying that “you get what you pay for,” if you purchase the cheapest product. Think of how difficult it would be to sale a low-grade product that no one wants it. Unhappy customers will want their money back and you lose money on the product you purchased. Make sure you get a sample of the product and check for the quality.
These are just a few tips to help you avoid simple mistakes which cost you to lose money. Some of these things are well-known , but to some people with limited knowledge of navigating online this could be helpful. When I started writing online, I had limited knowledge of how to find my way around the internet. All I knew was that I wanted to write and I wanted to earn money from home online. I didn’t know what a contextual link was nor how to create one. Even basic internet language like anchor text, self-serving links, backlinks, and affiliate marketing were foreign to me but attempted to learn. Today I am still limited in some areas, but I’m learning. Hope these tips can help you and I wish you the best at Seekyt!