|By Creedthang (Creedthang) on Monday, March 31, 2003 - 05:50 am: Edit|
i wanna know more about companies.
read the earlier conversation regarding teens with companies.
could you please answer my questions.
i wanna try to find out as much information i can before i venture out into anything.
i got a bank account which has about 1000$ with my name on it.
how do i use that effectively and manage to start my own venture.
business is my passion.
im not too interested in making money.sure id go for a profit.i want the whole experience.
|By Jasontoff (Jasontoff) on Monday, March 31, 2003 - 04:11 pm: Edit|
in answer to your questions creedthang...
1)how do you decide on which product you wanted to sell..
i think the best products sort of reveal themselves...either you realize a certain product (invention many times) is a good idea....or you see someone else with a potential product==such was my case, when I saw my friend giving away popular hemp necklaces. It is difficult to brainstorm for a product...instead, keep your eye out for things that people really like.
2)how do u get your hands on the products?.do u guys go to the manafacturers and buy wholesale and then make a profit of about 20% 30% on them.
I think you'll find more luck getting items made yourself or by your friends...thats what I do. You could try reselling through wholesale-- but it seems that there are many big companies already out there that dominate the re-selling fields...and because of their mega-relationships with other companies, they can offer really good prices
3)the most difficult part.how do you market these products.spam?.how long did it take to get a decent number of hits on your site?
It took a few months to get a decent number of hits on my site. This was mainly because I did not know how to advertise. I tried spamming but got sooo many complaint emails and return emails that it was close to a failure. I probably made money via spamming but the time it took to respond to 100 unique emails a day from confused/mad/excited people was a pain. The MOST EFFECTIVE form of advertising on the internet is pay per click search engine listings. If you can get a customer from a search engine, where they SPECIFICALLY looked up the product they were looking for, that is 100x as valuable as a random person clicking a banner on a website. Also, since it is pay-per-click, you are guaranteed that they will at least enter your site (while tv & radio ads, etc don't necessarily get people to your site). Cost per clicks range from a few cents to a few bucks (I pay on average about 6 cents a click)---depends on the cost of your product and the number of companies competing for the search engine result listing (1st place costs more than 2nd and 3rd, etc etc)
4)who does all the delivery and stuff like that?.and how is money transfered?
I ship via USPS because it is cheapest. I can charge $0.99 per product to ship, and still make money off of shipping (nicely put as 'handling' fees). For supply orders, I ship via a faster rate mail (priority mail, also USPS) and charge $5.25 (tho it costs about $4 typically). If I wanted to be more organized and make things a bit easier, I could ship via UPS through my PayPal account and offer package tracking...but I want to be as inexpensive as possible and make the most money possible. I want to encourage people to order a necklace or two and only have to pay a couple bucks shipping...instead of paying $6.50 shipping for a small bracelet, for example. Money is transferred in one of two ways. Through the internet, customers can pay by debit card or credit card through PayPal (they create an account with paypal in the process). PayPal takes like 1.5% + 30cents per transaction (obviously worth it). Also, customers can print out a printable order form I created and send in a check, money order, or cash (at their own risk).
i too did not worry about profit...I was more concerned in growing the gross income of the company, and succeeded in doing so.
1st month: $100
It sort of peaked there and settled down back at around $700 (with big >$400 orders once in a while)...but I'm happy
|By Magicman (Magicman) on Monday, March 31, 2003 - 05:59 pm: Edit|
I dont sell a product - I thought of an idea and contacted alot of people who had traffic to sell - so i bought - and thus i made $ through advertisers - not a shabby amount.
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