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Do you sell physical products online? By “physical product” I mean anything tangible that must be shipped.
Chances are you’ve thought about it, but you’ve run into a road block at some point (probably a mental road block), and you’ve gone off searching for “lower hanging fruit”.
Many of my readers sell physical product online as do I – but I NEVER touch box tape!
Selling physical product is one of only three core strategies for success that I spend a lot of time training my readers about. Physical products is where nearly EVERY newbie should begin. It’s one of the biggest opportunities of our time, but many would be successful online entrepreneurs shy away from it for one of a few different reasons that I’ve listed here:
The common misconceptions about selling physical products online:
1. it’s perceived as being harder than other types of online business
2. inventory seems hard to manage and find
3. there’s a perception of saturation
4. everyone wants the supposedly easier “affiliate income”
5. you have to deal with picky customers
6. a big investment in inventory is needed to get started
But the REAL facts are:
1. more and more people are jumping online to buy stuff all the time and the opportunity is BIGGER than ever
2. profitable inventory is available all around you once you know where to look
3. few people realize that every component can be outsourced to others – and none of it is hard work
4. affiliate income is one of the HARDEST ways to make a living online. Check that section of my blog for proof.
5. if you don’t want to deal with customers, just ship all your product to Amazon and let them sell it for you!
6. there are many ways to get started with little or even NO investment funds required
Some supporting evidence for the “real facts” I’ve just listed
1. Amazon is quickly becoming the default shopping destination for global online consumers. These shoppers tend NOT to shop around on other smaller, lesser known sites. They pay more on Amazon for product even if it’s less in other places. WHY? One big reason is that millions of them have paid for an “Amazon Prime” membership getting them special offers and incentives to stick with Amazon for all online shopping.
2. Inventory issues can be SIMPLE once you know where to look.
Check out this recent interview as proof. In the interview I spoke on the phone with a student of mine who lives on the beach in Jamaica and has found a stream of profitable products to sell on Amazon!
3. Just yesterday I paid $5900 for a bulk load of inventory to sell. I anticipate I’ll make about 3x my investment after all expenses. I have others doing the listing, boxing, shipping etc. and what doesn’t sell on Amazon can easily be sent to eBay.
5. Using Amazon FBA means you DON’T have to deal with customers…ever! You box up all your product and send it to Amazon. They take it from there.
6. If you lack investment funds, consider selling stuff for other people (it’s called consignment selling and many eBay sellers do quite well with this strategy). Also, try visiting the close out aisles of the stores you visit and compare the prices there with the prices on Amazon and eBay (use your smart phone if you have one.) You’ll almost always find a handful of winners. My rule of thumb: If I’m not 100% sure that I can sell a product for 3x the price I’m about to pay, I walk away. Of course there are many advanced strategies to ramp up from this simple starting point, but it really can be that easy.
What is your reason for NOT selling physical products online?
What questions can I address (along with other readers of my blog)?
===UPDATE: This blog post lead to a $5,000 bet in the comments section. The bet was between two readers Brett & Chuck===
I also interviewed Brett after multiple requests from blog readers to meet him. Learn how he’s grown his business, how his family is involved, and where he finds profitable inventory. Below is a play button and the MP3 download file of this encouraging and informative 40 minute interview:
Want the MP3 of our interview? Click Here To Access It
Finally – here’s the short video I made that tells the story of the $5,000 bet:
UPDATE A FEW MONTHS LATER: Click here to see how Brett’s business is doing just a few months later.