Phew! Lots of information to digest, lots of things to think about. :o)
I wanted to finish up this E-Book with a timetable of the things you'll need to get your business started on the right track. Some things you can do simultaneously, and some things have to wait for others to happen. It helps to have an idea where you should start and what you should be doing,
and when. I can't put days or dates on this timeline, because in different places these things take different lengths of time, but this is the general order in which they should be done.
Think about where you want to host your store. You may decide you want to sell via Internet Auctions. Perhaps BOTH. There are many store solutions and auction sites out there, and you can certainly take your choice. In our Resource Center, you'll find our recommendations for the best hosting companies we've found.
While you're deciding where and how you want to sell products, pick up a copy of our Drop Ship Source Directory
and/or our Light Bulk Wholesale Directory.
You'll find no better sources ANYWHERE of genuine
Wholesale Suppliers that will provide all the products you need for your Store
or Auctions.
You'll also
at least want to try a FREE Trial Version of our Market Research Wizard. Our
Directories and The Market Research Wizard are all available on our site, at
www.WorldwideBrands.com.
The reason you should have these at this time is twofold: research, and paperwork. Part of your decision about where your Store is going to be, or whether you prefer
Auctions, or BOTH, involves Product Research. You need to know what's available to you so you can start searching in your future Internet Mall or ECommerce Provider's shopping area, or your chosen Auction sites, for your potential competition.
You're looking for products that are not being oversold. Remember what we talked about? A little competition is good; that means that the products sell. Too much competition, and the product is a waste of your time, and your
store's space. Look through the Directory of
your choice, get an idea what you want to sell, and then start your Product
Research. That research is IMPORTANT to a successful Internet Store or Auction.
At the same time, you can begin to contact the
Suppliers you might want to use, and gather information from them.
There'll be a bit of paperwork that you can do at the same time as your business paperwork, and you can get it all finished up at the same time.
Start your business paperwork. You'll want to file your DBA, Fictitious Name, or corporate papers; whichever way you decide to go. In some places that can be done in person and right away. In others you may have to wait from a few days to a couple of weeks for your certificate to be mailed to you. You can use that time researching products and practicing with your
Store or Auctions.
Once you have your business name, you can open your business bank account. Usually this is just a matter of depositing $50 or so in a new business account at your bank. This is also the time to check with your local IRS office regarding your Tax ID. Again, in some places
it's quick and easy, and in some it may take a little time. Keep researching products during that time!
Contact a Merchant Account Provider. In order to accept your customers' credit card orders, you need a Merchant Account. While you CAN use free services like Paypal, most Internet shoppers feel a much greater sense of security when they see that you accept Visa and MasterCard. It has the effect of legitimizing your business in their eyes. You can find the Merchant Account Providers we use and trust in our Resource Center.
Once you get your Tax ID, you're in business! Send in the paperwork you got from your distributors and open accounts with them. Remember, there are NO Account Setup Fees with any of the
Suppliers we list in our Drop Ship Source Directory, and our Light Bulk
Wholesale Directory is designed to give you only Suppliers that will work
with you, and sell to you at low minimums with genuine Bulk Wholesale Pricing.
When you've a good idea of the products you want to sell, you'll want to get your Domain Name. You should wait until this point, because the domain name for your first store should say something about the products you
are selling. Domain names usually sell for about $35. You can find them for less, but beware of cut-rate domain registrars. You could find them out of business one day, and find yourself suddenly unable to control your own domain name.
Now that you've got your
Supplier account(s) open, you can pick up wholesale price lists from them. Take the product research
you've done, and compare pricing with other Internet Stores in your shopping area. Weed out the products in your general product lines that you
can't make at LEAST 15% on easily. We make about 30% on the products we sell, as a general rule.
Remember, you DON'T have to be the lowest priced! A clean, focused site or auction with up-front Customer Service information impresses more than a dollar or two in savings.
As you decide on products that you will sell, keep a folder on your computer containing those product images and descriptions;
you'll get those from your Drop Ship or
Light Bulk Supplier.
Now, it's time to get your Merchant Account. Again, check our Resource Center for the ones we recommend.
By now, you should have the following:
- Your
business name and Tax ID
- Your
business bank account
- Your
Domain Name
- Your distributor account(s)
- Your
Merchant Account
- A list of
the products you can sell at a profit, complete with the prices you intend to
charge
- Your
product images and descriptions from your distributor
During this time, you should have been practicing with your Internet
Store software, or running a few Auctions. Now,
you're ready to go.
Begin to load your product images, descriptions, and prices. As I said before, this is easy to do with either type of Internet Store solution I've mentioned. Remember to create your Info page as well. If you want to see an example, take a look at one of ours at www.ElectronicDartShop.com (click on the Info link).
Once your products are loaded
or your new Auctions are prepared, you're ready to sell!
If you stick to your timeline, and work at it, you can actually complete this entire process and open your Store for business in less than a month, generally for under $500, depending of course on the site and store options you choose.
I'm not just saying that. WE worked through this entire process in the state of Florida, and did it just like
I've described, for just that amount of money. That particular store is doing very well, and so are our others.
In conclusion
I appreciate your reading this far, and hope that you've gained some useful information here. I
won't promise that I will hand you your dream, or that
I'll make you rich. That's the difference between us and all the scam artists out there. I'm telling you the Truth, even though
it's not as pretty as the lie. The Truth is that it takes work and dedication to build yourself a future
that's free of time-cards and bosses, but it most certainly CAN be done. WE did it;
I've just told you how. So can you.
Are there other legitimate ways to approach Internet business? Sure. The methods I've outlined here are not meant to be a "complete business system". This E-Book simply describes the best methods I've found to start an Internet business with a very small investment.
Remember, no one can guarantee you success and wealth. If anyone does, run fast and far in the opposite direction! It's UP TO YOU. Do the work yourself. Have patience. Go step by step. Spend time on it. Use common sense.
That's how successful people become successful. YOU can be one of them.
For more
FREE information:
- As promised, there is a Resource Center on our site. We've listed all the resources we've found to be GENUINE and HELPFUL there. Whether you're looking for an Internet Store Provider, Marketing information, a Merchant Account, the best EBay selling methods, etc., you can see and contact all of our best recommendations there.
- I am
eBay Radio's on-air Product Sourcing Editor. I do a Product Sourcing
Segment on eBay Radio with the show's Host, Jim (Griff) Griffin. If you'd like
to listen to those Radio Show segments, you can find a link to them at the top
of our Home Page.
- I am
also the Host of "The 'Common Sense Internet' Radio Show", on World-wide
Internet Radio, and several broadcast talk radio stations. You can hear me and
my Co-Host, Rob Cowie, talking about Home-based Internet Business every Monday
morning 9 AM to 10 AM Pacific Time at
www.wsRadio.com.
If you have questions or comments on this E-Book or anything else, you can reach me at the following:
Chris Malta
WorldWide Brands, Inc.
www.WorldwideBrands.com
Info@WorldwideBrands.com
