How to Start an Online Retail Business
How to take action on a business plan.
We went out and sourced 25 media items. We listed them on Amazon FBA.
They are live and ready to be sold. And were going to use that momentum to meet our initial goal of 1k profit per week on Amazon's, Fulfillment by Amazon service.
By the time this posts, this plan will have morphed, been modified, and tweaked into a profitable online retail business.
A. The 9 - 5 job is to buy/list/sell 1k profit per month or week. the bolded is our goal.
- 5 x $200 items
- 10 x $100 items (high end luxury items)
- 20 x $50 items (trending, popular items)
- 50 x $20 items (high end luxury longstanding brands)
- 100 x $10 items (average medium long standing brands)
- 200 $5 items (generic average acme stores)
B. Where to Buy (New York City)
- Stuff free on Craigslist New York City
- Stoop/garage/flea markets and sales
- Thrift stores, salvation army, consignment stores
- Retail Stores: Macy's, TJ Maxx, Marshalls,
- NYC High end Sample Sales
C. How to Learn the Market & Scout Competition
- Follow Amazon & Ebay Resellers on social media
- Talk with managers at local retail stores about upcoming sales or merchandise still in stock room.
- Sell items already familiar with: electronics, iphones, clothes, crafts, accessories
- Build or join a mastermind group of people actively participating in the offline to digital marketplace.
D. Getting to First year goal of 36k.
- Identify a monthly or weekly sell through rate/time. MBNY is following a monthly sell through rate till Q4, where we will transition to a weekly sell through rate.
- 30 days 200 items $2k 100%
- 60 days 400 items $4k 50%
- 90 days 600 items $6k 33%
- 150 days 1,000 items $10k 20%
- Identify the quantity you will have to source and purchase to list on Amazon FBA or Ebay.
- 200 x $5 profit per item
- 100 x $10 profit per item
- 50 x $20 profit per item
- 25 x $40 profit per item
Notes to keep in mind:
- Do not keep inventory over 12 months to avoid Amazon FBA storage fees or a death pile of unsold Ebay items.
- Cold call boutiques, pawnshops, consignment shops, 2nd hand dealers for product to source, list and then sell.
- Create product bundles to compete with popular listings or competitive sellers. Source an inexpensive add on that adds value or functionality to your listed item. Bundles sell well.