One of the biggest problems people have when it comes to starting a business is finding hard to come up with the right business idea and the right products to sell. You have two options, one dropship and two, sell from your own inventory.
In order to start an inventory-based business, you either need to source your products or you need to make your products.
You can source your products from Alibaba because it is the best platform to buy in bulk. If you want to make your own products, you can buy supplies from Amazon because it ships faster.
If you want to source products to sell, do some research and try to find unique products that people might find interesting, products that might solve people’s problem. Order the product and store in your warehouse.
If you want to make your products, chose a niche that you are interested in, learn how to do it and create your products. For example, you can start candle making, soap making, 3D printing, etc. Buy supplies and start making your products
Create videos on your product, show how the product can solve people’s problem. Share your videos on tiktok and youtube short with a link where people can purchase the product.
If you want to do online business, you have two options, one, sell from your own store, and two, sell from a third-party marketplace.
There are pros and cons to both, and which one you should choose depends on your expertise and investment.
In order to create your own online store, you need to send some money. For example, shopify has a fee of $29 per month. Even when you are using an open source platform like woocommerce, you still need to spend money on extensions. Furthermore, you will have to spend a lot of money on branding, SEO, and digital marketing.
When you want to sell from a third-party store you either pay a small listing fee or no listing fees. You do not have to spend money on branding as these marketplaces are already big brands. You also do not have to do extensive SEO, you might have to spend money on ads but that’s also not a big amount, and absolutely not necessary.
If you are just starting out, trying third-party ecommerce marketplaces is a better option because you have nothing to lose. However, if you want to scale your business, building your own store can be a better idea. Interestingly, moving to your own store is also not necessary to grow big, you can grow big even while using a third-party marketplace.
If you are thinking about a low-cost online business, you need to try a digital product business. The best thing about this business model, you create products only once but can sell the products again and again.
What is digital product business?
Selling digital products that can be downloaded on the buyer’s device is a digital product business. Digital products also include services that can be bought online.
What kind of products can be sold?
You can sell ebooks, online courses, subscription services, memberships, templates, design bundles, webinars, printables like wall art, calendar, etc.
How to start a digital product business?
You have two options, one, to sell through the existing ecommerce marketplaces, and two, by creating your own store to sell your digital products. The first method includes selling through Amazon, eBay, Etsy, etc. The second method requires you to create a website.
When you are selling through the marketplaces, you do not have to spend a lot of money to create your store, these marketplaces already have buyers, therefore, selling is somewhat easy.
When you want t sell through your own store, you will need a domain, hosting, and build a website. You can create a website from scratch, use premium services like Shopify, or open source content management systems like wordpress.