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Maybe you work full time but you’re looking for a way to make some extra money on the side.
Or you’re a crafty DIY’er with a unique product that you create yourself.
Perhaps you’re a serial entrepreneur, always on the lookout for new business opportunities.
Or maybe you’re a stay-at-home mom searching for a lucrative job that offers part-time hours from a home office.
No matter your motivation, we’re excited to share 5 business models that can help you launch a lucrative side-hustle or, if you’re looking for something more long-term, a sustainable company.
Selling physical products is one of the mainstays of commerce, and these 5 business models are rooted in the world of online selling. After 40 years in the industry, we’re convinced that finding a physical, shippable product to market and sell online has never been easier. Amazon, Ebay, Shopify, Etsy, and others provide incredible marketplaces where your product has the potential to be viewed by millions of interested shoppers daily.
So let’s get to it! Here is an overview of 5 unique product business models that, with careful product research and , can get your online selling business off the ground:
1. Private Labeling is simply the process of buying a generic product and selling under your own brand. It may require a slightly higher investment (with trademarks, patents, copywriting, etc), but we have over 40 years of private labeling experience, and trust us: the payoff can be huge!
2. Wholesale Arbitrage finds its sweet spot in large quantities. If you are looking at becoming an online seller long-term, creating lasting relationships with wholesalers, distributors, and manufacturers will be in your best interest. Plus, you build a good relationship with them, your supplier could be more inclined to call you with good deals.
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Just remember: it will take you some time to research (1) the best product(s) to sell and (2) the best wholesale source. But the long-term benefits of wholesale arbitrage can make it worth the hunt!
3. Retail Arbitrage focuses on buying low and selling high. Places like Walmart and Target can be great options for buying low, but your competition will be higher because everyone does it.
Focus on mom-and-pop shops, or the random accessories corner at the local bookstore, even hardware stores can have hidden gems. You’re buying in small quantities (at least initially) to test the product and see if you can make money. You are not buying the season’s best sellers off the shelf to resell: you are shopping the clearance section and bartering for the best deals. That’s what makes this such a popular way to launch your online selling business!
4. Dropshipping products to your customers through a third-party vendor can save you time and money if you don’t have anywhere to store your inventory. You simply create the website or seller account (on Ebay, Amazon, Shopify, Etsy, etc) and store your inventory with a third-party vendor. When an order comes through, your vendor will fulfill the order — package and ship the order to your customer. Perhaps the most widely recognized dropshipping service is offered to Amazon sellers, (FBA).
5. Manufacturing could be as simple as you assembling a product in your home. Or creating and building items in your garage. The benefit here, of course, is the opportunity for business growth that comes alongside the chance to save. When the demand for your product reaches a point where you can no longer do it alone, you may choose to send your manufacturing overseas. You may also have the chance to buy large volumes of raw material, lowering your overall price to manufacture each item. All of these exciting changes will save you money while your business skyrockets.
Still not sure which method is the best for you? You could try the least expensive option at first, then conduct a test for three months to see if it brings a profit for you. After this initial test period you may consider revisiting these 4 options, or just continue full steam ahead. Millions of customers are waiting for you online.
How much time does it take to start retail arbitrage? What are the pro’s and con’s of private labeling? What is the key to success with sourcing products wholesale? If you’re asking yourself these questions, don’t worry: we’ll walk you through it in our four-part series. In the meantime, .
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