I’ve been finding myself answering the same types of questions on email over and over so I thought it might be more productive and interesting to answer them in a single wrap up post for all to see. Here are a few questions that I received this week.
Help With Product Sourcing
I will like to start my online store, and we has been having almost the same situation that you share on your website. We have 3 kids and my wife isn’t working.
I look to on alibaba and dhgate website because they have the best prices I ever see in my life, but most of the product they sells are replicas, fakes, copies and iligal. This is giving me a hard time to choose a good product to sell without broke any law.
Did you have any advice? My wife and I will like to sale woman cloght, shoes, bags and accessories.
Thank you for your website.
Both Alibaba and DHGate are excellent resources but they are pretty intimidating to use in my opinion. I haven’t checked either of those sites for quite some time but I don’t remember ever finding name brand stuff on there. In fact if you do see designer labels, I would be very suspicious.
Are you trying to sell name brand items or are you trying to sell generic clothing and shoes? If it’s the latter and you still want the prices found on Alibaba or DHGate, I would highly recommend going to the China Import/Export Fairs that take place in China or Hong Kong multiple times a year. Many manufacturers of clothing, handbags and accessories will allow you to place your own brand name labels on the items that they make.
Another option is to pay for a service like Worldwide Brands to help you sort out and contact a wide variety of domestic and international vendors. Sites like Alibaba and DHGate can help you find suppliers but contacting and sorting them all out can be a major pain.
Help With Testing Out A Business Idea
How To Determine If Your Online Business Idea Even Has A Chance.
I have been going through the steps on this link, but I am stuck at the part about keywords. I don’t understand how to find the clickthrough rate using the Google Keyword Tool. Could you help me?
The information on this blog is just what I have been looking for. Thank you for putting so much time into it!
There is no real way to determine the actual clickthrough rate of a particular keyword that you will be targeting for your own website because every website is different. The best thing that you can do is make an educated guess.
- Find out how many people perform searches for a certain keyword you are targeting
- Make an assumption about the click through rate. If you are unsure, use any number between 1-3%
- Make an assumption about your conversion rate. If you are unsure, use 1%.
- Make an assumption about the profit you will make per customer
- Multiply all of those numbers together and you will have an approximate profit per day.
Based on this number, you can tell whether you can make some meaningful money from your business idea based on search traffic alone.
I’m going to be testing out this format of answering questions for a little while. If you have any questions about opening or running an online business, feel free to shoot me an email and I will try to answer them.
- How To Evaluate Your Online Business Idea For Profitability – Can You Make Money?
- Your Business Idea: How To Assess The Competition And The Demand For Your Products Before You Launch
- How To Determine If Your Online Business Idea Even Has a Chance
- How We Increased Our Profit 147% With Our Online Business
- How Fast Mobile Sales Are Increasing With Our Online Store
Have you read these?
- How To Prevent Your Small Business From Stagnating
- Starting Your Own Business: Do You Have To Risk Your Life Savings?
- How To Build Wealth By Saving Money Without Sacrificing Your Livelihood
- Dropshipping Vs Carrying Inventory – An Inside Look At The Financials Of Two Live Online Shops
- How to Maximize Credit Card Use for Small Business Owners