https://youtube.com/watch?v=mRVMjBzEDFY
In this video, I’m talking about starting an online business that involves selling a physical tangible product. This step-by-step guide is compiled according to my own real-life, hands-on personal experience that I’ve accumulated in the last couple of years. The process flow is broken down into 5 steps (or 6, if you watch until the end).
You’re seeing my video probably is that you’re considering to start an online business or you’re trying to validate what you’ve learned from other videos. Welcome!
Step number 1: Find that niche.
– First of all, you’ll need to have a product to sell.
– Figure out what your passion is all about and match that with solving an existing problem that a fraction of the population faces.
– Do Google keyword searches to validate the demand of the products that you sell or plan to sell.
Step number 2: Identify your source.
– I usually go to alibaba.com or 1688.com (if you can understand Chinese).
– You’ll have a whole lot of sourcing, price comparison and benchmarking to do.
– Make sure that you’re comfortable with engaging that particular factory/producer as your supplier.
Step number 3: Engage an inbound forwarding company.
– Having complete grasp of this step allows you to know how long it takes for your raw material or products to arrive, which makes the entire selling process properly executed.
– To get a quote from the shipping company you’ll need the gross weight and the volumetric size.
Step number 4: Identify the right place to sell.
– You’ll need to identify your target market.
– Understanding your target market will help you to better market your products in the right platforms/places.
B2B: alibaba.com, globalsources.com, …
B2C: amazon.com, ebay.com, shopify.com, etsy.com, facebook.com (business page), …
B2C (in Malaysia): shopee.com.my, lazada.com.com.my, lelong.my, 11street.my, mudah.my, …
Step number 5: Price your product.
– Go find out what your competitors are doing.
– Establish the competitive advantages of your product(s).
– Why should people buy from you? Are your selling it cheaper? Do you provide better quality? Do you provide better value for money? Do you possess ready-stock? Do you deliver faster than your competitors? Do you offer a lower shipping fee? Does your product also come with a free gift? Does your product come with privilege/loyalty points?
Step number 6: Engage an outbound shipping company.
– Work with a reliable shipping company which gives you good/competitive rates and are able to ship to your customers in the shortest possible time.
– Here in Malaysia I use easyparcel.my because it’s convenient.
– It would be best if the shipping company (or drop-off point) is physically near to you, it would come in handy once in a while when you have an urgent parcel to send and you can drop it off at the shipping company’s drop-off point.
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Let’s be friends!
Facebook: mdleongmdleong | facebook.com/mdleongmdleong
Twitter: mdleongmdleong | twitter.com/mdleongmdleong
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Music:
Longing by Joakim Karud https://soundcloud.com/joakimkarud
Music promoted by Audio Library https://youtu.be/wSL0sGLTgLQ
music@joakimkarud.com
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