When you make the decision to sell products online, a common mistake you might make is assuming that to make a decent return you must source a hugely popular product in a hugely poplar niche, and one that will return you large profits for every item you sell.
However, you can make just as much profit, and very often more profit, by selling products in lesser known, smaller categories rather than the ones that every ‘Tom, Dick and Harry’ go for. By selling really niche products rather than trying to break into an already over-saturated market you can often achieve greater success. For example, by picking a very niche-niche such as ‘crochet’, rather than targeting the obvious markets such as TV’s, you will be able to uncover a popular niche product and enjoy a steady income.
Of course, you will need to sell far more crochet hooks than Plasma TV’s to make comparable profits – however crochet hooks are far easier to source, store, handle, pack and post – particularly if you are looking at sourcing and reselling on a part-time basis where time is limited.
So, put another way, you might think that the only way that you can make lots of profit is to stock those ‘so red hot that they are sizzling’ items but seriously to get your business off the ground it’s far easier to start with a smaller market but one that is very niche.
The more niche you go, the less competition you have and the more potential profit you can make. It makes sense really doesn’t it?
But the question is, how do you find those hot niche products and do they really sell as successfully as the TV’s, iPod’s and iPad’s being sold by some of the larger sellers online and on eBay especially?
Firstly, yes it is absolutely possible to find products that will sell in multiple quantities on a daily basis and that are not any of those I’ve just mentioned above! I know this statement to be totally true because I research products like this every day and always come up with some real gems – more on that in just a moment…
So, how do you find these illusive products? Well, you can make a start by using my seven easy steps. This is my own method that I use week in week out and so I know it works.
Step 1: Choose a niche – let’s carry on the theme with my crochet example from earlier and choose the ‘Crafts’ category.
Step 2: Go to Watchcount at http://www.watchcount.com and on the left hand side select ‘Top eBay Searches’. Then select ‘Crafts’ from the drop down menu (this is the category) and type in ‘Crochet’ in the Keywords box, then click ‘Show Me’.
Step 3: Select ‘Crochet’ from the subsequent drop down menu (this is a sub-niche)
Step 4: Take a look at the ‘Top eBay Searches/Keywords’ that are displayed in the list. If you want to drill further into the niche you can select ‘crochet’ from the Drill Down/Up Category menu beneath the searches.
Step 5: Choose one search term and click through (I chose ‘crochet hook’)
This will bring up a selection of ‘crochet hooks’ for sale on eBay in order of ‘Best Match’ which is the default selection for search results.
Step 6: Select the ‘Buy It Now’ tab at the top of the page to alter the results to BIN only rather than All Listings or Auction.
Step 7: Scroll down through the updated results and click into the listings to find the hot sellers, just like this example:
This product has sales of 404 at the time of writing and looking at the sales history, on average this equates to 10 or 12 sales every day.
You can conclude from this that sets of crochet hooks are definitely hot sellers and may be worth looking at researching further – along with potential wholesale suppliers with a view to adding as a product to your own inventory.
Then you simply rinse and repeat with other related products or niches.
As you can imagine, crochet hooks are not exactly the type of product that you might first think of as being an item that are either hot or that you could start selling online and building a successful business on – but sellers are doing well in this niche, quietly without fuss and making a very comfortable living.
So remember, sometimes it’s the things that are going on in the background that are worth paying attention to!
Any other tips you can share? Post them via comments below!