"Being able to open an online store is one of the greatest benefits of living in the internet age, and you stand to make a handsome profit - but which Ecommerce business is best for you? In this episode, the lads dive into all the different Ecommerce models so you can decide which ones are worth a try!"
There are different things than can be sold as well as different ways to sell them.
Different types of selling as you may call them are; Private Label, Dropshipping, Arbitrage, Wholesaling, On-Demand and many more!
You maybe like I was, having all of these thrown at you, trying to figure out the best one to get started with.
Dropshipping is known as the 'no money down to e-commerce' when I see it as a 'no commitment down' model.
Yes, it allows you to have as many products as you like on your website, but not all of them sell and the ones that do, you have no control over price or ordering more stock, if you were to run out.
The product and the sale are treated as a commodity in this business model.
Although there are benefits tot his model, I think people have been sold a false idea of what is actually realistic with a dropshipping business.
"It's like an iceberg, dropshipping is like the tip that you can see, but there is so much more that can go wrong underneath the surface".
There is money down, otherwise, where are you getting your customers from?
Just know what you are getting involved with before you get too stuck in.
Arbitrage is where you buy items at a lower price than they are already selling and you then sell them on places like eBay or Amazon for more than you bought it and collect a profit.
Again though, you are not in control of stock or the sales price and this can lead you to waste your time searching different retail stores to find something or nothing at all!
It is, however, a great side hustle to do alongside a Private Label Amazon business as you are able to make some extra income while you wait. It doesn't have to be the business.
"Nothing is white or black or right or wrong. It's all about the grey bit in the middle".
Have multiple strategies for making money, just like you have multiple products for sale.
Don't limit yourself to be small, businesses need to expand!
With an Amazon business, you are in control of the stock, you control the quality and price but you do not own the platform, Amazon does.
The front-load of the work is only done once, then you can sell that product over and over and over again.
If you had your own website you would have to pay for advertising to make a sale.
With Amazon, you may not have to buy any advertising to make a sale as the customers are already shopping there. It helps to have a PPC campaign but it isn't necessary to make a sale.
There are so many benefits to Amazon in terms of control compared to the other models.
The other models are more like a part of the business, but it's not the start of the business.