In This Edition…

Wholesale Research

In today’s Niche Idea Newsletter, we’re going look at one of the very first steps of your product research. We’re going to take a closer look at actual niche research we gathered using the Sell Niches Research Sheets (and steps from the Sell Niches Bundle) for this month’s niche idea “Camping Chairs”.

In the previous Newsletter we took a look at Camping Gear and decided to see if selling ‘Camping Chairs’ would be a good idea. As we discussed, just because it’s possible to sell Camping Chairs online it doesn’t mean it will be profitable. Always research a product BEFORE you try to sell it and you can save yourself a lot of money (and find out which products are most profitable to sell without spending a dime.)

In today’s Newsletter, we’re looking at one of the firs research steps…can you find a real Supplier for that product?

The 3 Golden Rules of Finding A Supplier

1. Will The Supplier Work With You?

Just because you see a product being sold online it DOES NOT mean you will be able to find a Supplier willing to work with you as a new online seller.  Some Suppliers will not work with small home-based sellers.  In fact, some Suppliers put strict policies in place to ensure they only work with bigger, established retailers. Part of your wholesale research is making sure you can actually get a Supplier who’ll work with you.

2. Do They Dropship or Require Volume Orders?

Some Suppliers do not offer drop shipping.  If your plan is to use drop shipping (so you don’t have to buy inventory) then it’s even more important to make sure you can get a Supplier that will not only work with you but can also drop ship to your customers 1 product at a time. So make sure to check with your Supplier if you need drop shipping, don’t just assume they’ll do it.

3. Is The Supplier Authorized?

Wholesale scams run rampant online and are always waiting for unsuspecting new online sellers to fall for their wholesale traps. That sounds grim but it’s true. Most legitimate Suppliers don’t spend much time advertising online, so the majority of the search results you get for “wholesaler” are actually what are known as middlemen. Middlemen often charge setup fees and other bogus fees and never give true wholesale prices. You need to make sure you’re working with a genuine factory-authorized wholesaler for the products you sell to make sure you can get the best wholesale prices.

Having a Supplier Doesn’t Instantly Mean You Can Compete Online

We show our Members at Sell Niches how to find good Suppliers, however, just because you may have a good Supplier and getting wholesale pricing it doesn’t mean you can instantly compete with other sellers online who are also using that Supplier. This can be confusing for new sellers who use a wholesale Directory. They often think that just because they have access to wholesalers they can sell anything they want. Then they start seeing wholesale prices that are MORE expensive than retail prices online. They usually get frustrated and give up thinking all the good products are taken. They assumed that because they had a Supplier they could instantly compete with any product.

Always remember that wholesale is based on quantity. If you plan to have your Supplier dropship one product at a time then you’ll be getting wholesale on 1 product at a time. Your competitors may be buying in bulk and getting additional discounts. For some products, that can mean your wholesale price on 1 product is MORE than the retail price online! Not good, but this is why we research BEFORE we try to sell anything. You can find out a wealth of information on any product, before you sell it, by taking the time to do some product research first.

Did You Know?

The Sell Niches Bundle also contains step-by-step Videos for those who learn better from watching. Our Video Tutorials will walk you through researching a product from start to finish using the new Sell Niches Research Sheets. From opening your first Research Sheet to performing your first product research, to viewing the automated Summary results you’ll never feel lost or overwhelmed with Sell Niches.

So, did we find a Wholesaler for Camping Chairs?

We did find a Certified Wholesaler that carries a number of Camping Chairs and DOES work with online sellers (woo hoo!). With a Supplier confirmed, we could begin our Wholesale Research. We opened up a new Research Sheet, clicked on the ‘wholesale research” tab and began entering the relevant wholesale research information from the Supplier.

The Sell Niches Research Sheets are designed to make organizing market research really easy. You don’t need any spreadsheet skills at all. When you open the Wholesale Research tab you simply fill in the entry fields with the information it asks for. When you’re done, the Research Sheet will consolidate all of that research into an easy-to-read summary sheet like the one seen here.

If you don’t have access to the Sell Niches Bundle yet then below are some of the main research items you need to make sure and collect from your Supplier…

If you’re not using a Sell Niches Research Sheet, then be sure to gather and organize the following info…

 

  • Supplier Contact Information: You need to make sure you keep the Suppliers contact information in a handy place so you can easily contact them at any time during your research. This should include their Name, Website, Email, Phone and Location.
  • Product Shipping Dimensions: When estimating shipping it’s important to know the what the actual box dimensions are of the product you’re estimating. Get this information from the Supplier or their website.
  • Shipping Rates: If you plan on having the Supplier drop ship for you then ask them if they get any discounts on their shipping. As a frequent shipper, they usually get better deals and as part of your research it would help to know what their rates would be.
  • Actual Wholesale Cost: This isn’t the price they have listed on their website. To get a real wholesale price from a Supplier you need to contact them.
  • Drop ship & Additional Fees: If you want them to drop ship for you, you need to know the extra cost involved in that. Additional “Handling” fees: Some suppliers have additional handling fees but most do not. In any case, it’s best to find out.

The purpose of gathering this information isn’t just to make it handy to correspond with your Supplier, it’s to start the process of figuring out what “your costs” will actually be for that product. Once you can estimate your costs, you can compare those with the current market prices. If you are doing all of this on your own (without using the Sell Niches Bundle) then you’ll need to put that research aside and save it so you can use it later on in calculations to estimate profit potential and other important research. However, if you are using the Sell Niches Research Sheets the information is automatically organized and used to calculate parts of your research for you. Our Research Sheets are designed to do the math so you don’t have to.  All you have to do is follow the steps in the Sell Niches Bundle and let the Sheets do the rest.

Coming Up…

In the next Newsletter we’re going to take a peak at the research we uncovered for this products potential ‘customer base’. How do you find customers and estimate a products demand? Check out next weeks Newsletter. See you then!

Are you ready to find YOUR niche?