This week, we are going to start our market research on “wet suits’. Would selling wet suits be a good idea? Could you compete online and if so, what kind of profit per sale could you really expect? In this Niche Series we are going to go through some of the research we uncovered using the Sell Niches Bundle. Let’s get started…
Just a Quick Recap…
Last week we discussed how niche markets are often confused with bigger product markets. Scuba, for example, has been described as a ‘niche’ by some people and it’s not. Scuba gear can be broken down into numerous sub-categories which contain even more numerous niche markets.
Like we discussed last week, some of these sub markets could be:
- Scuba Rescue
- Scuba Treasure Hunting
- Scuba Photography
- and etc.
These markets can still be broken down into more focused *niche* markets:
- Scuba Vests
- Wet Suits
- Scuba Computers
- and etc.
Niche Online Store
Instead of trying to build and optimize a website to compete with large scuba surplus outlets, focus on becoming an authority, the “go-to” store for a specific niche within Scuba. Wet suits, for example, is a niche within the vast world of scuba products. You could start a website that offers a variety of wet suit styles that cater to both sides of the customer base. You could have professional deep water wet suits and cheaper versions for the casual first-time diver. You could offer wet suits for spring, summer, winter and fall, lightweight and heavy-duty and in a variety of colors and sizes. Wet suits may only be 1 type of product within the Scuba category but it represents a lot of different options to build a niche website around.
Even though you CAN build a website it doesn’t mean you should. Just having the idea of selling a product online isn’t enough to ensure you aren’t wasting your time and money. You need to make sure you can compete selling that product online BEFORE you jump into a market you may soon regret. Good news is, there’s a wealth of information you can find out before you ever spend any time or money trying to sell it online. In fact, that’s exactly what we show you how to do (step-by-step) in the Sell Niches Bundle. If you don’t have a copy you can get one here.
First you need to…
Find a Supplier.
When it comes to starting your market research we take a very practical approach. If you can’t find a Supplier for the product, then don’t waste time researching it. Simple as that.
The fact is, doing product research takes time and some effort on your part. We show you the simplest ways to find niche markets online, however, you still have to spend time doing it. That time you spend researching a product will be for nothing if you can’t find a reliable Supplier for that product. So early on, we always make sure there is an actual Distributor (also refereed to as a Supplier or Wholesaler).
It’s *critical* that you ensure the Supplier you find is a REAL, genuine Supplier. By real, we mean a genuine, ‘top level’ Distributor.
There are a lot of places online that pretend to have Drop shippers, Suppliers and etc. and they don’t. They often show pictures of products and prices and show you how much profit you can make, but many are just wholesale scams. It’s pretty difficult to find real suppliers by simply searching for ‘wholesale’ or ‘wholesaler’ or ‘supplier’ on Google. There are so many supplier scams and middlemen who do advertise online that you will most likely end up with a scam supplier if you found them by doing a search online.
Next, verify the Supplier.
Are they Legit?
So how do you make sure they are legit?
In the Sell Niches Bundle we show you the best places to find Suppliers (and how to verify them) but in short you need to make sure that whatever product you plan to sell (and research) you can get a *top level* Factory Authorized Supplier. You want to work directly with the Supplier who distributes that product for the Manufacturer.
Here are a few things to help you verify the legitimacy of a supplier:
- Do they charge a Setup Fee? If so, they are most likely a scam. Real Suppliers (Drop Shippers included) do not charge setup fees. This is a common scam online. They pretend to have a bunch of great products with high profit margins and charge you fees to access them. They know you won’t make any sales, they just want your setup fee.
- Do they charge Monthly Fees? If so, they are most likely a scam. Real Suppliers don’t charge you to sell their products. If you find a Supplier who says you need to pay them monthly fees, then you are not working with the actual supplier for that product.
- Do they charge Annual Fees? If so, they’re a scam. It’s the same as monthly fees. Don’t trust a “wholesaler’ who says you need to keep paying them fees to sell their products.
Gather Wholesale Research
We did find a Certified Supplier who carries Wet Suits and we began gathering information about the Supplier and the Wet Suits they carry. Using the Sell Niches Research Sheets, you can keep all of this information in one place. Our Research Sheets allow you keep all of the research you gather organized in a clean, easy to ready way.
First we contacted the Supplier and requested a recent wholesale price list. Suppliers don’t post their real prices on their website for the general public to see. So be sure and actually contact the Supplier and ask them for their wholesale price list so you can make sure your research is as accurate as possible. Far too often new sellers think EVERY product they are researching has no profit because they are comparing prices on the Suppliers website instead of the real wholesale price.
This particular wholesaler offers a variety of quality Wet Suits. In our Research Sheet, we are going to focus on 1 of their wet suit and collect information about such as Sku, details, wholesale price, any additional discounts for bulk and other bits of information that will be relevant. The main goal, however, is to get the wholesale price and estimated shipping cost.
About Research Sheets
Staying organized during niche market research is critical. The Sell Niches Bundle contains pre-made (no experience required) spreadsheets designed for new online sellers. You just follow the research steps and let the sheets do the rest for you. When you’re done entering your research, they automatically calculate and organize all of your researching into clean, easy-to-read summary sheets. They save you a ton of time. You can get instant access to them in your copy of the Sell Niches Bundle.