Original subtitles

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All right so in the last couple of lectures we were looking at how we can discover a market.

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And I showed you how to do that using Outlook Express and Amazon and also Facebook and now we want to

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look at is what other products do we are actually going to sell within those markets and how we can

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decide if it's really a product that will sell.

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So these bullet points coming up here on this slide are key to this business model.

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Make no mistake.

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All right.

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So I want to go through each one it's going to give you a really good insight in what you need to do

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in terms of product selection to make sure what you're looking at will actually convert into profit

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for you.

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Now the first key point is price right.

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We are talking here about buying something on our express of $4 or less and selling it at a 15 to 20.

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So a significant markup.

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Now there's a there's a there's a really good point about a 15 to 20 dollars here is because this is

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an impulse item if you're going to buy something for a thousand dollars you're going to spend time researching

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you're going to talk to people the country you know is going to buy it just like that.

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But the sort of $20 mark around the area people will buy stuff on impulse.

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I'm sure you've done the same thing.

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Some people maintain that $50 or $100 is maybe an impulse item and sure go ahead see whether you can

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actually do that.

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I play around this kind of $20 more.

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I feel for me that's kind of like a sweet spot.

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Now you know buyer for Selek 20 is key.

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I've seen people trying to buy it for and then sell at six.

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And sure it's kind of interesting because they got a price point which is very competitive.

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So they get lots of sales but there's so little room to create a decent profit especially by the time

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you take away your advertising cause et cetera.

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The units literally sell thousands of thousands of products to make a decent amount of profit.

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So all you're really doing is kind of processing orders.

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You know it's not a great business model it's more of what I call the busy fool rather than you know

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intelligently building up building up a profitable market.

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So buy it for and sell at 20.

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The next thing is make sure your products not too heavy is heavy you're going to have to pay extra shipping

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costs or more so you're gonna have to try and pass on the shipping cost to your customer.

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He may well not be willing to pay that.

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So just avoid heavy stuff.

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Also avoid stuff is too fragile.

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It would seem pretty obvious that if you know shipped something that is fragile it could break in transit.

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So when the customer gets it you know it's is broken you can get more refunds you going to get more

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turns you can get more customer complaints.

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So just avoid the take away that hassle straightaway when it comes to actually picking the product on

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an express.

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Make sure that the images are high quality you got some decent man images there you'll see some really

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not very good images or there's watermarks all over them.

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Ignore those.

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An image will sell the product.

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We'll look at how to add product descriptions very very soon.

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But it's really the image.

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Think about it when you own a site you don't you know you don't look at the script and you look at the

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image you look to see what this thing looks like.

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That's the thing that engages you.

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Avoid all branded products OK.

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Basically as a quick aside here I don't want to get hung up on this at all.

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But on pro-law on Web sites like Alex price there are sadly some counterfeited products.

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You know jewelry is kind of a classic with writing whatever it is some jewelry brand on there where

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it really isn't got anything to do with them whatsoever.

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So just avoid it.

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Take that out.

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Don't get any problems down the road.

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There's so much other stuff to sell.

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You've no need to focus on it so just avoid all branded products.

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Can be found at Wal-Mart.

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So what I'm trying to say there is you know if you're not in the U.S. then basically Wal-Mart is the

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big megastore in the U.S. that sells absolutely everything.

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What I'm trying to say is look for an element of uniqueness.

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Look for something that people haven't seen before because that will spark their interest.

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You know it's like oh wow I haven't seen that before.

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That could be kind of cool.

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I'd like to get it.

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My friends don't have it.

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I don't have it whatever it is.

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But don't just try to sell something that you can buy round the corner

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solves a problem or cater to a passion I talked about this in previous lives I don't want to go over

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it again but basically you are trying to solve the problems that will solve the best are the solve the

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problem or they cater to a passion.

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And the last thing is the data out of the supplier the supplier needs to be a good supply.

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That may seem obvious but you know basically what you need to do and I expressed that make it very simple

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because you can see where they've got good feedback from other people of both from where they've got

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plenty of stock.

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And for me importantly do they provide IPAC it now.

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IPAC it is a shipping solution which can expedite the process.

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The problem is with a lot of these things one of the disadvantages you like we're shipping from these

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Chinese suppliers is of not like 30 40 days to ship the product.

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Your buyers are not going to be happy about waiting a month a month and a half to receive stuff online.

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We are so used to these days almost getting like next day delivery.

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Now because we're shipping in a slightly cheaper price point they will be more tolerant.

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But IPAC it enables you to ship stuff in maybe five 10 15 days.

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Some think they will be more happy to accept.

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All right congratulations.

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We're going to move on to the next section now where we're actually going to finally start adding products

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to our Web site.

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Our CNN.