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These are the user uploaded subtitles that are being translated: 1 00:00:01,210 --> 00:00:06,030 All right so in the last couple of lectures we were looking at how we can discover a market. 2 00:00:06,040 --> 00:00:13,030 And I showed you how to do that using Outlook Express and Amazon and also Facebook and now we want to 3 00:00:13,030 --> 00:00:17,800 look at is what other products do we are actually going to sell within those markets and how we can 4 00:00:17,800 --> 00:00:21,310 decide if it's really a product that will sell. 5 00:00:21,640 --> 00:00:26,170 So these bullet points coming up here on this slide are key to this business model. 6 00:00:26,170 --> 00:00:27,240 Make no mistake. 7 00:00:27,240 --> 00:00:27,980 All right. 8 00:00:28,000 --> 00:00:34,480 So I want to go through each one it's going to give you a really good insight in what you need to do 9 00:00:34,480 --> 00:00:39,580 in terms of product selection to make sure what you're looking at will actually convert into profit 10 00:00:39,580 --> 00:00:40,400 for you. 11 00:00:40,450 --> 00:00:44,310 Now the first key point is price right. 12 00:00:44,350 --> 00:00:52,630 We are talking here about buying something on our express of $4 or less and selling it at a 15 to 20. 13 00:00:52,660 --> 00:00:54,810 So a significant markup. 14 00:00:55,360 --> 00:01:01,180 Now there's a there's a there's a really good point about a 15 to 20 dollars here is because this is 15 00:01:01,180 --> 00:01:07,690 an impulse item if you're going to buy something for a thousand dollars you're going to spend time researching 16 00:01:07,690 --> 00:01:11,760 you're going to talk to people the country you know is going to buy it just like that. 17 00:01:12,130 --> 00:01:17,650 But the sort of $20 mark around the area people will buy stuff on impulse. 18 00:01:17,650 --> 00:01:19,930 I'm sure you've done the same thing. 19 00:01:20,080 --> 00:01:25,660 Some people maintain that $50 or $100 is maybe an impulse item and sure go ahead see whether you can 20 00:01:25,660 --> 00:01:26,400 actually do that. 21 00:01:26,470 --> 00:01:28,900 I play around this kind of $20 more. 22 00:01:29,080 --> 00:01:31,560 I feel for me that's kind of like a sweet spot. 23 00:01:32,260 --> 00:01:35,400 Now you know buyer for Selek 20 is key. 24 00:01:35,410 --> 00:01:40,440 I've seen people trying to buy it for and then sell at six. 25 00:01:40,600 --> 00:01:45,320 And sure it's kind of interesting because they got a price point which is very competitive. 26 00:01:45,580 --> 00:01:51,400 So they get lots of sales but there's so little room to create a decent profit especially by the time 27 00:01:51,400 --> 00:01:53,750 you take away your advertising cause et cetera. 28 00:01:53,950 --> 00:01:59,010 The units literally sell thousands of thousands of products to make a decent amount of profit. 29 00:01:59,080 --> 00:02:02,870 So all you're really doing is kind of processing orders. 30 00:02:02,890 --> 00:02:08,690 You know it's not a great business model it's more of what I call the busy fool rather than you know 31 00:02:08,710 --> 00:02:13,290 intelligently building up building up a profitable market. 32 00:02:13,450 --> 00:02:17,230 So buy it for and sell at 20. 33 00:02:17,530 --> 00:02:22,600 The next thing is make sure your products not too heavy is heavy you're going to have to pay extra shipping 34 00:02:22,600 --> 00:02:28,350 costs or more so you're gonna have to try and pass on the shipping cost to your customer. 35 00:02:28,450 --> 00:02:30,800 He may well not be willing to pay that. 36 00:02:30,860 --> 00:02:33,580 So just avoid heavy stuff. 37 00:02:33,580 --> 00:02:35,800 Also avoid stuff is too fragile. 38 00:02:35,800 --> 00:02:41,240 It would seem pretty obvious that if you know shipped something that is fragile it could break in transit. 39 00:02:41,410 --> 00:02:46,630 So when the customer gets it you know it's is broken you can get more refunds you going to get more 40 00:02:46,630 --> 00:02:48,740 turns you can get more customer complaints. 41 00:02:48,760 --> 00:02:56,510 So just avoid the take away that hassle straightaway when it comes to actually picking the product on 42 00:02:56,510 --> 00:02:57,520 an express. 43 00:02:57,590 --> 00:03:04,460 Make sure that the images are high quality you got some decent man images there you'll see some really 44 00:03:04,460 --> 00:03:07,700 not very good images or there's watermarks all over them. 45 00:03:07,880 --> 00:03:08,850 Ignore those. 46 00:03:08,900 --> 00:03:11,010 An image will sell the product. 47 00:03:11,030 --> 00:03:13,810 We'll look at how to add product descriptions very very soon. 48 00:03:14,090 --> 00:03:15,950 But it's really the image. 49 00:03:15,950 --> 00:03:20,840 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 50 00:03:20,930 --> 00:03:23,590 image you look to see what this thing looks like. 51 00:03:23,590 --> 00:03:25,050 That's the thing that engages you. 52 00:03:27,130 --> 00:03:28,820 Avoid all branded products OK. 53 00:03:28,840 --> 00:03:33,510 Basically as a quick aside here I don't want to get hung up on this at all. 54 00:03:33,520 --> 00:03:39,210 But on pro-law on Web sites like Alex price there are sadly some counterfeited products. 55 00:03:39,280 --> 00:03:43,340 You know jewelry is kind of a classic with writing whatever it is some jewelry brand on there where 56 00:03:43,340 --> 00:03:46,240 it really isn't got anything to do with them whatsoever. 57 00:03:46,450 --> 00:03:47,680 So just avoid it. 58 00:03:47,800 --> 00:03:48,640 Take that out. 59 00:03:48,670 --> 00:03:49,930 Don't get any problems down the road. 60 00:03:49,960 --> 00:03:51,340 There's so much other stuff to sell. 61 00:03:51,350 --> 00:03:55,320 You've no need to focus on it so just avoid all branded products. 62 00:03:57,170 --> 00:03:58,160 Can be found at Wal-Mart. 63 00:03:58,160 --> 00:04:02,240 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 64 00:04:02,240 --> 00:04:04,960 big megastore in the U.S. that sells absolutely everything. 65 00:04:04,970 --> 00:04:07,700 What I'm trying to say is look for an element of uniqueness. 66 00:04:07,700 --> 00:04:11,760 Look for something that people haven't seen before because that will spark their interest. 67 00:04:11,780 --> 00:04:13,960 You know it's like oh wow I haven't seen that before. 68 00:04:14,000 --> 00:04:14,930 That could be kind of cool. 69 00:04:14,930 --> 00:04:15,740 I'd like to get it. 70 00:04:15,740 --> 00:04:16,780 My friends don't have it. 71 00:04:16,790 --> 00:04:17,980 I don't have it whatever it is. 72 00:04:17,990 --> 00:04:21,710 But don't just try to sell something that you can buy round the corner 73 00:04:24,680 --> 00:04:29,540 solves a problem or cater to a passion I talked about this in previous lives I don't want to go over 74 00:04:29,540 --> 00:04:33,710 it again but basically you are trying to solve the problems that will solve the best are the solve the 75 00:04:33,710 --> 00:04:37,250 problem or they cater to a passion. 76 00:04:37,670 --> 00:04:42,430 And the last thing is the data out of the supplier the supplier needs to be a good supply. 77 00:04:42,430 --> 00:04:47,480 That may seem obvious but you know basically what you need to do and I expressed that make it very simple 78 00:04:47,510 --> 00:04:52,700 because you can see where they've got good feedback from other people of both from where they've got 79 00:04:52,700 --> 00:04:53,900 plenty of stock. 80 00:04:53,990 --> 00:04:57,430 And for me importantly do they provide IPAC it now. 81 00:04:57,470 --> 00:05:02,510 IPAC it is a shipping solution which can expedite the process. 82 00:05:02,510 --> 00:05:07,160 The problem is with a lot of these things one of the disadvantages you like we're shipping from these 83 00:05:07,160 --> 00:05:10,650 Chinese suppliers is of not like 30 40 days to ship the product. 84 00:05:10,730 --> 00:05:15,570 Your buyers are not going to be happy about waiting a month a month and a half to receive stuff online. 85 00:05:15,570 --> 00:05:19,090 We are so used to these days almost getting like next day delivery. 86 00:05:19,400 --> 00:05:25,080 Now because we're shipping in a slightly cheaper price point they will be more tolerant. 87 00:05:25,280 --> 00:05:30,400 But IPAC it enables you to ship stuff in maybe five 10 15 days. 88 00:05:30,410 --> 00:05:34,470 Some think they will be more happy to accept. 89 00:05:34,580 --> 00:05:35,990 All right congratulations. 90 00:05:36,020 --> 00:05:40,100 We're going to move on to the next section now where we're actually going to finally start adding products 91 00:05:40,100 --> 00:05:41,150 to our Web site. 92 00:05:41,340 --> 00:05:42,000 Our CNN. 9598