Exclusive: In my recent survey, many of you online sellers asked me for private label or wholesale sourcing advice. So I reached out to the best (=most honest) experts I know and asked "What's your best advice for someone just starting out?"
So here you go. Many of the experts have links below for free (or inexpensive) help, I highly suggest you pick one and take action.
(Private Label means sourcing mass produced goods and labeling them with your own 'brand'. Wholesale means sourcing mass produced goods that are already branded by the manufacturer).
Look at this business not as a get-rich-quick scheme but rather see your investment as an opportunity to build your brand and in turn make more money in the long run. (Do this as opposed to release and launching a product every week.) Build it slowly and keep quality and focus in the back of your head." - Manuel Becvar, author of the Free Import Bible and founder of Import Dojo
"2.) Pick something different. It is hard to make money selling popular items like yoga mats or garlic presses. You have to dig deeper to find untapped opportunities now. Think weird or obscure products that aren’t “sexy” (hint: check out the Jungle Scout Web App for this). You'd be pleasantly surprised what people purchase on Amazon!" and...
"3. Learn everything you can. The great thing about selling on Amazon is many of the education and resources you need are out there....for free! Jordan's blog, numerous podcasts, and the Jungle Scout blog and webinars are all great resources. I have done a whole case study where I share the process from start to finish for a product (bamboo marshmallow sticks), and the sales/expenses are revealed as well, so it is a fantastic learning opportunity without any financial investment! " - Greg Mercer, founder of JungleScout (Get a free trial of his product research web app here.)
Our first order was for 200 sets, and we sold those out in about 2 months at $79 a set. Our landed cost was just under $30 so the profit margin was not fantastic but still pretty good. We still sell them 2 years later and they are steady sellers.
We have continued this process with other kitchen products and so far 90% of them have been successful (only 1 product never did well, but we still managed to recover our money over time.)" - Skip McGrath, eBay and Amazon selling expert (get his free sourcing tips and ideas here.)