In deciding which products to sell, the easiest way is to sell the products that you are most familiar with, often use, or understand their strengths and weaknesses and you could use the tactical arbitrage pricing to get more information. For example, if you understand the gadget and its accessories, then you can sell one or two of these things. Don’t be afraid if you feel the knowledge about the product you choose is still too “superficial”, because you can learn it deeper by browsing on the internet or reading books or magazines. As a side note, don’t be shy to admit things that you don’t already know to customers. Maybe that will make potential buyers leave, but it’s better than going forward you will find problems related to it. For more details, when deciding on a product that you will sell, you should consider factors such as what products you understand and master, how well you understand the product, how far you understand the competition in selling the product, the business flow of the product, from picking up the goods to sending it to the buyer, and how to sell the product.
Other online selling tips for beginners is determining what the right selling price for the product you are going to offer. Factors that need to be considered in this regard include how much the price of the product on the market, what price is set by your supplier, what operating costs you incur to bring goods. After knowing and considering these two factors, then you can determine the right price.
Managing incoming and outgoing cash is crucial in running a business. Whether this is just a side or full time, you need to monitor and record every transaction made. The point is to make sure you can process and analyze financial records so that you can use the data for other needs. For example, to reduce operating costs, find a cheaper supplier, increase and or decrease prices, calculate how long you return on investment, determine the promotional budget, and many other uses. No need to use complicated and complicated recording methods, just recording daily cash in and cash out only in Excel or a notebook is more than enough.