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  • #999241
    claytondavey
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    Hey everyone,

    I’m looking into generating multiple streams of income, while also working full time. I am looking into e-commerce, my concern is that every product I look at appears to be massively over saturated on amazon and eBay etc. wanted to get advice on a few scenarios
    1. Keep looking into e-commerce to find better products (happy to import, I have briefly looked into this)
    2. Look into other side businesses options that may provide a better return. Suggestions?
    3. Shares?
    4. Exporting products overseas

    I will be starting off small scale but would definitely be looking to scale if it was generating enough funds, or use the profit to start a more scaleable business.

    The more I look into this the more options I come across, and find myself just touching on various options, but not making any ground, really looking to define my path, research and get into it.

    Any advice would be great thanks

    #1218537
    James Millar
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    Ok I’m going to throw some thoughts out there (all of which you may be aware of)

    1. Income streams (profit not revenue) are generally only created sometime after the deployment of scare resources. Most often your time and money. This also applies to employment income (however employment income is a time investment rather than a financial one). These two resources are limited for everyone (albeit differing limits for different people).

    2. There is currently a lot of hype around secondary side hustle income streams particularly via online channels (Amazon ebay etc). The big question is what is the probable return on investment of your time and money and in what time frame? A lot of the material on the web may give a distorted view on the true ROI for these activities. Easy money systems have been promoted since the beginning of time – well prior to the internet. My thoughts are that despite the amazing technology we now have (with sales and logistics), there is still no easy money. As a matter of fact its harder than ever and the big challenge still needs to be solved…..how do I sell something cost effectively in a highly competitive world? The simplest answer is …you can’t. If you don’t reduce the level of competition in that equation it will be expensive to acquire a customer. That’s where your sustainable USP or your sustainable unfair advantage comes into play. You must have it or frankly don’t bother.

    3. Apart from the money, the time you are considering risking to create a side hustle may be better used elsewhere. What is stopping your from working an extra three hours a day at your work, paid or unpaid in order to get ahead? What about 3 hours a day studying for an extra degree? Point is these will also lead to a path in creating more income and potentially without risking capital.

    I’m not advocating either path just highlighting there are many and they each require different resources and have different risks.The side hustle risk needs to very carefully evaluated because I find people often grossly underestimate the resources required and the effective ROI (just like every business).

    Best of luck

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1218538
    Paul – FS Concierge
    Keymaster
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    Hi And Welcome to Flying Solo [USER=113340]@claytondavey[/USER] . It is great to have you!

    Thank you for joining our community and posting today.

    Cheers

    #1218539
    Trudy Rankin
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    Hi, Clayton

    One of the things I do is help people set up an online business and I agree with what [USER=5318]@JamesMillar[/USER] says … there is no fast path to riches. It takes a lot of hard work and continuous refinement of whatever online business model you use.

    It also requires a lot of learning new skills and unlearning old habits.

    But if you’re happy to jump in with your eyes open and spend the time and effort required, it is possible to make a living with an online business.

    If you’re still interested in finding ideas let me know and I can send you through something I’ve created to help people come up with an idea that’s right for them.

    #1218540
    bb1
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    Trudy Rankin, post: 263726, member: 72408 wrote:
    and unlearning old habits.

    .

    Interesting concept, can you give some examples please

    #1218541
    Trudy Rankin
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    [USER=53375]@bb1[/USER], here in Australia, Flying Solo, itself, is an example of an online business. You can join as a free or paid member. Another example of this type of business model is https://www.soarcollective.com

    And a couple of the more well-known examples are:

    Pat Flynn – https://www.smartpassiveincome.com/
    Pat went into the world of online business after he was made redundant from his architecture job back in 2008 when the economy imploded. He is well respected in his niche. He uses an affiliate model to make money. He offers his followers a lot of free stuff that he has created himself, that is really useful if you’re just starting out. He has a podcast where he talks about his experiences and interviews other entrepreneurs.

    Shane and Jocelyn Sams – https://flippedlifestyle.com/ This husband and wife team are ex-teachers who wanted to be able to spend more time with their children. They’ve been going 5 or 6 years and use a membership model to make money. They also have a podcast where they do coaching calls with members of their community. They tell it like it really is (the good, bad and the ugly) with no BS or sugar coating.

    And a couple of examples of people that I’ve helped or worked with

    Shahan Cheong — http://www.throughouthistory.com/ Shahan started blogging about his twin passions of history and antiques back in 2008 or 2009 because he was bored. I helped him figure out how to monetise his blog. He earns a small, but steady revenue from ads, is working towards adding in YouTube to the mix and he also buys antiques, does them up and sells them online. He also works part-time in a more traditional type of job.

    John McCarthy – https://www.flymehigh.com/ — sets up online sales funnels for a specific type of business and then earns a commission on the leads/sales that come through. I’ve worked with him to set up an online diagnostic tool and test one of his funnels. He is also a no BS person. He has been doing this for the last 7 years and did non-online marketing for 20 years before that.

    I think you can see a theme here … every person who has success in online business is using the expertise they’ve built over years of effort. They are simply using the internet to reach more people, often in a way that’s different from what they did before.

    Hope that answers your question :-)

    #1218542
    bb1
    Participant
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    Trudy Rankin, post: 263731, member: 72408 wrote:
    [USER=53375]@bb1[/USER], here in Australia, Flying Solo, itself, is an example of an online business. You can join as a free or paid member. Another example of this type of business model is https://www.soarcollective.com

    And a couple of the more well-known examples are:

    Pat Flynn – https://www.smartpassiveincome.com/
    Pat went into the world of online business after he was made redundant from his architecture job back in 2008 when the economy imploded. He is well respected in his niche. He uses an affiliate model to make money. He offers his followers a lot of free stuff that he has created himself, that is really useful if you’re just starting out. He has a podcast where he talks about his experiences and interviews other entrepreneurs.

    Shane and Jocelyn Sams – https://flippedlifestyle.com/ This husband and wife team are ex-teachers who wanted to be able to spend more time with their children. They’ve been going 5 or 6 years and use a membership model to make money. They also have a podcast where they do coaching calls with members of their community. They tell it like it really is (the good, bad and the ugly) with no BS or sugar coating.

    And a couple of examples of people that I’ve helped or worked with

    Shahan Cheong — http://www.throughouthistory.com/ Shahan started blogging about his twin passions of history and antiques back in 2008 or 2009 because he was bored. I helped him figure out how to monetise his blog. He earns a small, but steady revenue from ads, is working towards adding in YouTube to the mix and he also buys antiques, does them up and sells them online. He also works part-time in a more traditional type of job.

    John McCarthy – https://www.flymehigh.com/ — sets up online sales funnels for a specific type of business and then earns a commission on the leads/sales that come through. I’ve worked with him to set up an online diagnostic tool and test one of his funnels. He is also a no BS person. He has been doing this for the last 7 years and did non-online marketing for 20 years before that.

    I think you can see a theme here … every person who has success in online business is using the expertise they’ve built over years of effort. They are simply using the internet to reach more people, often in a way that’s different from what they did before.

    Hope that answers your question :)

    Nope you have just told me some of your links, but what old habits should we be unlearning,

    #1218543
    Trudy Rankin
    Member
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    bb1, post: 263739, member: 53375 wrote:
    Nope you have just told me some of your links, but what old habits should we be unlearning,

    Oh, got it. It wasn’t clear from your question what you meant.

    As an employee, I always had a team around me. That was great from a social and work perspective.

    There was always someone to talk with. And when tasks came up that I didn’t immediately have the skills to do, there was always someone else who could help out and I could do the same for them.

    And as a manager, I had a PA who kept me organised and in the right place at the right time.

    When I set up my own business, I had to organise myself. And I had to learn how to find out all the answers for myself … and then do the work. I had to set up my own schedule of work, instead of relying on my boss or my team to decide what we were working on.

    And I had to find different ways of finding people to interact with.

    Nothing earth shattering. Just a different way of working.

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