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  • #995699
    Bla0018
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    • Total posts: 5
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    Hey guys
    So I want to open up an online electrical store selling led lighting designer light switches and power points and also CCTV equipment.

    I have had this idea for a long time now but never acted on it mainly because I have no idea on how to start.

    I eventually want to have an ecommerce store but was thinking for the initial stage running of eBay.

    But how do I start????

    Should I just go out a purchase stock
    Or buy just couple orders of the same item and see how it sells then keep adding more products ?

    I was looking at a competitor selling a product I want to stock and it’s crazy the prices there selling for I don’t understand how there importing it and even giving out free postage on the product and making a profit.

    It would be a dream to run my own business but it’s so hard to get going.

    Would really love to hear people’s thoughts on this.

    #1203497
    bb1
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    I basically did this with giftware on Ebay.

    Went to a trade show, selected some items which I thought would sell and met my criteria, just ordered the MOQ of the ones I liked, put them on Ebay. The things that sold well, I purchased more and in larger quantities, stuff that didn’t sell or were slow sellers, didn’t order any more. Still have the same approach when I go to each trade show, buy MOQ’s of new stuff, and see how it flies.

    The other approach is go Big Bang, and buy a large range, and larger quantities , but there is obviously more risk of getting stuck with unwanted stock.

    Before I order anything I look at what they are selling for online, because like you have noted, sometimes its less than the wholesale price plus postage.

    #1203498
    John Debrincat
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    Bla0018, post: 241379, member: 87842 wrote:
    I was looking at a competitor selling a product I want to stock and it’s crazy the prices there selling for I don’t understand how there importing it and even giving out free postage on the product and making a profit.

    Hi there you need to really research the product line that you want to sell in detail. It always helps to understand it as well sell it.

    The competitor that you are looking at may not be making a profit or they may be drop shipping and the product is being delivered from overseas.

    There are dedicated systems that will provide you with a range of information about products and markets. One of the most used is Terapeak. It will provide great information about a specific market or product.

    There are lots of companies selling electrical equipment, LED lights and CCTV so unless you have a key competitive advantage then you will compete on price.

    John

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