4 Things You Should Know Before Starting An Ebiz

Title: 
4 Things You Should Know Before Starting An Ebiz

Word Count:
433

Summary:
Advice from an Auction Genius

Renowned eBiz author Sydney Johnson created the now-famous Auction Genius courses (http://AuctionGenius.com) to aid people wanting to create their own e-businesses. She shares some important tips for anyone looking to learn the online retail industry:

Tip 1�Start Small.

Many of Johnson�s students are eager to dive in head first, ready to invest all their savings into overseas imports or shopping network returns. But Johnson discourages s...


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ebiz,Chris Malta and Robin Cowie of WorldwideBrands.com are the Writers and Hosts of The Entrepreneu


Article Body:
Advice from an Auction Genius

Renowned eBiz author Sydney Johnson created the now-famous Auction Genius courses (http://AuctionGenius.com) to aid people wanting to create their own e-businesses. She shares some important tips for anyone looking to learn the online retail industry:

Tip 1�Start Small.

Many of Johnson�s students are eager to dive in head first, ready to invest all their savings into overseas imports or shopping network returns. But Johnson discourages such risky moves for two reasons.

� They haven�t considered all the costs�the enormous minimum quantities they�ll have to buy to get the discounted prices or the tremendous costs of shipping imports.

� They have little experience and, therefore, no way of knowing all that these transactions entail.
Says Johnson, �You�re going to make mistakes�The way to minimize any kind of horrible error is to go very small.� Don�t invest a lot to start with�learn with inexpensive items. Start with a minimum investment; and as you begin to make a profit, put that money back into your business rather than buying new golf clubs or tennis shoes.

Tip 2�Research the Market and Test your Results.

As you go, you�ll learn which products sell well and where you�re actually making a profit. Johnson has a �funnel theory� on finding your product niche: �You start really broad�you have huge categories. And then you learn how to do your market research and you funnel down and�get smaller and smaller until out the other end of the funnel comes a handful of products that you can really do well with.�

Tip 3�Start on eBay

EBay is a great tool for beginners just learning about online retail. There are several reasons why it�s a smart place to start:

� It�s quick, easy, and inexpensive.

� The traffic is built in, and the people that are seeing your listings are seeing them because they�re searching for your type of product.

� It�s a good way to get exposed to the ins and outs of the business.

Tip 4�There�s No Such Thing as �Get Rich Quick!�

Starting an e-business is just like starting any other business�it takes patience and persistence. Don�t expect to be magically rolling in money overnight. And don�t just jump at every �opportunity� that comes along for fear of missing out. Research it first�if it sounds too good to be true�well, you know... If you take the time to understand what you�re doing, there�s plenty of room in the e-commerce industry for you to make money.