March 4, 2006.
How do you decide what the sale price should be? Retail price? Wholesale price? Drop-ship? Shipping costs? Materials? What are your margins? Who will buy this product?
These are all important and devestating questions to anyone that has come up with a 'widget' they want to sell. When I first started selling nationally I brought my products to a website and had no idea what the sale price should be. I did not understand the cost that jill public would be willing to pay for my product. Figuring out shipping was another hard learned lesson. Shipping cost is based on weight, and the zip code of the recipient - I had no idea. I gave a flat rate, and lost tons of money shipping all over the country to small little towns out in the middle of nowhere.
I have found that if you have the attitude that no idea is an original idea you will succeed. It is important to find something out there that is similar, see what that company is charging. And then, find out if they are selling that product. The internet can be very misleading with the products you see on many sites, not really knowing if they are selling. Publicity, or press can also be misleading. Any company with a good PR firm and enough money can get their product into some magazine or newspaper, or a large advertising budget can 'look' like they are featured in magazines.
This is a great blog about starting ones own business. Keep up the good work.
Posted by: Wholesale Drop Ship Supplier | December 21, 2009 at 06:24 AM