I’m going to tell you about a great way to make an extra few hundred — even a few thousand — dollars a month. The economics are simple: Buy low (very low), sell at below-market prices, and put the difference in your pocket.
Yes, you’ve heard of this business model before. But I can bet you didn’t know how easy it was for small-scale, first-time entrepreneurs to make money with it.
Here’s an example of the business model in action…
If you’ve ever been to a nighttime festival or street party in your hometown… chances are you’ve seen a guy with a cart full of light-up toys and glowsticks.
I have about a dozen of the gizmos at home. My 4-year-old wants a new one whenever he sees them. And at only $10 a pop… I’m happy to let him have it in return for seeing the smile on his face when he plays with it.
Last time I bought one, I chatted with the seller. Turns out he buys the toys online, from a supplier he found in China, for about 50 cents apiece. How’s that for a profit margin? This guy hires people to work most of the festivals in the area throughout the year. But he occasionally mans his own cart to keep his “ear to the ground” and gauge what customers like.
In the old days, he would have had to fly to China to find a manufacturer who would have charged an arm and leg to get something made to his specs. He would have had to buy in huge quantities… and worry about shipping and storage once the stuff arrived here.
My light-up toy friend had bypassed a lot of that hassle by buying online. But he was still selling on the street, one piece at a time, with an army of hired workers.
I figured there had to be a better way to do it… and I was right. One of my colleagues here at ETR found it.
This it could be a great way for you to sell almost anything, from parkas to pet supplies. And you wouldn’t have to hawk your wares on street corners. In fact, your entire business would be run from home.
Kevin and Lisa Hickey started by selling flags online. Over the years, they expanded to dozens of other products. And they now have a multimillion-dollar business. Valerie Johnson’s business idea was a bit out there — “footie” pajamas for adults. But by sourcing her product in China, she was able to keep her costs way down and develop a successful brand.
The key is not only to find your suppliers online (and my colleague told me about a premier site that hooks up thousands of manufacturers and entrepreneurs every day)… but to sell your products online too. And in most cases, you never even have to touch the products themselves. They’re shipped directly to your customers.
That’s why you are able to do so much volume.
And the thing is, there is still plenty of room for more people to get involved.
As I said, this business isn’t restricted to low-cost toys. Think about everything you own that’s “Made in China”… that’s what’s possible.
Tomorrow, I’ll tell you all about that online clearinghouse for importers and suppliers that my colleague told me about. And I’ll show you how easy it really is to get into a side business like this.