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Have you ever thought about starting an Etsy store or selling products on Amazon, Shopify, Etc? Well, I have some experience here, as a faith-based entrepreneur, and I wanted to share with you what I learned. In 2018, my husband and I started a small side hustle on Amazon FBA. We sold a fitness product, built a brand, and really dove into the world of e-commerce. I learned a lot, and there is a lot to consider when starting a product-based business.
Things to Consider Before Selling
A huge part of a physical product-based business is deciding where you will sell your product (Shopify, Etsy, Amazon, etc.). There are pros and cons to each site, so do your research to find what will suit your product best. Also, deciding how/where you will market (organically, social media, paid ads). No matter what you choose, you need a funnel.
White Label Vs. Custom Products
When starting a product business, you need to decide if you want a white label brand or a custom product. A white label brand is when you take a product and you rebrand it as your own, vs a custom product is something you create on your own. Again they both have their pros and cons, it’s just about deciding what you want to sell.
Margins, Margins, Margins
Margins are so important. When looking at the numbers in any business, sales may seem high but margins are not always there. There are a lot of costs and fees that you need to be aware of. For example credit card fees, overseas shipping, smaller Orders, Etc. I would say you want to aim for a 25%+ margin or it may not be worth your time.
Physical products are a great compliment. Think about what type of physical product you could add to your business. Or, on the flip side, if you sell physical products, think about how you can create a digital product to compliment the physical product. There is something about selling a tangible item!
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