Top 10 Products to Sell Online
Posted on February 9, 2012 by Lola Rotimi-Sosanya
Before you put a pen and paper to write your business plan, you must first decide on what product to sell online. By choosing a product you want to sell, you can then decide on the best name for your company that is eye-catching to the customer. The best option is to choose products that are best sellers online.
Last year, NRF Indicate captured the top selling products online:
2. Computer Hardware and Software
5. Video Games
6. Video Game Systems
9. Health and Beauty products
10. Consumer Electronics
13. Office Supplies
15. Home Decor
17. Sporting Goods
20. Tools and Garden
Here are further suggestions:
1. Choose a top selling product – for example, health and beauty products
2. Inform yourself about this product – read a lot of information about the product, its trends, how best you can target your customers and so on.
3. Niche market – create a product niche for your product. For example, you cannot sell all health and beauty products, focus on a certain target market. You can decide to sell only fitness equipments or provide online yoga classes.
4. Company name – your product selection depends on your company name. For instance, if you want to sell fitness equipment select a name that your customers can identify your company with like WorkoutEquipment.com.
a. Sole Proprietorship – this is the simplest way to setup a business. It is owned by one individual and there is no legal distinction between the owner and the business entity. The owner pays income tax on the profit from the business.
b. Partnership – it’s a legal arrangement between two people to run a business jointly. Income is taxed on the partnership earnings or loss.
c. Limited Liability Company – is called LLC. It is the type of business structure that combines sole proprietorship and a corporation. The members of the LLC are protected against liability. This means that they are liable for the company’s losses, profits and debts. Debtors are not allowed to collect debt on their personal assets. For example, if a business is sued and loses a court case, debtors can only collect on the business assets such as income and so on and not on personal assets.
d. Corporation – is a group of people that legally agrees to form an entity. Unlike a limited liability company, a corporation is owned by shareholders rather than members.
6. Register the business name – before registering your company check to make sure the name has not been taken by someone else. To register your business click on the link http://www.sba.gov/content/register-your-fictitious-or-doing-business-dba-name to find out more information on how to register your business in your state.
7. Obtain a business license – to find more information on business license or permit requirement visit http://www.sba.gov/content/business-licenses-and-permits.
8. Create terms and conditions – it is important to create terms and conditions for your website for example, what is your return policy, opening hours of operations, shipping methods and so on.
9. Build the online store – e-commerce solutions such as BigCommerce, Yahoo! Web Hosting – Save 25% on your first 3-months of hosting service, www.GoDaddy.com and so many more provide built in solutions to get your site started. It is easy to start and manage the website yourself, you can easily upload new products without consulting a website designers.
10. Market your online store – there are different ways to market a company’s online store like blogging, SEO strategies (listing your website on search engines), word of mouth, traditional methods (business cards and flyers), facebook, twitter and so on.