One of the most difficult and annoying parts of running a business is dealing with inventory.
Making sure you always have the products available, as well as dealing with the risk factors of purchasing stocks upfront, make setting up a business a difficult task.
However, when it comes to eCommerce, it is possible to get an entire business up and running without having any inventory depending on the type of business you’re interested in.
Here are 3 tips to point you in the right direction with minimal costs:
Print-on-demand services
Setting up a print on demand service not only requires no inventory, but also minimal capital. The best thing about it is that all you need to start is finding a print on demand company or platform, come up with a name and logo, create a few designs, and you are good to go. Once a customer has paid,print on demand companies you can connect with that allow you to create a store on their platform and use their services.
After the customer has paid, the design is used by the print-on-demand service, and then sent to the customer. The only thing to consider is that you’ll be making a minimal amount per order, but keep in mind that you only need to make each specific design once and will be getting a profit every time someone places an order.
Drop-ship
Using a drop-ship online store, you can create your own website where orders are placed, but your vendors are the ones who handle the shipping to the end customer. This means that you can set up your business without any inventory, but act as a medium between the client and the vendor.
Let’s say you’re selling cosmetics. You will be able to have a website showcasing all your products and once an order is received, the vendor will be notified and will send the product to the customer. This works really well when working with wholesale companies who only wish to cater to businesses, giving you a discount on prices and allowing you to maximize profits without purchasing any inventory.
Affiliate marketing
Using affiliate marketing allows you to promote other products and get a commission fee every time a purchase is made as a direct result of your marketing. You can promote products by creating your own website, social media, email list or blog, but just be sure to look over the rules thoroughly before you start as some affiliate programs do not allow email marketing, for instance.
While this method does not require any inventory, the profit made is very low and requires a lot of work. You could, however, join many affiliate programs and gain commission from each one to increase your income. Check out this Wealthy Affiliate review post and see if their program might fit your criteria.
Whichever strategy you decide to use, it is definitely worth looking into. With just a little research you could be setting up your online business and making profits without having to spend a fortune on capital, reducing the risks of failure. And let’s face it, that’s always a great thing!
3 tips to start your eCommerce Business without inventory
One of the most difficult and annoying parts of running a business is dealing with inventory. Making sure you always have the products available, as well as dealing with the risk factors of purchasing stocks upfront, make setting up a business a difficult task. However, when it comes to eCommerce, it is possible to get an entire business up and running without having any inventory depending on the type of business you’re interested in.
Here are 3 tips to point you in the right direction with minimal costs:
Print-on-demand services
Setting up a print on demand service not only requires no inventory, but also minimal capital. The best thing about it is that all you need to start is finding a print on demand company or platform, come up with a name and logo, create a few designs, and you are good to go. Once a customer has paid, there are many print on demand companies you can connect with that allow you to create a store on their platform and use their services.
After the customer has paid, the design is used by the print-on-demand service, and then sent to the customer. The only thing to consider is that you’ll be making a minimal amount per order, but keep in mind that you only need to make each specific design once and will be getting a profit every time someone places an order.
Drop-ship
Using a drop-ship online store, you can create your own website where orders are placed, but your vendors are the ones who handle the shipping to the end customer. This means that you can set up your business without any inventory, but act as a medium between the client and the vendor. Let’s say you’re selling cosmetics.
You will be able to have a website showcasing all your products and once an order is received, the vendor will be notified and will send the product to the customer.
This works really well when working with wholesale companies who only wish to cater to businesses, giving you a discount on prices and allowing you to maximize profits without purchasing any inventory.
Affiliate marketing
Using affiliate marketing
allows you to promote other products and get a commission fee every time a purchase is made as a direct result of your marketing. You can promote products by creating your own website, social media, email list or blog, but just be sure to look over the rules thoroughly before you start as some affiliate programs do not allow email marketing, for instance.
While this method does not require any inventory, the profit made is very low and requires a lot of work. You could, however, join many affiliate programs and gain commission from each one to increase your income.
Whichever strategy you decide to use, it is definitely worth looking into.
With just a little research you could be setting up your online business and making profits without having to spend a fortune on capital, reducing the risks of failure. And let’s face it, that’s always a great thing!
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Getting new customers costs 5-25 times as much as retaining existing ones – TheMarketingblog https://t.co/OwyY56mbJs pic.twitter.com/ljMaaFiJZS
— Will Corry (@slievemore) May 7, 2019