Do I Need a Business Plan?

March 9th, 2017

Pen and PaperWe get this question from time to time. Some of our members comment that other websites and tutorials tell them to write up a business plan, but we don’t talk about it. So, let’s talk about it!

Is it necessary to create a business plan? It depends!

Let’s start with what a business plan actually is. A business plan, is a formal statement about your new business. What your goals are, reasons why they are attainable, and your plans for reaching those goals. It serves as a roadmap for your business that you can follow to help you reach your goals. You may also want to consider consulting a business expert like Andrew DeFrancesco who can give you some great tips on how you can create a great business plan.

To get started with your business plan, you ask yourself specific questions like:
Why do you want to start a business?
Why do you want to sell online?
What do you want to sell online?
How do you plan on selling those products?

Don’t ask your friends and family to answer these questions. They can only be answered by you!

Write answers for each of those questions, and then start digging into the details.

For example, the answer to your first question might obviously be: “I want to make money.” But take that and add more details once you really think about it. For example, it could be that you have a fantastic idea & want to sell products that cater to a specific demographic, that you have found is missing and be as detailed as possible.

The last question, how do you plan on selling those products; this is where you would list out your marketing strategy and the services you plan on using to accomplish that.

You would also research costs to get an idea on how much “Facebook ads” would cost per month, or if you sell on eBay, what is the cost associated with that.. if you need legitimate wholesale suppliers then you would also list out WorldwideBrands.com and the cost associated with our service. Listing your costs is important. It will give you an idea of what you will need to spend per month or to get started to see if your ideas are feasible with your current budget.

As you write up your business plan, you research at the same time so you can truly be detailed with your answers. So a business plan can be something that takes quite some time to create, and of course you can modify it any time.

Now, let’s get to the answer for is it necessary?

If you plan on having a buisness partner, or want to take on investors for your business or even a business bank loan, a well thought out buisness plan is essential and is usually required. This will let all parties know what they should expect with your business and help them to determine if they want to work with you or not.

If you do not have plans on taking on a partner, inventors or a loan, it’s not an absolute necessity. However, a business plan can also be used internally by you, and anyone that you work with, for YOU & them to understand what your goals are and how you plan to reach them. Think of it as a written detailed vision board 🙂

So is a business plan a necessity? If you are not going to seek outside monetary help, then no.
Should I write one anyway? If you need something to follow to make sure you don’t forget anything, then sure, you can write it up grocery list style, or go through the process of writing a detailed one.

Step 1: Starting an Online Business – Identify

March 3rd, 2017

Graph on computer in Coffee ShopSelling online is very popular these days, and there is a lot of competition out there. So you can’t expect trying to just “sell anything” and wait to see if you are going to be successful at it. You must take careful consideration of product ideas to ensure that you aren’t wasting time and money.

Step 1 for Starting an Online Business is to Identify a Need.

How do you do that? Well, there are several ways to come up with product ideas and then you take those ideas and research them before you even dream about starting to build a website.

First, who do you want to sell to? This is called a demographic. Are you targeting Women? Men? Mothers? Fathers? Elderly people? Millennials? A specific age range?

Different products appeal to different demographics. So if you know what your target demographic is, it will help you to identify what those shoppers could want. Don’t just say, ANYONE. If you actually chose a demographic to market to, that will greatly help you with your marketing and advertising & choosing products to sell. There are many advertising services out there, that will allow you to put the bulk of your marketing money towards that specific demographic. So you would be marketing to a highly targeted list of customers that would be more likely to purchase from you.

Once you have chosen your demographic, then you need ideas. Your friends and family that fit that demographic would be a great resource for that.

My sister and I do this all the time. We throw ideas at each other, because even though we fit a woman demographic, her shopping needs are different than mine because she is a mother. So different things appeal to her, than they do to me & our budgets are different. We also have a lot of similar likes and wants, but we are also interested in different things and have different hobbies. So if I was looking to market to women, age range 30+, that are mothers with young children, she would be one of the people I talk to about it. She is also a great resource to help gather information from other mothers in this same demographic, because she is exposed to a lot of other women whose children go to school with her children. So I can send her off with a list of questions to ask.

Another way to find ideas, is forums, groups and even the news. Places where people gather to offer opinions, views and ideas. Facebook is a great resource for this, there are Facebook groups that cater to these demographics and by the way, Facebook offers demographic marketing. 🙂 There are also specific forums for people with different interests that you can check out.

Realistic vector magnifying glassOnce you have identified some possible ideas you need to do some more information gathering. This is where many new online sellers fail, because they will just run with those ideas instead of fully researching.

There are different ways to research product ideas, and there is no tool out there that can guarantee that your idea is a good one. You have to decide that for yourself.

But the main steps of product research are:
– Determine the number of people looking for those products (this is called Demand)
– Know your competition

All in all, determining what you SHOULD sell and identifying those needs, can be a time intensive project. But well worth it so you don’t go off and waste time and money trying to sell things that just don’t fit in the current market.  Get some ideas and figure out what’s currently missing in the marketplace or if there is competition, make sure it’s low and and do it better.

To learn how to FULLY understand how to pick products to sell online, we highly recommend http://www.sellniches.com  This isn’t a “tool” that will promise success. It TEACHES you how to fully research product ideas before you decide to try and sell them.

Identifying needs is a very important first step to starting an online business and should be done before you consider taking any more steps!

newdirectory_monitorStill need to figure out product ideas? We can help! Our Directory has a section to browse by product types. We have members that use this section to see product keywords that they may have never considered. There are so many products out there, that it can be a daunting task to try to just come up with ideas. So having a list in front of you of available product types, can help you narrow down your options. Besides, who wants to set their heart on selling something, but you can’t find a supplier for it? All the product types in our Directory match suppliers in our Directory. So you know that everything you see on those pages, has a supplier for them.

Not a member yet? Check us out! http://www.worldwidebrands.com

February 2017 – Wholesale Suppliers Added

March 2nd, 2017

keep calm with worldwidebrands.comJust a quick note to let you know what we added to the Worldwide Brands Directory of Certified Wholesalers for the month of February 2017 for our members!

We added suppliers, that together, offer a total SKU count of over 13,000 SKUS!

The newly added suppliers offer:
Wholesale Bathroom Furniture
Wholesale Blankets
Wholesale Novelty Gifts
Wholesale Nature Inspired Decor
Wholesale Hand Puppets
Wholesale Misting Fans
Wholesale Teaching Materials
Wholesale Weight Loss Teas
Wholesale Hair Dresser Supplies
Wholesale Dreadlock Care Products
Wholesale Stand Up Paddle Boards
Wholesale Art
Wholesale Jewelry
Wholesale Cell Phone Cases
Wholesale Women’s Dresses
Wholesale Child Safety Products
Wholesale Patio Furniture
Wholesale Pet Accessories
Wholesale Baby High Heel Shoes
Wholesale Diversion Safes
Wholesale Chicken Coops
Wholesale Tennis Supplies
Wholesale Tabletop Kilns
Wholesale Facial Brushes
Wholesale Adult Toys
Wholesale Mattress Support Systems
Wholesale Drink Hip Holsters
Wholesale Steam Showers
Wholesale TENS Units
…and more!

Our members at WorldwideBrands.com, can setup notifications when we add new suppliers to categories that interest you. So take a look in your My Account area to set those up and then every time you login, you can see the newly added suppliers assigned to that category on the right side of the Directory.

If you are not a member yet, check us out today!

 

Can I Start an Online Business?

February 17th, 2017

brain-gearsSo you are thinking about starting an online business, right? But you are struggling to know if it’s a good idea, or if you can be successful at it?

Well, you will find a lot of websites out there with misleading information, such as; “You can earn thousands selling online!” or “Anyone can succeed selling online!”

These statements are simply not true. The only true statement is that anyone can start an online business, but no one can promise you will succeed at it and obviously no one can promise you will earn thousands, unless of course they are going to pay you thousands for starting one. (We all know THAT isn’t going to happen!)

So, can YOU start an online business?
Absolutely! Anyone can. Anyone can start selling products on eBay or Amazon or on your own website. Where you choose to sell is up to you. Many people just like you are running their own online businesses, and so why can’t you do that too?

It is a good idea?
Yes! Black Friday 2016 broke records for online sales. There were more sales online than ever in the history of selling products online through various selling channels. Even though there are more businesses starting to sell online, there are more shoppers too, so there is always room for more.

Can you be successful?
Maybe! It’s a real job, and you will only be successful if you work hard, educate yourself, be willing to put in long hours, and be willing to fail a few times & accept that may happen.

You also need a good idea. If you have ideas of what to sell, make sure to do your research to know if it really is a good idea to sell that product. You don’t want to try to offer things that are already saturated online, so stay away from product ideas where the competition is extremely high. There are also products that not just anyone can sell online, so you have to research that as well before you set your heart on it. The competition for these brands that have seller restrictions is low for a reason.

So in short, can you start an online business? YES!
Is it a good idea to start one? YES!
Will you be successful? MAYBE!

We don’t make false promises here at WorldwideBrands.com We have been speaking the truth about selling online for well over a decade.

Don’t know where to start? Get our Free eBook, “Starting Your Internet Business Right”. Guess what? No strings attached.. we won’t ask you for your email address or ask for any money for our free eBook. It truly is a free eBook. No cost, and no personal information required to download it. So even if you decide NOT to start an online business, we won’t bother you about it. 🙂

 

 

Celebrating what WE Love this 2017 Valentine’s Day!

February 13th, 2017

2017_wbi_valentines-day

January 2017 – Wholesale Suppliers Added

February 6th, 2017

newdirectory_monitorJust a quick note to let you know what we added to the Worldwide Brands Directory of Certified Wholesalers for the month of January 2017 for our members!

We added suppliers, that together, offer a total SKU count of over 15,000 SKUS!

The newly added suppliers offer:
Wholesale Pet Waste Bags
Wholesale Blankets
Wholesale Beef Jerky
Wholesale Packing Tape
Wholesale Military Gear
Wholesale Bra Accessories
Wholesale Jewelry
Wholesale Fish Jerky
Wholesale Organic Skincare
Wholesale Jellyfish Aquariums
Wholesale Area Rugs
Wholesale Baby Shoes
Wholesale Hunting Knives
Wholesale Fashion Clothing
Wholesale Women’s Dresses
Wholesale Meat Snacks
Wholesale Pet Supplies
Wholesale Women’s Swimsuits
Wholesale Men’s Clothing
Wholesale Cell Phone Cases
Wholesale Sleep Bags
Wholesale Water Filters
Wholesale Pest Control Products
Wholesale Baby Accessories
Wholesale Planters
…and more!

Our members at WorldwideBrands.com, can setup notifications when we add new suppliers to categories that interest you. So take a look in your My Account area to set those up and then every time you login, you can see the newly added suppliers assigned to that category on the right side of the Directory.

If you are not a member yet, check us out today!

December 2016 – Wholesale Suppliers Added

January 4th, 2017

worldwidebrands new directoryJust a quick note to let you know what we added to the Worldwide Brands Directory of Certified Wholesalers for the month of December 2016 for our members!

We added suppliers, that together, offer a total SKU count of over 5,000 SKUS! Yes, even during the busy Christmas season we were still able to add a new supplier to the Directory every business day!

The newly added suppliers offer:
Wholesale Cosmetic Bags
Wholesale Beef Jerky
Wholesale Dried Meat Snacks
Wholesale 3D Printed Jewelry
Wholesale Exotic Wear
Wholesale Aftermarket Auto Accessories
Wholesale Organic Skin Care
Wholesale Beer Marinated Beef Jerky
Wholesale Gluten Free Jerky
Wholesale Pain Management Products
Wholesale Hot Sauce
Wholesale Men’s Shoes
Wholesale Pewter Gifts
Wholesale Reading Glasses
Wholesale Quilting Supplies
Wholesale Origami Jewelry
Wholesale Key Lock Boxes
Wholesale Plus Sized Clothing
Wholesale Sunglasses
Wholesale Adult Onesies
…and more!

Our members at WorldwideBrands.com, can setup notifications when we add new suppliers to categories that interest you. So take a look in your My Account area to set those up and then every time you login, you can see the newly added suppliers assigned to that category on the right side of the Directory.

If you are not a member yet, check us out today!

 

Merry Christmas!

December 19th, 2016

worldwidebrands-christmas-wishes

Black Friday 2016: Record Breaking Year!

December 2nd, 2016

Graph on computer in Coffee ShopYear after year, Black Friday and Cyber Monday continue to be the BIGGEST online shopping days of the year and this year wasn’t any different. In fact, these shopping days broke some records!

Adobe has been gathering information from the 22.6 BILLION visits to websites during this Holiday Shopping Season and found some interesting things.

  1. There were actually more online shoppers on Black Friday than Cyber Monday this year. $3.34 BILLION dollars was spent shopping online for Black Friday and if you include the shopping that was done on Thanksgiving, that equals $5.27 BILLION.
  2. More people shopped using their mobile devices. Black Friday 2016 became the first day in retail history to drive over $1.2 BILLION dollars in sales from mobile devices, mainly smartphones!
  3. Retailers that invested in mobile, email and social marketing saw 30% more sales and 25% higher average orders.
  4. Retailers that used Shopper Helper Sites like RetailMeNot and CNET saw a 16.5% share of sales.
  5. Promotional emails about Black Friday showed 17.8% share of sales.
  6. There was quite a bit of traffic from search ads and direct traffic to the retailers websites, these numbers dropped, even though it is still the largest contributor of the online sales. Sales from search ads dropped 4.3% and direct traffic sales dropped 9.6%.
  7. Customers spent more on Thanksgiving Day this year than last. Sales increased by 11.5%

Adobe measures 80% of ALL online transactions from the top 100 US retailers, more than any other technology company, and uses its proven predictive model to forecast online sales and trends. $7.50 out of every $10.00 spent online with the top 500 US retailers goes through Adobe Marketing Cloud. This amazing amount of data puts Adobe at the top to deliver accurate online sales totals and trends, but of course, they do keep in mind the importance of good data management with companies like https://blog.couchbase.com/spring-security-oauth2_authentication/.

Did you see growth on these shopping days for your online store? If not, you should start thinking about strategies for the next major shopping holiday.

Valentine’s Day is another big online shopping day that will be here before you know it! Valentine’s Day 2016 resulted in $18.9 BILLION dollars in sales, and is yet another holiday that year over year retailers see online sales increase. So get started working on what you want to do for Valentine’s Shoppers this year, we already know the big retailers are thinking about it or already have plans in place!

November 2016 – Wholesale Products Added

December 1st, 2016

newdirectory_monitorJust a quick note to let you know what we added to the Worldwide Brands Directory of Certified Wholesalers for the month of November 2016 for our members!

We added suppliers, that together, offer a total SKU count of over 50,000 SKUS!

The newly added suppliers offer:

Wholesale Roadside Emergency Products
Wholesale Throw Blankets
Wholesale Body Care Products
Wholesale Honey
Wholesale Refillable Ink Cartridges
Wholesale Furniture
Wholesale Sportsman Products -for hunting, fishing and outdoors
Wholesale Diamond Jewelry
Wholesale Fishing Tackle
Wholesale Women’s Shoes
Wholesale Supplements
Wholesale Vases
Wholesale Travel Accessories
Wholesale Beef Jerky
Wholesale Wall Decals
Wholesale Silk Scarves
Wholesale Massagers
Wholesale Packaging
Wholesale Human Hair Extensions
Wholesale Gourmet Seasonings
…and more!

Our members at WorldwideBrands.com, can setup notifications when we add new suppliers to categories that interest you. So take a look in your My Account area to set those up and then every time you login, you can see the newly added suppliers assigned to that category on the right side of the Directory.

If you are not a member yet, check us out today!