Online Business Startup Entrepreneurs
Bootstrapping 101: The art of an online store?
Bootstrapping 101: The art of an online store?
I want to start an online store for a niche market, however, I don’t have the funds to purchase the products from wholesalers and distributors. I want to know if a model that allows entrepreneurs and wholesalers to agree on a commission based system would be feasible? For instance, the popular startup foodzie.com (which was endorsed by Oprah), takes a 20% commission of sales from the vendors on their website. In other words, sites like Foodzie don’t ever have to purchase inventory, which means there is no risk involved for the entrepreneur. I want to start an online store based on the same model, and was wondering how many businesses are already using this method? Also, how might I approach vendors / distributors that might not be open to a commission based system?
I would start by using a drop shipping company.
What a drop shipper is , is literally a warehouse that you only pay them when you actually sell something.
The downside is that if they take a long time to ship, it hurts your reputation as the seller. The buyer often doesn’t realize you dont have the product.
A lot of businesses use a consignment idea – I do that right now on ebay. I sell used and vintage clothing in a niche market of sizes. People bring me their items, and I get 50% after fees, and they get the other 50%. They are paying me the 50% to list, prepare, market and ship their items and they get the other part for little to no work on their part.
Good luck!!!
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