| Advice from an Auction Genius | | | | where youre actually making a profit. Johnson has a |
| Renowned eBiz author Sydney Johnson created the | | | | funnel theory on finding your product niche: You start |
| now-famous Auction Genius courses ( to aid people | | | | really broadyou have huge categories. And then you |
| wanting to create their own e-businesses. She shares | | | | learn how to do your market research and you funnel |
| some important tips for anyone looking to learn the | | | | down andget smaller and smaller until out the other |
| online retail industry: | | | | end of the funnel comes a handful of products that |
| Tip 1Start Small. | | | | you can really do well with. |
| Many of Johnsons students are eager to dive in head | | | | Tip 3Start on eBay |
| first, ready to invest all their savings into overseas | | | | EBay is a great tool for beginners just learning about |
| imports or shopping network returns. But Johnson | | | | online retail. There are several reasons why its a smart |
| discourages such risky moves for two reasons. | | | | place to start: |
| They havent considered all the coststhe enormous | | | | Its quick, easy, and inexpensive. |
| minimum quantities theyll have to buy to get the | | | | The traffic is built in, and the people that are seeing |
| discounted prices or the tremendous costs of shipping | | | | your listings are seeing them because theyre searching |
| imports. | | | | for your type of product. |
| They have little experience and, therefore, no way of | | | | Its a good way to get exposed to the ins and outs of |
| knowing all that these transactions entail. | | | | the business. |
| Says Johnson, Youre going to make mistakesThe | | | | Tip 4Theres No Such Thing as Get Rich Quick! |
| way to minimize any kind of horrible error is to go very | | | | Starting an e-business is just like starting any other |
| small. Dont invest a lot to start withlearn with | | | | businessit takes patience and persistence. Dont expect |
| inexpensive items. Start with a minimum investment; | | | | to be magically rolling in money overnight. And dont just |
| and as you begin to make a profit, put that money | | | | jump at every opportunity that comes along for fear |
| back into your business rather than buying new golf | | | | of missing out. Research it firstif it sounds too good to |
| clubs or tennis shoes. | | | | be truewell, you know... If you take the time to |
| Tip 2Research the Market and Test your Results. | | | | understand what youre doing, theres plenty of room in |
| As you go, youll learn which products sell well and | | | | the e-commerce industry for you to make money. |