In this article, I will try to answer the questions “Why is business analysis so important?”, “Which analysis should we use?” and “How do we analyze?”.
It doesn’t matter whether you’re still looking for your line of work or if you are adept in a business area, there are a few things you should do periodically to “get on track”. I am referring to Self-Analysis and planning.
The Self-Analysis process includes reviewing and analysis of your own interests, needs, and aims, skills, and qualities, values, your failures and successes so far, attitude models, etc. The process includes “piecing together” and analyzing the result.
Defining your own positive and negative features is particularly difficult. I will attach a SWOT (strengths, weaknesses, opportunities, and threats) Analysis blank in this article, and that way each and every one of you can self-analyze. I advise you to do it here and now and try again in a week. You will be surprised how after one week the result will be completely different. You will find a lot more weaknesses in your self than you will today since during that week your consciousness will single out every single thing that happens to you based on the SWOT Analysis’ questions.
This analysis is pretty easy and quite useful for everyone.
I, personally, found strong sides of my character from it, which I never suspected. For example, I never realized, that working on three monitors at the same time is an advantage. But you can get a lot more work done.
I strongly advise you to do the Self-Analysis. Finding out your strong suits as well as the qualities or flaws you possess is a lot more important than finding out what your competitor’s strategy is.
In this article, I wanted to go over a topic which is on my mind quite a lot.
Every time I go to a library, I would see the words “The Art of…” written on the cover of a book.
It is an undeniable fact that nowadays Art is a much-needed deficiency. Art is what people look for and that is why people write about it, despite there being books with the title “The Art of…” where the Art is nowhere to be found.
The truth is that people need Art. Each and every one of us does.
Sadly, a lot fewer people are attending a theater, opera, ballet or classical music concerts.
It is as if Art is missing from our homes as well. For example, very few people have paintings or statues in their homes.
I doubt that anyone of us ever thinks that this is an issue. In time, due to the world getting less and less beautiful, people will turn into robots. Robots that work for money without a purpose. It sounds dark, but unfortunately, this is where the world is heading.
No matter how much money we have, we all need Art. We need good music, beautiful paintings, and nice poems.
I hope this article has inspired you to attend an event you find interesting or buy something beautiful that sparks joy when you look at it.
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I Challenge you to post 10 products in your eBay store every day within 90 days.
If you reach your account’s limit, you can always call eBay and ask them to extend it. If you do, they will ask you where you get your goods from and what kind of goods are you selling. Nothing to worry about. eBay would simply like to know a bit about your business so, they ask questions like:
Where do you get your goods from?
What do you aim to do with your business?
How fast do you ship your orders?
What products do you have and are willing to sell?
You will notice that on the 90th day you will have 10 times the traffic if you list at least 10 products.
This is a proven method. Try it out and you will see that it will work!
Like Jerry Bresser once said: “List more, sell more”
Good luck, everyone!
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In this article, I am going to go over the three main ways to earn money from Amazon. Namely:
Each of those ways has a different definition for each industry.
What is the Private Label method? Essentially selling products with a Private Label includes finding products which sell well in Amazon, making their own package and logo and have better deals than what they compete against.
Step 1:Research and selection of a product:
This might be the most important and time-consuming step in the process. That is because the website publishes detailed lists for their top-selling products. Despite the lists being made for the purpose of giving the users an opportunity to view what is popular, you can use it to your own benefit as well.
The ranking of the bestsellers is essentially used to search for the product before posting it on the market. Instead of developing a product and testing it to make sure it sells well, you can start by making sure it does sell well and then decide if you want to post it for sale. Pick popular products that are used by everyone, like water bottles, silicon spatula or a flashlight – types of products that can be manufactured with your own brand and packaging. In other words – you don’t want to pick products with a famous brand (Nike shoes, iPhone products) because those are branded products that can not be labeled as private.
Step 2: Find and contact a supplier:
Research a few different suppliers. Depending on how thorough their lists are, you can usually see the minimal required quantity per order (MOQ), price range, time for completion and if they allow Private Label. Nevertheless, you need to e-mail the supplier to receive an exact offer. There is a place to discuss the prices. Just be confident!
Step 3: Your logo, design, and packaging
After you find a supplier that wishes to provide you with a Private Label of the product, you need to choose your marketing materials. Don’t worry though – you don’t need to create them yourselves. Use a website like Fiverr or Upwork to hire professional designers for a decent price.
Step 4: Use Fulfillment by Amazon
Thanks to the program Fulfillment by Amazon (FBA), you don’t have to manage the monotony of the orders for pick-up, packaging and shipment. Although FBA takes a small percentage of your profits, it is worth it for most sellers. Your shipment expenses are included in the fees and your products automatically become eligible for free shipment, which can help you realize more sales.
Step 5: Making your first sale
By lowering the price you attract people to make use of your product. You can also use the indoor advertising system by Amazon.
Wholesale from distributors and manufacturers. With this model, the purchase and sale have a 40%-50% difference which makes it quite profitable. Best Buy and Walmart use that method. In Bulgaria it is emag.
The wholesale suppliers purchase goods from a distributor and pass them over to a retailer so that they can be sold to the user. The wholesale suppliers research and receive the most cost effective products by selecting from a majority of manufacturers and distributors. Then the wholesalers deliver those products to the retailers for purchase.
This model became extremely popular lately. To sell without owning the product. This, I think, is the most universal way to start.
You don’t need a large capital – probably the biggest advantage of dropshipping is that it is possible to start an online shop without having to invest thousands of dollars in the inventory. Traditionally, the retailers have to consume themselves with large quantities of inventory for purchase.
It is easy to start – dropshipping is a lot easier when you don’t have to handle physical products. With dropshipping you don’t have to worry about :
– Storage management and payment;
-Packaging and shipment of your orders;
-Processing returns and incoming packages;
Flexible location – the dropshipping business can be started from anywhere with an internet connection. You can easily communicate with suppliers and clients while managing your business.
A wide selection of products – since you don’t have to purchase the products that you want to sell, you can offer a set of products for your potential clients.
All of these advantages make dropshipping very attractive as a model for beginners and advanced traders.
There will be a detailed article on each of these three methods SOON!
Check out videos that might interest you on my YouTube channel below:
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I received a lot of criticism for what I said personally from friends and acquaintances. The criticism was followed by advises to hire a PR agency so I don’t say things that would ruin my reputation. I am only going to say it once: Vitan Radushev does not need an agency to tell him what is right or wrong. If I feel that something can be done better – I speak up. I do so based on the experience I have with software development. I can see how my new and old products sell. smpro.net earns $23.25 with the scrappers average while listerhero.com – $19.99. The plugin has not broken down in months and the repricer is tough to deal with, especially when the client base grows.
In this article, I want to tell you about my first failure in the software business.
Years ago, when I was creating the platform smpro.net, which was made for Dropshippers in eBay, I didn’t have a clear idea how to write software and how to grow a business. I didn’t know what rules to follow and how to build it adequately.
That is why I decided to create a platform that will satisfy the needs of all users.
That is how me and my colleagues started working on it. We wrote a platform like repricer and started integrating trackings, accounting modules, and many other things.
The platform itself became huge! It took us many years. In the end, it turned out that the users had gotten used to a specific price for a specific service. That way, offering them a few other services it made sense for the price to go up. With the price being raised, a lot of users felt it was expensive. The users are used to pay separately for the same services of different companies but that way the feel like they are paying less. Because of that, the clients on the platform were becoming fewer and fewer and the software could not prove that it was the best on the market.
The truth is for you to have a successful business you need to have a pre-made plan of the model you are going to follow; what kind of service are you going to offer clients. You need to have an idea of where the market is going.
The conclusion is that if me and my team made a few minor tools which were less complicated than that big platform that we created, we were going to earn a lot more money. The tools themselves were going to need smaller maintenance resource and that would have made our business much more successful.
I can tell you from my experience that before you “make it big” you need to “make it small”!
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Nikolay was curious about the nature of the business and other online investments when he reached out to me. He found the course and managed to learn many new things that helped him grow his account.
Like many other beginners, Nikolay started out with a few hundred dollars starting capital and the revenue he needs to keep his business running on a monthly basis is around $5000.
N- I started with a few hundred dollars.
V- And how much capital revenue do you need right now?
N- The capital revenue is a lot at the moment because the revenue itself is quite big. But it is around 5-6 thousand dollars.
V- Regarding monthly revenue, people often ask me “Where do I get the money in a few months when the turnover increases?”. It’s very easy. When you have made $3 000 monthly revenue you have $2 000 profit; I advise everyone to increase their revenue with no more than 30% each month, which means that when you increase your revenue gently – the taxes will grow the same way. Let’s say that last month’s revenue was $10 000 your tax is $1 000 making the revenue $15 000, and now you have $1 500 – $2 000 in PayPal so you can tend to your customers. Meaning that if you delay your taxes in eBay by a month, you won’t need to pay additionally.
V- Just like what you own in your PayPal which is actually last month’s tax.
N- I work with the client’s money. And the taxes from eBay which we can deliberately delay by one month, no one is looking for them the first month after the issuing of the invoice.
V- Many people commented that you have a USA address. Could you fill us in as to why?
N- Because I have a company in the States. LLC opens a lot more doors than a company in Bulgaria. Meaning that there are no issues like your account being closed or problems with PayPal or eBay. Because when you are in the States – everything is in there – meaning that your activity is also in the States. It causes no problems.
V- So, you’re not from Bulgaria, as in you don’t have a Bulgarian company that sells in the USA.
N- The privileges are different, as are the taxes but on the plus side – it doesn’t cause any issues.
V- Alright. Thank you for that. Actually, anyone that has an American company can open an American PayPal and receive an American card. You are waiting for yours to arrive?
N- It is being sent from the USA to Bulgaria but that will take some time.
V- Sometimes there are problems and the card needs to be delivered personally. At least that’s how your card arrived and they had to send it again. Luckily the second one is on its way.
V- You said that you work 3-4 hours a day but didn’t share just how many people assist you with the account. Do you have any virtual assistants or people who help you from Bulgaria or outside?
N- There are two people helping me which are not from here. They are not virtual. And they help with different things like orders, advertisements. Things that take more time. I do the easier part like messages, Customer Service, etc.
V- Amazing! Did you check out the new Payment method eBay requires? Since you are with a US address and everyone with one has received notifications.
N- Yes, anyone with a US address, even if they’re not from the US receives an invitation from eBay for Manage Payments, meaning that they have to remain there for a while. The deadline is a few months which is usually a problem for people that have no US bank account or a US address and because a Social Security number is required that only people in the States have. Furthermore, you need a US bank account because they require one to send the money in. PayPal is off the table and eBay wants to take everything. You sell there and they pay you directly because that way they save money from PayPal which withhold more tax. The taxes drop respectively. At the moment there are much more taxes. For example, my PayPal taxes are around 3.7%. Even the starting ones are 4.4%. So the +0.30$ tax. Going to eBay’s “Manage Payments” the tax drops to 2.9% without the additional 0.30$ which is a big plus. That way the competition becomes smaller. And overall you will have more profits. You will be able to sell at lower prices. So there will be bigger profits and bigger revenue.
V- And what happens if you don’t input your company’s bank account details?
N- If you don’t input it they give you a deadline of 2-3 months. With me, it was 2 months. And if you don’t join this new method they just cease your access. You can’t post any more advertisements. The only thing you can do with them is to maintain them. For example, a chair that you have posted for sale is out of stock and you find a similar chair. And instead of deleting the ad and uploading a new one for the new chair, just change the description and photos, post the new chair and keep that advertisement instead of deleting and losing ads.
V- Great! This is a pretty good tip for people who work with a US address trying to avoid paying VAT. As far as I know, there are a lot of people without companies that are involved with that type of business in Bulgaria. This is only temporary. That is why I advise you to contact an accountant or make sure your online business is how it should be. Actually, this is a very good tip for something else as well. I am going to share this in the second part of the course. I forgot to do so in the first one. If any of your products go out of stock but has a high rating you can pick another good product to which you can just revise the advertisement. To change the photos, description, and title. What matters is for it to be in the same category so the product can keep the rating as well as the sales. You can often find products that were top-selling for a long time that are also out of stock. Sometimes forever. Because of it, this is something we found out a while ago. It works great and you can simply replace an ad with a similar one for a different product. So that you don’t have Out of Stock as well as not stopping products with a high rating.
N- Also, you won’t be needing that many advertisements. For example, I have around 170 ads – which is very little. While if someone else’s product goes Out of Stock they just delete it and post a new one. And like this old ad has had, let’s say, 50-60 sales, it disappears and you start from scratch. And you have to promote the product, which takes time and it won’t sell. While that way, you start with a product that has sales and rating. That’s how you keep the train going without having to stop and start from scratch.
V- Amazing! I want to share a bit of info since I get a lot of questions regarding the advanced level we are creating and regarding some things for people at an average level that don’t need a beginner level training. Since I get a lot of questions I have picked the most frequently asked ones. I’d like to discuss them today. Regarding the registration of a company in the USA – an LLC costs around $800. It includes everything you need for issuing documents – bank account, debit card. They send the debit card to Bulgaria (depending on the state). This is a feature which you can find for $5000 as well as for $300 but it includes different things. I can give information to anyone that wishes to register in a US company where you will have the opportunity to receive a PayPal card. The taxes will be lower, you will receive PayPal Cashback, which Nikolay forgot to mention. PayPal Cashback is 1% from all transactions which means that if you make $30 000 in orders monthly you will be able to receive $300, which is a plus. Then you have 1% lower tax which is another $300. Because when you receive money in a European PayPal you actually receive it as international and PayPal has 1% additional international tax (International Fee). In the second level, we talk about the Returns. Since they added obligatory addresses for Return there is a way to make it so all Returns, even without a Fulfillment Center that takes the orders, even if Amazon doesn’t give it a Return Label, the way eBay requires it there is a way to put away your goods. There are such services. I’m sharing how exactly are they used so that you can use this feature in order for 100% of your clients to be able to have their goods returned and so that those goods are not lost and clients can get refunded for them. There is a double taxation law which still applies. This means that if someone is paying their taxes in the US and is able to legally prove it they won’t need to pay the same taxes in Bulgaria. I get asked that often. Regarding the issue with the Amazon accounts that are getting closed, it is possible to shop from Amazon and if they close your account to simply create a new one. Yes, Amazon doesn’t like a lot of orders and they often have issues with them. But that doesn’t mean that you can’t create 5 or 6 company accounts with company data to shop from Amazon. Of course, you need another debit card – which is also illegal. About Gift cards! A lot of people from the groups state that they use Gift cards. Gift cards are completely legal when you have a document which proves that you have bought them and using them isn’t a problem. This is just a prepaid voucher but you need to have a document. This is why Amazon closes a lot of accounts. Because it is unknown who and where they are bought from, Amazon assumes fraud. That is why I advise you not to use Gift cards in the beginning, at least until you learn how to use them. There are a lot of websites where you can buy them legally such as triple mars, where 2% tax is incurred. Could you share a bit about Cashback, since people often ask me about it? Do you receive Cashback currently?
N- Currently – no. But usually, Cashback is received quite easily. There are many sites which offer Cashback of around 5%-10% depending on the website. There is a good profit from the Cashback. There are also things like Repricing. Repricing, Price Match, which is not offered by Amazon anymore. But for example, if you are Sourcing products from Home Depot, Walmart – the Price Match there is good. Your profit can even be as much as your revenue – around 5%-10% of the Price Match itself which is very profitable and completely legal.
V- I will explain in detail. Price Match is if you have bought a product worth $10 and a few days later it drops to $7 you can message the supplier and have them return the difference in the price but this is for someone more advanced. Since he has a company in the US and has the right to shop from Home Depot, Walmart.
N- For example, you won’t be able to access Home Depot.
V- You need to use a remote computer in the US which they offered you when you created your company. They give you a computer with which you can use your eBay account because if your eBay account is with a US address and is used for a while from a Bulgarian IP it can be a problem and they might close it. This is one of the reasons people that sell more to have a US eBay account with a US company because that way the probability of getting your account flagged is lower but you need to get an SSM number and a company which costs money. That is why I advise everyone to start with a Bulgarian company since it is cheaper and then when validated and starts making money out of this business. Since it isn’t that easy and people think: “I’m going to get this course and spend 7-8 hours watching it and 3 more days for the 2 seminars (15 hours total)”. There is nothing easy about it, especially creating an online shop.
N- Just like a real store – it requires building.
V- I should also mention something since I can see that the market is changing dynamically, the last 1-year people say: “I’m going to sell in my own site”. It is great to sell in one’s own site. But you need to build your own customer aisle, have good marketing, understand how copyrighting works. If you don’t know these things – hire a digital agency which can do it for you. To make a good design. Most digital agencies make only publicity. That is why I recommend when you take on Dropshipping and don’t have any marketing skills, don’t have fluency in English, and lack the money for a more serious investment, I recommend using eBay. That is why I created the training for eBay first. Since the traffic in eBay is ready you only pay tax if there are any sales. If there are no sales you don’t owe anything. In your own site, you can spend a few thousand for publicity and it can turn out that the Conversion Rate is very low and the product doesn’t quite well. There is some mistake in the Copy or it was not the right audience. And after a few thousand dollars in expenses and a few months of work on the site, to realize that you made a website where you can’t make a lot of money. This is the reason why I advise any newcomer – especially someone without much turnover money, let’s say $300-$400, to start from eBay since no matter what marketing training you purchase and no matter how well you learn it, you will need a few thousand more dollars to create a website like a project with good audience aisle to understand what sells your product, study the market test things especially if the product is more expensive (Premium). If you are selling abroad it gets even more expensive because the publicity there is more expensive than in Bulgaria. This is why I advise everyone to start off of eBay because there everyone starts from 0 and even without a starting capital in a few months you can get a decent result. I remember him having low turnover but on the 5th month, he came over saying he made $20-$30 clean profit a day which means that with almost no skills and capital you can make $1000 from home which is quite a lot for Bulgarian standards. Especially for an 18-year-old boy. Before we conclude the interview I want to invite you, since the second part of the course is not finished yet and I can see that there are a lot of people showing interest in it, and a lot of people contacted me. I have been doing Dropshipping for 7 years and you have been exercising it from recently. You have seen the issues. You’ve been through them. People wanted to contact you and I want to invite you if you would like to participate in creating the second part of the course.
N- Yes, I would be happy to help people and help the course.
V- Great! Thank you for this interview. I hope the interview was helpful. We are at your disposal if anyone has questions.
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In this article, I am going to show you how to solve the issue with eBay automatically accepting Returns.
Let’s take look at this situation:
You are a Dropshipper in eBay. Someone buys something from you and decides to return it. You assume that you can just send them a prepaid Amazon return label so that the client can return into Amazon directly. But for some reason, the return request is already accepted and you can’t do anything about it.
How do we solve this issue?
Luckily the solution of the problem is quite easy. Go to Return preferences in eBay. Then go to the bottom of the page and you will find the tick box – Give me the option to add an RMA (return authorization number) to each return label.
This tick box forbids eBay from automatically accepting returns. That way you can approve your returns as well as give your clients prepaid labels.
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