Are You Missing Out on Extra Profit?

Posted December 7th, 2010 in Selling Online, Small Business Tips by Mara

money1As a business owner, you’re probably familiar with the term “upsell.” It’s when you take the opportunity to offer extra products or services after a customer is already committed to a purchase. A great example is the age-old McDonald’s classic: “Would you like fries with that?”

The impressive truth about upselling is that you can add a HUGE amount of revenue with simple suggestions or recommendations.

Upselling is easily done in person. After all, when you’re watching a customer peruse items in your store it’s easy to see what catches his or her attention. But what can you do when your small business is an online ecommerce store?

Here are three ways to add a few extra dollars to each order:

1. Offer Gift Wrap & Cards
Many people would love to spend a buck or two extra to avoid the hassle of wrapping a gift. This especially appeals to those who want to ship a gift directly to the recipient, without being a go-between.

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How Do You Choose the Right Product for Your Small Business? We Try to Figure it Out…

Posted February 9th, 2010 in E3 by admin

e3-logoLast week, we introduced you to the new online business being launched by staff – also known as the E3 venture (Employee Entrepreneur Experience). We determined the company bylaws and discussed what kind of business had the best chance to grow.

This week, we looked at a variety of products to sell, from event tickets to tennis rackets, and finally voted them down to the top three. After a bit of discussion, we may have reached a decision. Check out our criteria below – what would you have voted for?

1. High-end Pens

  • We determined that these were easy to sell in bulk quantities, with a 2-3% markup for each pen
  • High online search volume for custom pens, as well as the top manufacturers
  • Very easy to ship
  • However, due to our lack of any existing relationship with a supplier this product earned few votes in the final evaluation

2. Car Wax

  • An extremely expensive product that generates repeat customers
  • High online search volume indicating great demand
  • Easy to ship
  • Market is largest in the USA
  • High margins
  • Better sold in high volume
  • Easily branded
  • Manufacturing – possibly homemade, which would mean not scalable and a low production rate
  • It is a product our staff feel they can get behind
  • Potentially a strong product, if supplier issues are clarified

3. Baseball Bats

  • One of our members has developed a potential relationship with a supplier
  • High online search volume
  • Great market opportunity for Little League teams, semi-pros, beer league teams, trophies
  • Free drop-shipping
  • Easy to out-source production
  • Small order sizes possible – no inventory back up
  • Fully customizable: baseball bats can be branded easily
  • High agreement among board members ( staff)

After some debate, the E3 group reached a consensus – custom baseball bats appear to be our best option. Up next week: we research market opportunities and our competition to see if our business model is viable.

Stay tuned…

How Your Small Business Can Make More Money Than Ever in 2010

Posted January 18th, 2010 in Selling Online by admin

It’s the end of January and looking back on last year, most small business website owners are glad that it’s over! The even better news is that if you survived, there are many ways that your business can come back bigger and better than ever.

Here’s how:

Review Your Product Offering
After a rough economic year, is your product/service still in high demand? If not, is there something you can do to make it so? Or, is there another opportunity that might work better for you?

Expand Your Reach
How far and wide are you spreading the word about your products/services? If your only form of advertising is in the yellow pages, start exploring more opportunities. With search engines and social media, there’s no reason more people shouldn’t be talking about you.

Streamline Expenses
When’s the last time you took a good look at where your money is being spent? Carefully go over your numbers and see where you can cut back. For example, try trading in your long distance phone package for Skype.

Build New Relationships
Sometimes talking to new contacts can really provide you with ideas for or insights to your business. Whether it’s chatting up a potential supplier or finding a business mentor, open up those channels to freshen your approach to your business.

Listen to Customers
You customers make your business, so if there’s something they’re piping up about, listen and let them know you’re doing so! If something’s not working for them, chances are that same something might be a roadblock for other potential customers.

To stay competitive, you and your business need to be dynamic and able to change with the market. By getting in the habit of reviewing and planning each year, you help ensure that you stay ahead of the game.

One Week Until Affiliate Summit West 2010!

Posted January 8th, 2010 in Affiliate Program, News by admin

It’s just nine days until we launch our website builder affiliate program at Affiliate Summit West 2010 in Las Vegas! From January 17-19, our team will be at the booth (#404) at the Rio All Suite Hotel & Casino in Vegas, giving our affiliates the gold treatment and offering a chance to win a grand prize worth $100,000.

Our new program will allow the very best affiliates to promote a ‘White-hat” product offering for both the money-making online crowd and the mass market home business owner. Our one promise for Affiliates is this: We will treat you like gold!

To learn more about our affiliate program and our Affiliate Summit West 2010 promotion, visit our at Affiliate Summit West website, or get in touch with our Affiliate Ambassador, Kyle Murphy, at 1.866.310.9327 ext.146.