Connect with us

Retail Business

Network Marketing

Find a product you love and start selling to your friends and their network.

Entrepreneur

Published

on

Business At A Glance

Network Marketing

Startup Costs: Under $2,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Online Operation? Yes

Business Overview

Network marketing is one of the hottest retail industries out there. Itfunctions on the idea that you sell products to people who in turn sellto other people who sell to other people . . . and so on. Networkmarketing programs feature a minimal upfront investment–usually a fewhundred dollars or less for the purchase of a product sample kit–whichgives you the opportunity to sell the product line directly to family,friends and other contacts.

Most network programs also ask that yourecruit other sales reps–those same family members, friends andacquaintances. These sales rep recruits constitute your ‘downline,’ andtheir sales generate income for you. Then whoever they recruit becomespart of their downline as well as yours, generating income for them aswell as for you.

So the more people you bring on board, the better yourincome potential. If you’re a sales-savvy type who can convince othersof the beauty of this plan and keep them selling sales memberships (aswell as products), you can earn a substantial amount of money. Andyou’ve got lots of network marketing plans to choose from.

The mostpopular sell health supplements and beauty aids, but you can go witheverything from long-distance phone services to fine art prints. Theadvantages to this business are that start-up costs are minimal, hoursare flexible, you can start part-time, and you can work from home.

About the only thing you need in this business is a sense ofsalesmanship. If you’ve got a background in sales, you’re ahead of thegame, but if not, you can still succeed. Just make sure you believe inthe products and the company you’re working with. Honest enthusiasmgoes a long way toward convincing others to buy.

The Market

Your customers will be anybody and everybody you know or meet. Mostnetwork marketers start off soliciting friends and family. If there areothers working for the same company in your area, they may haveorganized weekly meetings at which salespeople and prospects gather tocheer each other on and sign up new members.

If so, make it a point toattend with your own prospects. It’s harder for people to decline yourinvitation to join in a room full of other enthusiastic newbies. Inthis business, it’s important to keep your distributors selling. Don’tsell them a membership and ignore them, or they’re liable to drop downtheir link in the chain.

Talk to them often about how they’re doing. Gowith them on sales calls to offer moral support and enthusiasm and helpsign up prospects. Many network marketers sell via the party plan. It’seasy and it’s fun. Have a host or hostess invite friends to sample yourproducts. You sell products, sign people up, and the party-giver gets afree gift or a discount on her purchases.

Needed Equipment

You don’t need any special tools or equipment, except for a phone tokeep in touch with your distributors, parent company and prospects, anda car to go out and sign people up and attend the weekly pep-talkmeetings that are a feature of this business.

Entrepreneur Magazine is South Africa's top read business publication with the highest readership per month according to AMPS. The title has won seven major publishing excellence awards since it's launch in 2006. Entrepreneur Magazine is the "how-to" handbook for growing companies. Find us on Google+ here.

Retail Business

Musical Instrument Sales

Keep your business in tune with your passion for music.

Entrepreneur

Published

on

Business At A Glance

Musical Instrument Sales

Startup Costs: $10,000 – $50,000
Online Operation? Yes

Business Overview

Retailing musical instruments is a fantastic business venture for themusically inclined entrepreneur who’s seeking a way to capitalize ontheir skills and interests. Ideally, this type of specialty retailingis best suited to a retail storefront.

However, for the financiallychallenged entrepreneur, the business could begin on a part-time basisfrom home; as a joint venture with a like-minded retailer, such as a CDshop; or online.

In addition to selling musical instruments, you canincrease revenues and profits by providing instrument repairs, classes,rentals, and sales of related products such as sheet music. Also, besure to establish relationships with schools, music teachers,associations and clubs in the community. This can be a fantastic way topromote your business, products and services quickly as word-of-mouthadvertising and referrals really work.

The Market

Your customers are local musicians, parents who want their children tolearn an instrument, anyone who wants to take up an instrument, andorganizations that teach or play music and need a supply of instrumentson hand (say, a church that needs a piano or a local music school thatneeds a drum kit).

Needed Equipment

Regardless of where you start up, you’ll need a decent inventory andthe ability to accept credit card payments. For repairs, you may needspecialty equipment depending on your area of expertise.

Continue Reading

Retail Business

Inventory Liquidation

Every cloud has a silver lining. When other stores close shop, you can buy their products wholesale.

Entrepreneur

Published

on

Business At A Glance

Inventory Liquidation

Startup Costs: $10,000 – $50,000
Part Time: Can be operated part-time.
Online Operation? No

Business Overview

Every year thousands of retail merchants andcorporations across North America go out of business, move, reform, andamalgamate, and often this results in billions of dollars worth ofstock and inventory becoming available at bargain basement prices.Purchased right and this same inventory can sometimes be bought for aslittle as five cents on the dollar.

Later this can often be resold foras much as five times the purchase price on a wholesale basis, and asmuch as ten times on a direct-to-consumers retail basis. A goodstarting point for purchasing bargain inventory (at least until thebusiness builds a reputation and contact base as a liquidator) is toestablish alliances with trustees that deal in commercial bankruptcies.

Generally the trustee appointed will either arrange to auction off theinventory assets of clients, put out a tender, or offer to purchase theinventory, which usually goes to the highest bidder on a cash basis.Reselling the inventory can be accomplished in a few ways includingselling the inventory to retailers on a wholesale basis or selling theinventory in smaller quantities to other inventory liquidators.

On adirect-to-consumer retailing basis, the inventory can be sold through acompany-owned liquidation store or stores, or monthly inventoryliquidation sales can be advertised and held over a few days inshort-term rental premises. However, there is a down side to thisbusiness, which is purchasing inventory that is difficult to sellregardless of price.

This is a very common mistake for first timers inthis industry. Traditionally, the best type of products to purchaseunder inventory liquidation conditions are power and hand tools,nonperishable food items, books, music CDs, toys, building materials,and electronics. Always stay clear of products that have a limitedshelf life, or that have special warehousing and transportationrequirements.

Once again, this is the type of business where theability to profit will greatly depend on a number of factors such assales volumes, markups, and product costs. Having personally dabbled inthis industry in the past, I can assure you that it is possible to make$10,000 per month or more, providing a carefully planned andwell-researched approach to the business is executed.

Continue Reading

Retail Business

Vacuum Cleaner Sales

Here’s a business that sucks up profits.

Entrepreneur

Published

on

Business At A Glance

Vacuum Cleaner Sales
Startup Costs: $10,000 – $50,000
Online Operation? No

Business Overview

A vacuum cleaner sales and repair business is a terrific small business venture to put into action, as the business and consumer demand for the product has been proven for many decades.

Like any new retail business venture, store location will top the list of special considerations for this new venture, as well as local competition, potential market growth, and local labor force for the vacuum repair aspect of the business.

If you do not possess this ability. It will be of great importance to the success of the business to establish an exclusive sales, service, and distribution agreement with a manufacturer of vacuum cleaners, as this is the only way to compete in a competitive market, keep wholesale product costs low, and build brand-name recognition.

Additionally, be sure to also provide built-in vacuum cleaner sales both to residential clients, as well as to commercial customers such as property developers and construction companies. Expanding the product line to include built-in vacuums can greatly increase business revenues and profits.

Continue Reading
Advertisement

SPOTLIGHT

Advertisement

Recent Posts

Follow Us

Entrepreneur-Newsletters
*
We respect your privacy. 
* indicates required.
Advertisement

Trending