Identifying the best things to sell online is a great skill. It means that you will be able to make a great profit all of the time. However, it is not all about profit, there are other factors that you need to consider as well.
You need to start by considering how much you can afford to invest in the item that you are going to sell. You could sell anything from plastic beads to gold jewellery but there will be a huge price difference. Some people choose to invest in very expensive items thinking that the profit per item will be much higher, which is generally the case. However, not everyone has the resources to be able to do this and is better off buying cheaper items and selling lots of them at a small profit per item in order to make money. It can be wise to start smaller and once you have made some profits you could use the money to invest in more expensive items.
The physical size of the items can be a factor as well. You will need to store the items that you are selling. Consider whether you have room in your home to store the items or whether you will need to rent some storage space and how much that will cost.
Postage can also be a factor. You will have to transport the items to your customers and if they are big and bulky postage could be high and this could mean that customers may be less likely to buy the items because of the additional cost of this. They may be more likely to buy them from local shops and transport them home in their car.
It is necessary to be flexible. Customer buying patterns change and so you need to watch for that. Make sure that what you are selling is still popular. As the popularity starts to drop, look for something else to sell instead. It may be that you saturate the market, tastes change, there is too much competition or something else that causes shopping patterns to change and you need to watch your sales figures closely and act if you think that it is time to offer your customers an alternative.
As soon as you see your profits starting to fall you need to change what you are doing. This means that you need to look at your accounts at least once a month. Do be aware of seasonal variations but make sure that you do not spend too long trying to sell items that are not appealing and losing money.
It can be wise to try to sell add on products as well. Once you have sold a product then see if you can sell the same customers add on products. Perhaps accessories, batteries, different colours or styles, it all depends on exactly what you are selling, but getting repeat business can be easier than finding new customers. If you provide good customer service then customers will want to come back and buy from you again so make sure that you have something for them to buy.