PART 8: Putting it all together
Now this is what I would love you to do from going forward. Either if you are a part of the program or doing it in your own, below is the process:
A. Select 20-30 products using – “Product Discovery Process” that we covered in this short guide as well as here.
B. Score your product using Product Selection Matrix, what’s your score? Shortlist your products to 3-5, proceed to the next step;
C. Complete “Niche Profitability Proof” exercise;
D. Obtain samples - either from local or national wholesalers or import form overseas;
E. Check quality;
F. Sell online (existing market place: eBay, Amazon, TradeMe)/ offline (Sunday markets, local retail shop, wholesale co’s) – profit margin confirmed?
If YES goto “G”, if NO goto “A”;
G. Get bigger quantity;
H. Sell more online / offline
Develop more distribution channels;
Develop your own eCommerce website (to overcome bottleneck of limited listings on eBay or similar);
I. Add complimentary product (complete steps “a” – “i”);
J. Continue selling. Are profit margin remains high as per “c”?
If YES go to“G”, if NO go to “A”
Develop more distribution channels, develop your own eCommerce website to overcome the bottleneck of limited listings on eBay, on Amazon, on TradeMe. And then you add complimentary products and complete steps “A” to “I” for all of these complimentary products. Can continue selling; continue adding more and more SKU’s or Stock Keeping Units to your offering.
Are profit margins remain high as per “C”? If yes, then get bigger quantity. Go to “G”; if no, start from the beginning and remember this is never ending process of improvement, and getting better, and expanding your business. Take a good note of it.
Yours for finding hot products success,
Creator of RPR Method