My favorite two questions to a Seller are “What part of running your business do you like most?” and “What part of running your business is most painful for you?”
Most business owners tell me their favorite activity is hunting for products with good profit margins. “The hunt” takes some to trade shows, flipping through distributor catalogs, dashing through retail liquidation sales or even traveling to international factories. The creative and strategic thinking (and sometimes, dumb luck) is the hard work that will determine if they’ll be going to Tahiti or Ta-backyard this summer.
The very best part of the hunt is the rush that occurs when Sellers identify and source a product that their research tells them is sell-able. Even better is if this item isn’t being sold by Amazon or doesn’t even have a product page yet. The adrenaline is addictive. It’s curious, are they really searching for the product or are they seeking the addictive rush when its found?
You’ve probably felt it. The rush ensues when you follow a gut feeling which proves correct and sales start adding up. From used media found at garage sales to containers of new products shipped from far away; you’re there searching for the next big thing. Find it and you’ll find that rush; reminding you why you love being an entrepreneur.
Seller’s who know this rush may not realize that success at their favorite part of running a business is probably the cause for the most pain as well. The repetitive and time-consuming tasks such as competition-responsive pricing and inventory management leave little time for sellers to spend more time hunting.
Most successful sellers automate. Pricing automation tools like SellerEngine™ can rapidly increase sales, regularly applying your pre-defined pricing strategies to all of your listings, in all of your regional marketplaces. The tools are reactive to current competition conditions and work around the clock without a break (probably like you do). The tool takes on the boring stuff, freeing you to do your favorite thing, hunt.