Let’s be honest. Everyone wants to find a passive income they can generate while sleeping. Truth to be told, you have to put some work in BEFORE you get to the point of making a passive income.
Starting an online business is more accessible than ever and thanks to the internet and its ability we can connect with billions of other people.
All you have to do is figure out the most efficient way to sell people a product or service that they’re willing to pay for.
Before we dig into how I found a product that made me $36,500/year, I want to ask you: How much money do you want to make from your online store?
You need to answer this question and then move on to set goals and a business structure.
Now, let’s get to the good stuff. How just ONE simple product made me enough money to pay off all my debt and investing into growing my eCommerce business.
One of my first eCommerce stores was in the beauty industry. I started to make money from it after 3 years of struggles. 3 whole years! I actually went negative those first years.
But then, after experimenting I finally figured it out. It wasn’t only about figuring out the best marketing strategies.
It was about finding a hot product with a HIGH margin. Those first 3 years I was selling professional hair products with a heavyweight which cost me tons on shipping and had low margins. Not worth it! I was new to eCommerce and just went with the products I was passionate about. And to be honest, this was back in 2006, eCommerce was new and I was only 19 years old, so not only didn’t I have any experience, I had no one to ask since this was new to most people!
I kept experimenting with selling different products from my supplier and then I found a hair mascara that covered grey hair temporarily and WOW! People loved it!
Why? Because it helped them. It gave them a quick solution to their problem when they didn’t have the time to make it to the hair salon. And the fact that it was a tiny product, it barely cost me anything to ship it. I bought it wholesale for $5, sold it for $15, and there you go, I made $10 in profit!
Let’s do some math on how much I made from this product.
I got about 10 orders a day and with a profit of $10 per product.
10 orders x 365 days is 3650 orders per year
3650 x $10 margin is $36,500/year of ONE product!
This product made it possible for me to invest in my business and grow it into a 6-figure business within a year.
So, now I want you to look into YOUR opportunities, find a hot-selling product and start the journey of growing your business into a money maker while you sleep!
If you need help with figuring out what to sell, how to source products, and how to build the foundation of your business to set it up for success, I recommend you joining She’s Selling Online, which is my signature program to help women start and build their eCommerce stores. You’ll receive so many resources, training videos, and coaching that will save you soooo much time to make money sooner! You don’t wanna waste 3 full years of time and money to experiment as I did. Learn more HERE about the program.