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Starting a marketplace where you don't sell anything and still make money



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Starting a marketplace where you don't sell anything and still make money

Everyone knows of big corporations like eBay, Amazon, and Alibaba.  Did you know that they don't sell a single product on their own platforms?  They started the idea of putting together a website that lets other people sell their items, and they would get a small percentage for the seller using their platform, and now the CEOs are billionaires because of how many people and companies are now selling on their platforms Starting a marketplace where you don

I'm not saying you're going to be a billionaire because you start up a marketplace like the billion-dollar corporations did so long ago, but I am saying that you can do this for your own niche and make a decent amount of money over time.  Think about it, when SEOclerks started off they were getting a few sales a day and now they've done millions of sales in total, and I'm not sure if they even knew how successful they were going to be in the long run Starting a marketplace where you don  If you can replicate the success of these companies, within your own niche, you can corner the market and capture commissions from every sale that comes in Starting a marketplace where you don

I'm sure you're saying "Why wouldn't people just sell their goods on eBay or Amazon?" and my response to that is, why wouldn't SEO providers sell on other websites besides SEOclerks?  It's because you can get niche specific and bring people in from search engine rankings, which will begin to snowball in a positive way and make you more money over time Starting a marketplace where you don  That's why in this discussion I'll be going over a few things you'll need to look over prior to starting a marketplace where you don't actually sell anything but you make commissions on every seller that makes a sale Starting a marketplace where you don


Know your industry
If you're getting into the general marketplace niche, you're not going to be too happy when you realize Ebay and Amazon have already cornered that industry.  You'll need to get more specific, which means a smaller community, but more loyal customers because you're more of a specialist website bringing people together.

You need to know what industries don't have a marketplace like this, then set up your own website that will allow sellers to register and list their own products for sale.  If a niche has a marketplace like this, it's not a deal breaker, you just have to evaluate the competition and see if it's easy to defeat them or if it will take years of work to overthrow their authority and start to capture all the sales yourself.

Target specific states, countries, or continents
When you want to get the majority of the market, you'll want to get specific to a certain state, country, or continent in order to funnel in the most sales in the shortest amount of time.  Think about it, if you target a single state with your marketplace, you will make less money but you will have less competition.  You can then bootstrap everything and spread to other states, eventually spreading to the entire country or continent Starting a marketplace where you don

Know what you want to profit per sale
If you're starting off with the attitude that you'll just wing it, you'll annoy everyone that lists their products and your commissions are all over the place.  The best way to do this is to change 15% to 20% commission for the actual sale and add a small mandatory fee for items under $5.00 so you don't lose any money when taxes come around.  Yes, if you want to be legitimate, you'll need to save money for taxes and the government will need to be paid at the end of the year lol.

You'll need to state how much you'll be getting from each sale, so the person listing the item will know what they're going to get in return after the sale was finalized.  If you're letting users sell physical products, you'll need to adjust your commissions because some people won't agree with the 20% cut just for listing.  You could always charge a $3.00 fee for a listing if the person wants to wave the 20% commission, which some people will gladly take you up on if they have items selling for over $15 each, which will be likely happening if you're working with physical products. 

Take your time building everything
When you're starting off, you'll want to take your time with everything you do, so you don't screw anything up along the way.  If you start off going fast, you'll notice that a small mistake can lose you a whole lot of money, and that could mean you would have to close up shop.  Start slow, figure out what needs to be edited or worked on, then scale up as sales begin to come in.  If you do it this way, you will iron out any mistakes that might have gone unnoticed, and now you're in the better position to make much more money since you haven't lost any along the way Starting a marketplace where you don

Understand you'll never be done
When you run a marketplace like this, you need to understand that you'll never be done working.  You will always be answering emails and support tickets as well as editing code and updating scripts.  You will always want to add new features, to keep your website fresh and updated, so your users know you're invested in the business and will always be there for them if they need you.  Sure, you won't actually be helping them through every single sale, but they will want to know they have you there if anything does happen to go wrong.


In conclusion
Big marketplaces like eBay, Amazon, and Alibaba started off small and eventually grew to be massive corporations hiring thousands of employees across the world to get everything done for them.  You'll want to start off small as well and bootstrap everything along the way, so you can build gradually and fix any mishaps that may pop up along the way.  If you get niche specific, you can usually be better off because you won't have as much competition compared to if you were just putting up a general marketplace.  So, if you want to start a marketplace, I hope you read through everything I mentioned above and start off on the right foot Starting a marketplace where you don


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Thanks!

Tommy Carey

Comments

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Youngshark

Nice I am actually thinking of starting such a site but for commodities that are not easily obtained and people have to go to the shops to buy and negotiate on their own but it is proving to be quite difficult. I have been eye-opened by the pointers above and will try to implement them.




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Martinsx1

Try as much as possible to target potential customers or clients who are within your area of proximity. You have a better chance of succeeding in having some people patronize your business products and services.

Building brand loyalty takes time, so some people might take a while before they turn to your business products and services. Give them time and convince them.




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Youngshark

I am actually planning on building a reputation with every sale and customer that we deal with as the items are mainly sold by brokers that are known to be ruthless and cruel in their business manners. THis is what I will use to my advantage by having a trustworthy enterprise.




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Corzhens

The local clients are my best bet in sales because of the proximity that they can even see you eye to eye if they will go to your store. Especially with products that are not very common in online stores, I guess you will have an edge over the competition simply because of the short distance that separates you and the clients. You can employ the traditional marketing techniques that are being used before the internet.




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stbrians

Very welcome tips on starting small and finally growing big. It all begins small and builds into a domineering giant. You give examples of Amazon, Ebay and Alibaba who started small and now are giants.

Knowing your industry, targeting specific areas and countries, knowing what you want to profit from a sale, taking time to build and understanding that you have not yet done are good tips to building a marketplace. Even if you have nothing to sell you will still make it.




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Barida

I think starting small is the basics as long as we are looking at a way that we can achieve greater success with it. You can't just wake up one day and think of challenging these bigger companies as long as you have not laid a stronger foundation for that.




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Barida

Narrowing down your plan to a section of people is simply going to work wonders for you. The thing that I have come to notice about setting up this kind of marketplace is that once your narrow down to a particular niche, it is going to look more appealing to them than when you decided to go larger. Also, ensuring that adequate plans are made is something that will ensure that you have a good time with it as well.




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Martinsx1

Exactly! Without making adequate plans on how to successfully and efficiently manage and carry out your business activities, you have already planned to fail on the job.

When making plans on how to run your business, keep it very close to mind to handle your business products targeting serious because, it's what matters most.




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Martinsx1

The trick is never give up on your dreams even when it seems that nothing fruitful is coming from it at all in the main time. Nothing good comes easy, so instead of quitting, find a way to exploit the potential opportunities which your business offers and make money from it.




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ajahcuizon

I agree. Nothing will ever be impossible as long as you will never give up on reaching it. Everyone has their own challenges to face. You should have to maintain your inspiration and keep on fighting for your success.




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HappyLady

Great to have this information. One thing about countries might be to look at what means of payment those who contribute can recieve. Not every country has Paypal, for example. I see sites where certain countries are banned because of this. I would imagine that a niche aimed at one of those countries might be popular if you made it possible for contributers to get paid.




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theresajane

I think it I will not be able to put up a site like that. But, if given a chance, I think I need to come back here and list your tips which really are helpful ones.




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focusedwriter10

It might take time to establish such a site, but thanks for the tips. When the right comes, I will come back and follow the tips keenly. I am still optimistic that one day I will operate my own e-commerce website.




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jaymish2

I think the most important point point to note is to take your time building everything. Most people want to make money immediately and end up quitting because of this expectation and calling everything a scam. What I have learned is that you have to give yourself time to learn, how to operate in any business online. These are skills you have to learn. After that you have to implement them. You have to learn your audience, how to attract them,how to keep them e.t.c. As the saying goes patience is a virtue.




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Jeane

This is advice someone can use to build a new business not only online but offline too.

There are plenty of people who have products they would like to sell but have some difficulty finding customers. Step in as the person who provides the platform that connects them with local buyers, keep a percentage of their earnings. Succeed locally and you could expand your business if you want to.




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jayjaydimson

Well, if you have a marketplace online, you can earn a lot of money from it, because the traffic on that website can turn into a money.




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DenisP

This is all fantastic advice, as your advice usually is, but I question whether it’s worth even trying such an endeavor in this day and age. Maybe there is something that isn’t coming to my mind—something that is going to make another, smarter person more money—but I feel like most developed countries already have an online marketplace covering their needs.

Amazon dominates a large portion of the Western world, as does eBay. AliExpress and its affiliates pretty much own the East in the same way, and most countries have their own versions of eBay. I think it would be pretty darn hard to compete with them, let alone get even near their level.

Still, good advice for other business practices.




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Jeane

What about a services marketplace?

Some big players already exist and mergers have made some even bigger than they previously were but there are lots of disgruntled people on the net who would want to see something better come along.




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Corzhens

The title of this discussion if very attractive because all you need is to have your own marketplace and the business will be operated by the sellers and buyers. But I understand that starting a marketplace is not that easy albeit I have read of many failures in the local industry because they couldn’t find sellers and buyers. But I guess if you have a support group that can help you in the start up then that will be easier for you.




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jayjaydimson

Yes, I agree with you, and success won't be fulfilled in one day around, it will take time.




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burgosmichael24

I find your informations very helpful. I know it will take a lot of skills and efforts to reach that level but taking one step at a time it will be reached eventually. Thank you for sharing us brilliant ideas like that.




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ajahcuizon

I find this very interesting. It is really great to have such platforms that lets other people sell their products giving them a known website to sell their products. If I would be given a chance to make a platform like Amazon and Lazada, I will make sure that most of the seller will have their own spot to shine of their products.




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