Yeah, it is the fad now. Everyone is talking about it and everyone wants to go into it.
But without guidance, many people go in and struggle to get profitable.
The first problem you have is that you have a false/incorrect/faulty analysis of cost, profit, and revenue.
Your average guru will tell you he imported a product for =N=2,000, sold for =N=7000, and made a profit of =N=5,000
If you buy for 2k, and sell for 7k, you did not make a profit of 5k.
How much did you spend ond ad? How about shipping?
Let's do the math:
2k for the product
1k for shipping
1k for running ads
2k for delivery
Total cost= 2k +1k + 1k + 2k= 6k
How much is the profit?
7k - 6k = 1k profit.
So imagine you invested 70k in this business, you only made a profit of 10k.
What will be left after you cancel out all the costs from when you buy the product to when it reaches the customer?
That is your profit. Profit is not how much you sell minus how much you
Go back to your drawing board and analyse your costs and revenue.
Another thing you should not do, do not buy a product for 2k and sell below 10k
Aim for 400% profit margin at least!
You can practically buy for =N=1,000 and sell for =N=20,000
At the end of all analysis you can have 10k-13k profit.
It's as simple as being strategic and open to learning.
Take these two strategies, apply them and observe
I hope I made sense?
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