How To Create A Million-Dollar Internet Store In 2016
David Fairley, Website Properties President, was recently interviewed by Forbes Magazine regarding how individuals throughout the US are starting and building million dollar businesses from their own homes. The internet is a wide open playing field for entrepreneurs and David’s comments and the Forbes article gives helpful suggestions to start of your next 6 figure business.
“The average person can be successful online pretty easily by creating something very niche-oriented,” says David Fairley, founding partner and president of Websiteproperties.com, a broker of internet businesses based in Yelm, Wa. “The more niche-y,” the better.” Fairley has run and sold his own internet stores, such as Hammocks.com, which was acquired by the large internet retailer Hayneedle.com.
So how do you start your own high-profit internet retail business that you can sell for six or seven figures? One key is finding a product that you’re really interested in—whether that’s funky ski caps, ceramic garden gnomes or a certain type of electronic gadget. Ideally, Fairley says, you want to develop “a quality website selling quality products with a different consciousness behind it.”
You don’t need to find a weird or unusual niche, Fairley says. “A lot of times these ideas come from what you are doing in your own life,” he says. In some cases, internet entrepreneurs have realized there are only a few offerings in a particular category of product and decide to collate what’s out there. “Suddenly they have a business model,” he says.
If your ultimate goal is to create a valuable internet store you can sell, keep good financial records by using a program like QuickBooks from the start and play by the rules when paying taxes, Fairley advises. “The more organized you are, the easier it is to get through due diligence—and close the deal,” he says.
To view the entire article please visit the Forbes.com website at the link listed below.
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