Rina Mastermind Outline

How I got started . . .

As a lifelong insomniac, I started shopping on eBay as a way to make my sleepless hours more enjoyable and productive. Before I knew it I was a “Powerbuyer.”

Spring 2005--I attended eBay University classes and Janelle’s Discover U eBay classes.

Everything I learned reinforced my belief . . .
I am an accomplished writer, I have a background in marketing / public relations, I have strong computer and communications skills, and I can learn to take a decent digital photograph--
I CAN DO THIS EBAY THING!

THEN, I was suddenly downsized from my job of eight years. Although I started looking for another job, my heart wasn’t in it—VIOLA, I DECIDED TO BECOME AN ENTREPRENEUR!

Why eBay?

Minimal start-up costs (compared to a brick and mortar business)
Minimal risk
I can work from home
It is portable—one can sell on eBay from anywhere in the world

My accomplishments over this past year . . .

I learned how to list items on eBay
I began attending the eBay Success and WIN groups
I bought a digital camera and learned how to take product photos
I learned how to use TurboLister
I learned about shipping
I used Robs Help to learn basic html and to build a simplistic customized auction template
I set up an eBay store
I attended eBay Live
I established a dedicated photo studio in my home
I am in the process of establishing a dedicated business office in my home

IN SHORT, I read some books, learned some skills, took some classes, sold some products and, MOST IMPORTANTLY, I began rebuilding my sense of self-esteem and self worth.

My business as it is today . . .

NicheMarketplace was conceived as a broadly-defined infrastructure under which to develop and hone my skills as an online retailer, sell off my excess personal possessions, generate some much-needed seed money, and test market a wide range of products and business ideas.
I named my business NicheMarketplace because I could sell anything under that umbrella.
For the same reason, my eBay store name is gifts-apparel-accessories-home.

Today, my business is at a crossroads. The time has come to
take my business to the next level . . . Where do I go from here?

Option 1 Grow NicheMarketplace

Do essentially what I am doing now, only bigger and better. In other words, continue marketing and selling a broad range of products--but as Annette would say, BUMP IT UP to the next level!

I wish I could say that I have sold off all the extraneous stuff in my house, but either . . .
A) I am more of a pack rat than I knew
B) The more things I sell on eBay, the less attached I become to my personal possessions
C) ALL OF THE ABOVE

Because I still have a lot of items from my home that I need and want to list on eBay.

In order to take NicheMarketplace to the next level, I need to aggressively source new inventory and possibly take items on consignment in the areas that I am currently selling in (i.e., gifts apparel, accessories, home, and misc. collectibles).

PROS

CONS

Selling lots of different kinds of products brings a lot of variety to the job of putting up listings.

Less risk and less upfront investment in inventory (which is a factor because we are essentially a one-income family).

More freedom. As it stands now, I run my business, it doesn’t run me. Excepting taxes, I don’t have to justify, rationalize, or explain my decision-making process to anyone.

If my family ended up moving to Israel at some time in the future—which is a very real possibility—I could simply liquidate my existing inventory and leave.

It is more labor intensive to sell onesy-twosie items, than larger quantities.

Less profitability.

There is satisfaction, as well as greater financial reward from drilling down, finding a niche, and becoming a major player in a product category or group of related products.

When you sell a mish-mash of products, it is difficult to develop ongoing relationships with customers and establish repeat business.

Option 1 Torah Treasures—An Online Judaica Store

Target Market: The availability of Jewish ritual objects, Jewish art, and other products designed with the needs and interests of religious Jews in mind is rather limited, especially when you get out of the major metropolitan centers. There aren’t a lot of choices and the items that are available are often overpriced and kitschy (lacking in taste and refinement).

Product Categories: Jewish ritual items (for example, Shabbat candlesticks, Hanukkah Menorahs, Kiddush cups, Mezuzahs, Yarmulkes/Kippahs, Challah Covers), Jewish gifts for special occasions (Bar and Bat Mitzvahs, Weddings, and Baby gifts), Jewish-themed jewelry, accessories, and home décor items, and products from Israel

PROS

CONS

I have a high level of familiarity with the product lines that would be sold in an online Judaica store.

General lack of training and understanding about how to market on eBay among my online competitors

If my family ended up moving to Israel at some time in the future—which is a very real possibility—I wouldn’t have to start over.

Strong academic background in the field of Judaica and a thorough knowledge of the Jewish community.

Import/Export Challenges—Most Judaica and Jewish-related merchandise is either manufactured or sourced in Israel

Competing against Israeli online retailers or expatriate Israelis living in the States who can buy inventory cheaper and sell it for less.

People buy Judaica at certain seasons of the year and as gifts for life cycle events. Judaica is not a consumable—people don’t use it up and then buy more.

More risk—it would require significant seed money to develop a high-end online site and lay in a supply of inventory.

Option 2 Your Natural Health Store

Target Market: The availability of natural foods, vegan/vegetarian food options, good tasting food products for people on special or restricted diets (including low carb, high protein food products, as well as kosher food items), and natural health products is limited outside of major metropolitan centers. People with special dietary needs and health issues are more open to the idea of shopping online and spending more for the products they need and want.

Product Categories: Good tasting meat alternatives and soy products, low carb and high protein food products, vegetarian and healthy cookbooks, natural personal care products, vitamins and supplements, herbal and homeopathic remedies

PROS

CONS

My husband is a pharmacist and a naturopathic doctor and is studying homeopathy.

Consumable products—people buy the products, use them up, and then buy more. Less seasonal. More repeat customers.

Online retailing is very volatile. No one knows what they will be selling 3-5 years from now. Deal with this if and when it becomes an issue.

From my limited research, there aren’t a lot of online competitors in this category—especially in the area of natural foods. Most competitors are specialized focusing either on vitamins and supplements, or natural beauty products, or information materials / books.

Legal issues—dispensing medical advice and medicines without a license.

Persuading people that their health is worth the extra cost—quality natural products often cost more than what is commonly available at your local store.

If my family ended up moving to Israel at some time in the future—which is a very real possibility—I would have to start over.

More risk—it would require significant seed money to develop a high-end online site and lay in a supply of inventory.

What financial goals do I have for my business in the foreseeable future?

Immediate Goal: Achieve Powerseller status by eBay Live 2007

Intermediate Goal—Net $3,000 per month in revenue by next year at this time (this would replace the income from my former job).

Goal—Net $6,000 per month in revenue from my business by eBay Live 2008 (this would double the income from my former job)

What I need to do in order to take my business to the next level . . .

To get much-needed seed money for my business, I need to take advantage of the holiday buying frenzy by listing 6-10 items every day.

Purchase Janelle’s new video series and go through it step by step so I can put my existing business--or whatever new business idea that I decide to pursue--on a solid, profitable footing.

Do whatever it takes to get my books in order and then find and hire a bookkeeper so I can spend my energies more productively in the future.

Call out the cavalry—Bring on experts to build a professional-looking eBay store, auction templates, and web site. Bring in new technologies to automate a lot of things that I am currently doing. Focus on doing those things that only I can do and creatively find others to do the rest.

Enroll in my own personal eBay university by incorporating ongoing training into my daily and weekly routine.

Questions for the WIN Group . . .

Deciding which home to buy is more than writing a list or pros and cons and then tallying up the results. Before you buy, you must first visualize yourself and your loved ones living in the house and being happy there. In a nutshell, that where I am at vis a vis my business. It is not so much a matter of sorting out the facts, as it is sorting through my feelings. For this reason alone, preparing for this Business Mastermind has been a valuable exercise.

To move on, I need all the input, ideas, motivation, and assistance I can get . . .

What are your thoughts about my three business options?

What ideas should be added? What issues have I missed?
What additional factors should be included in my thought process?

If your business were in a similar position, how would you go about researching
and making a decision?

How would you prioritize and allocate your time, resources, and finances?

What would you maintain a sense of balance in the midst of all this change?

Thanks WIN ladies for your suggestions and support. As Janelle says, YOU ROCK!