YoYoNation.Com - How To Become A Yo Yo Entrepreneur
You can become a toy retailer by purchasing products from wholesalers, then reselling them through your own website, through websites like eBay or through a brick-and-mortar store.
That's the route Pat Cuartero, 26, and Weber Hsu, 27, of YoYoNation.com, an online yo-yo seller, took to become toy tycoons, with projected 2007 sales of $1.1 million. Just two years ago, when the guys were assistant vice presidents on Wall Street, it occurred to Cuartero, who is a world yo-yo champion, that there wasn't a good source for the high-tech yo-yos he uses to impress judges and audiences. Starting their online business part time, the pair soon found themselves getting just one hour of sleep a night to keep up with orders. Within a year, they both quit their six-figure jobs to devote all their time to the New York City business.
Cuartero found product vendors by tapping into industry contacts he made while on the yo-yo competition circuit, but most new toy sellers have to find their products the old-fashioned way: through research and sales calls. Fortunately, toy fairs and the internet have made locating products easier.
What's more, you don't even necessarily have to stash your stock in a warehouse or your home or garage, as Cuartero and Hsu currently do. Depending on the type of toy you are selling, you may be able to enter into a drop-shipping agreement, where you take orders for the product and turn them over to the manufacturer, who in turn ships toys directly to the customers. As a drop-shipper, you will earn a percentage on each toy you sell--and all you need to do is write the order, process the payment and forward it to the manufacturer.
Internet sales portals such as YoYoNation.com are rapidly becoming the sales channels of choice for new toy sellers, especially since it can be very difficult to catch the eye of big-box retailers. With a minimal investment, it's possible to get a website up and running quickly, and such sales channels are no longer seen as the stepchildren of the retail industry.
[Via - Entrepreneur.Com]