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How to Start a Toy Shop Business Online

Hi everyone, welcome back to another episode of What’s Your GamePlan. Today, I’m going to give you a quick start guide on how to start a toy store online. The toy industry has always experienced steady growth year over year and it doesn't look like it's stopping anytime soon! If you're looking to make some money and make a difference in a kid's life, you should consider starting an online toy store.

So, let me break down the stats for you. The average child gets around $1,000 worth of toys each year up until they become teens. Globally, the toy market is expected to reach 25 billion dollars by 2025. New technology in the toys continues to be the driving force behind the demand. You can buy wholesale toys in bulk for as low as $2 and these sell them online for $15 or more. So where's your piece of the pie?

Parents are looking for reliable companies to buy their kids toys from....and that's where YOU come in! So, how do you get started? Let's jump right in.

So, there are 2 methods to start this kind of business, you can set it up as a "drop ship store", where someone else is responsible for shipping the goods to the customer or you can buy, store and ship out your own inventory. Once you choose a method, you can now proceed to step one. Step 1 - Get a Business Plan - If you have no idea how a toy store operates or you are a first time online business owner, I recommend getting a business plan from Fiverr. They will create a custom business plan that outlines exactly how your business is supposed to work and what you should expect. Step 2- Find a Supplier - Whether you choose the dropship method or to buy your own inventory, the supplier research process is still the same. You need to find a toy supplier to get the products from at a discount. So, if you want to get started right away and you don't have a lot of money to buy inventory, you'll want to head over to google and type in these words, ""dropship kids toys". This will give you access to thousands of products to sell in your online store right away, without actually needing to buy any of them. If you do have some money and you want to manage your own inventory and keep products in your own warehouse to ship, just google the words "wholesale kids toys". As you can see the listings will actually change and from here you can find a company to buy in bulk from. Step 3 ---- Register Your Business Now, when you've got that sorted, it's time to officially register your business. You won't be able to buy wholesale toys or work with a drop ship supplier until you complete this step. You'll need to register & apply for a federal EIN Number, and form an LLC or Corporation. Depending on what state you are in, you will likely also need a reseller or retail merchant certificate as well. This allows you to buy products, tax free. I recommend using MyCorporation, as they do have a variety of packages to choose from, but their most basic package will get you started right away. Step 4 - Business Bank Now, since you're going to be getting all this money, you'll need somewhere to put it. It's pretty easy to open a business bank account, but they won't get you set up without having the legal incorporation paperwork and the EIN number that I just spoke about. You can work with a local bank that you already use or you can just choose a new one. If you haven't heard of Square, they also have a business banking department who can also get you set up right away with a checking account online, and the best thing about it... it's free.

Step 5 - Buy Webhosting The next step is to buy website hosting. You can use any provider that you are familiar with, and I know there's a lot of them out there, but I always recommend choosing Bluehost because they are the most reliable for e-commerce stores. You also get a free domain, a free ssl certificate and access to 24/7 tech support. You really can't beat it. Once you pay for a plan with Bluehost, you'll get your login credentials. You'll want to save that information and deliver it to the web designer in the next step.

Step 6 - Get the Website Created If you don't know about Fiverr, it's a company that sells affordable website development and marketing services that get done really quick. You just type in what you want in the search bar, and it will reveal tons of people who are willing to help you get a website up in less than 3 days. I would recommend you make a list of toy websites you really like and send those to the designer to get a quote. Once you choose the person you want to work with, give them the bluehost details and communicate your vision and plans for the website. Step 7 - Setup Merchant Account While they are working on your new website, you'll need to activate a merchant account for your customers to pay you through. Many businesses use paypal, square or stripe. Again, I personally like Square, they make it super easy for me to accept payments online via email, my website, or over the phone. The account with Square is absolutely free, so once you sign up, give THESE details to the web designer to complete the payment integration process. Step 8 - Branding Finally, you'll need to start spreading the word about your business. A good place to start is to get a logo, business cards, and online marketing materials created. For this, I've got 3 resources for ya, you can choose what fits your budget and timeline. For branding, I recommend using 99designs because the process is quick and they'll actually give you what you want. The company called Envato has tons of graphics and flyers for each and every single kind of business. And there's Canva Pro, is a graphic design tool for beginners which comes with tons of templates so you can create your own logos and marketing materials on the go. Step 9 - What should you sell? Ok, so now that you're all set up. How will you actually make money? Here's what you'll need to know in order to take a check to the bank. Since you now own a toy store business, you can choose from a variety of items to sell. Can you guess which ones are the most popular and profitable? Here they are! video games, dolls, action figures, learning games, and building blocks. To bring in extra cash, you can also start selling scooters, sports equipment and water toys.

Now, I know what you're probably wondering... what's the price tag on this baby? Startup costs for this kind of business, using the drop ship method usually starts at $700 to $2,000 on average, but if you're planning to fund your own inventory, be prepared to drop the big bucks. $10,000+ If you like this business idea and want to know where to get all the products from, at the discounted price, the link to the wholesale toy vendor list is here. If I can help you in any way, please let me know. If you know someone who needs to see this today, tag a friend, hit like and please give it a share...and until next time guys, take care!

About Adella Pasos

Adella Pasos has over 20,000 subscribers on YouTube. This Entrepreneur and Marketing Expert has shared her passion for growing brands from the ground up. She’s worked with Startups, Small Businesses, Fortune 500 Corporations and Entertainment Talent to help them recognize the value of marketing, and give her clients the ability to access their niche market via online, social media, mobile, merchandising, and events.

She hosts the What's Your Game Plan TV show features: Free Expert Advice, and Growth strategies for Business Owners Across the Globe. Access thousands of FREE Tips, Trends & Tools to Move Your Business Forward.


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