My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Technology

What is the best way to predict how much you will sell on the internet?

min read
Opinions expressed by Entrepreneur contributors are their own.

Good for you for wanting to manage your inventory wisely before you even start your online store. It's a good thing to keep in mind. Unfortunately, there really is no way to predict how much your online store will sell and your off-line sales aren't really a good gauge either. The best way to handle this kind of scenario is to:

1) Examine your competition. Try to figure out their revenue or units sold and then base your figures on whether you have more or less brand recognition than them--or if your company will be doing more marketing.

2) Instead of making projections, set goals. Set a goal of selling X amount of your product and use that as your barometer when planning. If you meet your goal, GREAT--order more product.

3) Manage your supply chain effectively. Develop good relations with your vendors and suppliers so that if you need an emergency shipment, they can get your products to you quickly and avoid a drain on your inventory.

Follow these tips and you'll stay in good shape. After the first quarter, you'll be better able to predict what your inventory usage and sales will be so that you can order effectively. And, if you ever order, you can always have a sale as a last resort. It's not ideal, but it works in a pinch.

Good luck!

More from Entrepreneur

Jon Horowitz is dedicated to helping brands with grow their social footprint by aligning with influencers and creating innovative content.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur