How to Make Money With Aquarium Coral
- 1). Study marine biology and become knowledgable about coral. Having a good understanding of your products will help you gain credibility in the marketplace.
- 2). Source environmentally-friendly coral. The decimation and endangerment of the world's natural coral-reef systems is of significant concern to ecologists. According to Frag Outpost's Web site, the "propagation and aquaculture of corals is extremely important to the reef aquarium hobby. Not only does this help to preserve and limit what is harvested from natural reefs, but it also helps to create a more consumer friendly market."
Ensure that you can consistently meet demand by buying from reliable sources. - 3). Research the market for coral. With 80 percent of internationally traded coral being imported to the U.S., there is a market for it. You must determine where your place in the market is and whether you will sell wholesale or directly to customers. You must also closely examine your competitors and their pricing structures. You must be able to provide similar products at cheaper prices.
- 4). Calculate your profit margin. Determine how much your costs and overhead will be and how much you will need to charge for your products to make the business profitable.
- 5). Contact aquarium and pet stores to offer your products. When contacting large retail chains, try to build good relationships with their product buyers.
- 6). Create a Web site through which to make online sales. Set up a PayPal account and credit card merchant accounts to offer security and ease of payment for customers. If you do not want to sell directly, contact online vendors to see if they will stock your coral products.
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