If you are just starting out as a wholesale buyer or you are considering setting up a wholesale buying business but are unsure of what it actually entails, check out our ultimate guide below.
What is Wholesale Buying?
Wholesale buying is where you source a product at a cheaper price than the RRP and sell it on to make a profit. Wholesale buyers will purchase goods at well below the retail price, either individually or in wholesale pallets, and then sell them on to consumers.
Why Do People Buy Wholesale?
People who start out buying wholesale usually do it as a hobby or sideline business to make some extra cash. Depending on what products you find, you can secure some pretty good deals on items and resell them with a large profit margin. Many people who buy wholesale usually go on to try and make it a full time business although if you just want to do something on the side it can be a very lucrative hobby.
Where Do You Buy Products at Wholesale Prices?
The best place is to find products is from wholesale suppliers. Wholesale suppliers stock thousands of products that you can resale to consumers. Electronics, homeware, food and drink and clothing are just a few of the markets that you could buy products at wholesale prices in. There are a number of wholesale suppliers listed in the wholesale directory.
Once you have bought your products at wholesale prices you now need to mark up the price and sell it on to a consumer. Here are some ideas of where to sell products:
• Online is undoubtedly one of the best places to resale goods. One glance at sites like eBay, Amazon and Gumtree will show you just how many people are in the wholesale buying business. Each site will have its own rules on how to list products, postage costs and listing costs so you will need to check each one individually to determine what the right site is for you.
• You can set up your own eCommerce site and drive traffic to it by advertising online and networking in the industry. Once you have set up your website you will need to build an easy to use shopping cart facility so you can take sales online.
• Car boot sales are a great way to sell on products. Usually you only have to pay a small fee to set up a pitch and you can sell all of your products from a stall.