Whether you’re looking to launch a full time business or you simply want to make some extra money, here are our tips on how to be a successful reseller:
Research
Before you start buying products to resale you should do some initial research to ensure the products you buy can be sold on. Look at trends as these can really boost popularity of certain products. Assessing seasonal products is also advisable too – buying a pallet of umbrellas to sell during hot weather probably won’t see you creating many profits. Research online and create a list of products that you think are likely to sell.
Find Wholesale Suppliers
In order to find products, especially if you want to buy in bulk, you need to contact wholesale suppliers. Wholesalers will be able to offer you products at well below the RRP price and if they are offering a pallet of products then you could find some bargains! To find a comprehensive list of wholesale suppliers offering some of the best discounts register with the wholesale directory.
Organise Inventory
Before you select products to buy from wholesalers you need to think about where you are going to store stock. If you are buying wholesale books, DVDs or clothes then stock can be fairly easy to store. But if you’re thinking of buying larger items like wholesale electricals then you need to factor in your storage costs.
Maximise Opportunities
Use all of your available resources when you are starting a wholesale buying business. As well as selling online via sites like eBay, Amazon and Gumtree you could attend events like car boot sales or even consider setting up a market stall. Ensure you do research on this and find out what permits you may need. Car boot sales happen all year round and usually you have to pay a small fee to enter and sell goods. By using all of these options you are maximising your chances of selling and boosting your profits.
