Whether you’re looking to start a wholesale buying business or simply want to earn some extra income, here are some tips on how you can become a reseller.
Assess Your Business
Before you start purchasing products you need to assess what type of business you want to have. Is this going to be a full time venture? How many hours a week can you dedicate to selling stock? What storage space do you have? And what products do you want to find? These are all questions you should ask yourself before you starting investing capital into stock. Plan your business, assess you budgets and have a clear structure in place for how the business is going to develop.
Next you need to consider what products you want to sell. The majority of products that you see in high street stores and retailers are available at trade price. Some items are seasonal, some items can sell all year round and some items offer larger profit margins than others. Spend time looking around at what products you can secure at wholesale prices and decide which ones to invest in.
Contact Wholesale Suppliers
Contacting wholesale suppliers is a key step in creating your reselling business. Finding the best wholesale suppliers and finding the best prices will ultimately determine how much profit you make on your products. The Wholesale Scout team have found a number of competitive wholesale suppliers who can offer a variety of products at below RRP – some also sell pallets of stock which can result in a real bargain. To contact these suppliers immediately register with our wholesale directory.
After you have sourced your products you now need to consider where you are going to sell them. Most people starting out in wholesale buying will sell items via sites like eBay and Amazon (for more tips on how to sell on eBay read our advice article). But there are plenty of other sites out there including Gumtree and you could create your own eCommerce website and publicise it yourself. Selling online is one of the best ways to sell stock fast – many consumers look online for cheaper products than the high street can offer and also it means minimal cost for you as many sites are free to list on. Ensure you factor in your delivery costs when pricing items, especially if you are selling larger and heavier items.