Trading Advice

Three Misconceptions About Starting a Wholesale Buying Business

When it comes to setting up a wholesale business there are a quite a few misconceptions on what it takes to succeed and what it takes to make a profit. Below are three misconceptions about becoming a reseller and some ways you can get your business off to a flying start.

You Need Capital

Many people believe that you need capital to start a wholesale buying business. Whilst this is true to a certain degree (as investment will always help to start a business) you can actually become a reseller with very little money to invest. Many people wanting to start a reselling business without much financial support will use dropshipping companies to supply them stock. By using a dropshipping company you don’t actually purchase any stock or need to store it anywhere. You simply list the item for sale and when it’s sold, the dropshipping company delivers it directly to the customer and takes a share of the sale. If you use sites like eBay and Gumtree listing costs are usually fairly minimal. You can also avoid expenditure by visiting car boot sales and market stalls and looking for stock. You can usually find a bargain on most products and if you target the right items you don’t necessarily need a lot of storage space either.

You Only Need to Sell Online

Most resellers sell online via their own website or sites like eBay but it’s not the only place you can sell your products. Car boot sales, market stalls and events are all places that you could potentially sell your stock at. If you are considering selling offline then ensure you check with the local council for any permits you may need. If you’re planning on attending a car boot sale you usually pay a minimal fee for your pitch and then you’re ready to get selling.

You Don’t Need a Wholesale Directory

The internet has a vast amount of information on it but when it comes to searching for wholesale suppliers it can be difficult to whittle down the best ones. Not only are there so many out there, but there are also some wholesalers that are not legitimate or that don’t stock the products you are looking for. To save yourself time you should use a wholesale directory. As long as it’s a well known directory you should be able to find a list of wholesalers specialising in the products you are looking for.

To find wholesalers register with the directory today.

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