Whether you are a newcomer to the wholesale industry looking to earn some extra cash or you have an established wholesale buying business – check out our tips to help you maximise your reselling opportunities.
Consider Storage
The first thing you need to do before deciding on stock is to decide on how much stock you can secure. If you are buying products at wholesale then it’s likely you’ll need at least some space to store stock whilst you list them on sites like eBay and Amazon and try to resell them. Deciding how much storage space you have will help you when it comes to product selection. If you have lots of space you can consider buying larger items like TV screens and garden supplies from wholesalers. If you have minimal space you may want to look at smaller items like smartphones and games consoles. And if you have no storage at all, you could use dropshipping companies instead. So consider your storage capacity before you invest in stock.
Decide Stock
You now need to choose the stock you want to target for resell. You should consider product trends and the season when making product purchases. Product trends relate to products that are popular at the time. You should try to choose products that you know are in consumer demand but you should also try to pick a niche market too – products like iPods can be found at good wholesale prices but there will be a lot of competition when reselling which could drive your profit margins down. Try to pick a product that is fairly niche and also consider the time of year – wellington boots probably won’t be the biggest seller during the summer months.
Know Your Budget
Making a good profit from reselling products can be tough but it can be very tough if your overheads are large as it can take you a lot longer to start turning a profit. Consider your budget and how much you want to spend on initial stock. Try to find out the potential resell price of the stock you have chosen by looking on sites like eBay, Amazon and Gumtree. You can then decide how much money to invest in the initial purchase which will help you to control your budget.
Find Suppliers
Now you need to find wholesale suppliers offering the goods you are looking for and you need to negotiate them for a good price. To get the best bargain you need to buy in bulk or consider buying wholesale pallets as these are offered with the lowest discount.
Resell It
You now need to choose a place to resell. Reselling online can be very successful so try using sites like eBay or Amazon or set up your own eCommerce site. Failing that, offline sites like car boot sales and market stalls can present some reselling opportunities.
