Buying wholesale items and then selling them for a nice profit is nothing revolutionary, and yet it remains a popular platform for people keen on launching their own business enterprise. And with the advent of the Internet and the growing popularity of online shopping, there are several opportunities that you can take advantage of.
But as with any type of business, reselling requires careful research and ample planning. Here are some of the things that you need to know to get started.
Do research on the products that you can sell
In this type of business, it's not just about buying low and selling high. And one of the key things that you need to do is decide what you want to sell. You have to make sure that there is a market for the products you are eyeing to sell and that you can purchase these wholesale at a low price.
It would also be beneficial for you if you concentrate on items that you are genuinely interested in.
How are you going to have the items shipped?
Another key area that you need to look into, especially if you are planning to sell your products online, is how the wholesale products are going to be shipped to you and/or your customers. Your first option is to have the items drop-shipped. Here, the customer orders a product through your online shop and then the wholesaler fulfills the order and handles the shipping.
The other option is that you purchase products from the wholesaler, have these shipped to you, and then ship these again when a customer orders. Take note that some wholesalers do not drop-ship for their retailers.
Finding and choosing a supplier
To a great extent, the success of your business hinges on your supplier/s. There are some online wholesalers you can check. If you are lucky enough to find a manufacturer that can sell you products wholesale, then that will certainly be good.
Whether you source your products online or offline, there are a few things that you need to know and consider first. These include whether you need to pay for membership, the minimum amount of orders, customer support, and shipping options.
A few more tips
Whether you intend to resell in a brick-and-mortar shop or an online store, it is advisable to get everything in order and start on the right foot by processing important requirements, including licences.
If you plan to sell online, you need to determine how long it will take to have the items shipped to you. This will help you determine whether you need to have your website built first and order your initial inventory at a later time, or you need to stock up a bit before getting the website built.