You see it all the time when you go online: people who are selling stuff through third-party websites like eBay or perhaps have even their own online shop for you to browse. Reselling is one of the most lucrative internet business ideas, but, just like anything else, it won’t happen without a lot of patience and hard work on your part. You won’t just luck into a fortune.
The reselling business is somewhat unusual because you’re generally acting as a kind of go-between in the middle of the buyer and the original seller. The simple idea is to buy items at wholesale and then sell them at retail, but there are many considerations which factor into this process. It’s a good idea to do the proper research before entering the reselling world, but it can be one that’s very rewarding financially if you do it right.
Reselling encompasses many industries. So, no matter whether you’re an SEO reseller or someone selling doodads on eBay, there are certain common facets of the business that apply to most any type of reseller. Take heed of these basic tips and then dig deeper into the ins and outs of reselling before attempting a startup.
1. Wholesaler Location
As stated above, the way that a reseller generally makes money is by buying items at wholesale prices and then reselling them at retail prices, which are generally much higher and thus provides the profit. But you have to be able to find these wholesale merchants in the first place, and that can be tricky. To confuse the matter, even more, there are companies who provide directories to these wholesalers, which make them middlemen in the middlemen business.
For you as the potential business owner, you need to make sure you can develop positive relationships with reputable sellers of wholesale goods before you can even consider jumping into reselling.
2. The Goods
It’s important to know which kind of goods will work the best in terms of what to resell. It’s probably not the best idea to sell common, everyday items, only because they’re major online and physical retailers who have those areas pretty sewn up. So that leaves you with niche retailers’ specialty items, and your choice then is whether to focus on a single item or find a variety.
It might be easier to market if you focus on a single type of item or a closely-grouped genre, but you also have to make sure that there’s a market for the product in the areas where you’ll be selling.
3. Doing the Marketing
It’s important that people know you’re in business and that you have what they’re seeking. So it’s important to build a website that advertises your business. You should also take part in social media and SEO marketing by including keywords in your website copy that is similar to what people might be searching when on the internet for your products.
Reselling is an involved business that shouldn’t be entered into lightly. But, if you put in the time and effort, it holds considerable financial potential.