Nibletz Staff
Entrepreneurs these days are making significant profits by setting up reseller businesses. A reseller is someone who purchases goods at a low price with the intention of reselling at a profit. Goods range from preloved items sourced from auctions and car boot sales to buying surplus stock from wholesalers.
Many people enter the world of reselling through selling unwanted items on ebay and other online auction sites. Once people realize that they can gain significant profit from their own items they begin to source items from different places to provide them with stock.
Develop your USP
It is possible to develop your own niche within reselling. Some reseller’s choose to concentrate on sourcing and selling retro games and consoles, as the whole retro gaming industry is currently very popular. Another popular niche market is vintage clothing. Certain era’s can fetch huge profit if you can manage to source your stock at a reasonable price. Whatever you choose to sell, It is best to sell what you’re interested in, you will then develop an “eye” for what will attract the highest profit margin.
Industry knowledge
If you have previous experience of working within different industries, you may be able to utilize your knowledge by sourcing second hand machinery, cars and commercial vehicles from auctions. Many auctioneers offer commercial truck resale at affordable prices, you could then resell at a profit. Previous knowledge would be advantageous as you would know what to look for in the commercial products and vehicles.
Your knowledge will help in the re selling process too, as you will be able to provide useful, inside information to your customers. Many new startup businesses will be looking to source equipment and vehicles at reasonable prices, so you have a ready made market. You will also have industry connections that you could utilize to your advantage in both sourcing the goods and reselling them.
Market trends
Be aware of market trends and “hot” products of the moment. Every Christmas there is a list of “must have” toys. If you can find out what these toys are likely to be and buy a large volume of them at the right time, you could be in profit. There will be times when you buy items that won’t sell, as long as you resell them at the same cost of buying them, there will be no losses. As in all businesses the larger profits made on certain items will counteract any small losses made.
Selling outlets.
Sales can be made in a number of ways and can be done entirely online by using auction sites such as ebay. Facebook is also a good selling outlet and if you are selling a niche product you can tailor who sees your items by joining sites dedicated to people interested in what you are selling.
Offline selling outlets could be newspapers adverts, Gumtree, market stalls or even shop premises. Recent years have seen a number of preloved clothing and toy stores appearing on the high street.
Everyone loves a bargain, so you have a captive audience. Just remember to do your maths carefully when working out profit margins. Ensure you take into account fees from selling, listing and distributing your products.
