Product reselling is perhaps one of the simplest business models that there is – buy products cheaply and in bulk, and sell them on for a profit. The concept of product reselling isn’t anything new and has been around for centuries in one form or another but what makes product reselling in 2020 slightly different is the access people now have to new stock and the ways in which they market themselves online. Here’s a quick guide to starting a product reselling business
Find your niche
Perhaps the most challenging part of starting a product reselling business is finding your niche. With literally millions of different products to choose from, it can be challenging to narrow your selection down. One way to find your niche is to think about the products that you would like to see more of in the market – what’s missing? Alternatively, if you’re happy to be flexible, another popular tactic is to anticipate a trend or find what is selling well and simply jump on board with your own products.
Choose how you plan to sell
The internet has made it easier than ever to buy and sell products from anywhere in the world. eBay and Amazon are two very popular outlets, but with the rise of e-stores and e-commerce websites, they aren’t your only option. When choosing an outlet for your products, it is important to consider how you plan to handle your stock – will you be holding the inventory yourself or will you be using a print on design supplier or a drop ship marketplace?
Research your suppliers
When it comes to reselling, Alibaba is perhaps the biggest name. Alibaba is the leading platform in global wholesale trade selling everything from hair scrunchies to cement mixers. With abundant choices, direct sales from manufacturers and the quality assurance that comes with using the worlds biggest wholesale platform, it’s easy to see why Alibaba is a popular choice with both experienced and novice resellers alike. If you’d like to find out more, then here’s how to buy from Alibaba 2020.
Organize your business admin
Having found your niche, chosen your marketplace and located your supplier, another thing to do before you start selling is to get all of your business admin in place. This means setting up a business account to trade through and establishing accounting and bookkeeping systems
to track your income and expenses. It can be tempting to push these to one side until you start to see more of a profit from your business, but this could lead to errors in your accounting and you may encounter issues with your bank if they find that you are trading through a personal account.
Lastly, to bring in sales and grow your profits you need to market yourself. The good news is, thanks to the internet and social media, it’s never been easier to reach your audience. Platforms such as TikTok and Instagram have helped thousands of product resellers to market their products and online stores, so set up a few accounts, begin posting daily and refine your marketing strategy for maximum results.
So there you have it! A quick guide to setting up your own product reselling operation in 2020.