The Internet has made it easier for people to pursue their passions and earn money from it simultaneously and one of the commonest ways of doing that is getting into the reselling industry.
It’s less likely that the term needs any definition or introduction for many of you, but here it goes for those of you who might not have heard of it: resellers are people who purchase products and goods for the sole intent of reselling them for a profit.
They are basically middlemen between large companies or shops and the clientele. Needless to say, huge amounts of money are at play and reselling is something you should really consider if you want to start your own business. Here are some things about the reselling business that you should be familiar with.
Reselling in A Nutshell
First of all, there is a big difference between a common reseller and a licensed one. The former simply purchases goods and products from Amazon or any other online shop and then resells them.
The latter, on the other hand, purchases products and goods in bulk directly from the manufacturer. This way, this becomes a win-win type of situation: the manufacturer sells more products and gets a larger coverage and the reseller is able to make money from being a middleman.
As far as what you can resell is concerned, the sky is the limit. You can easily resell:
- Personal care products
- Musical instruments
Naturally, this is just a small percentage of the things you can resell.
The Selling Platform
There are three distinct ways in which you can resell the products of the manufacturer that you collaborate with. The most efficient one is going with an online platform because customers can buy with a few clicks and you get a huge coverage instantly.
You can also choose to build a physical store, although this is obviously more costly. The third way of reselling products is mailing them to the customers. Needless to say, this is awfully time-consuming.
The Internet is definitely your best bet. You can automatize the bills, you can talk to the manufacturer more easily and most importantly: you can create your target population. This allows you to see whether or not the products you want to resell would be purchased in your area.
For instance, if you want to resell toys but there are more old people in your town than children, the reselling business might not end very well for you or the manufacturer, for that matter.
Should I Create a Website?
Yes. Without a website, people will not be interested in what you have to offer. Like it or not, everything happens digitally nowadays. This website will also serve as an introduction to the manufacturer that you serve, which will only boost their branding efforts.
The Bottom Line
The reselling business can be unbelievably great from a financial standpoint. If you do decide to take this road, we advise you to become a licensed reseller and to register your business so that you avoid legal issues.
You might also want to befriend some people that have been working in this business for a few years. They will be able to offer you some invaluable pieces of advice that no one else can give you. Such people know the ins and outs of being a reseller, all the right strategies and of course, all the techniques of earning more money.
Hopefully, this helped to kindle your interest.