Venturing into reselling business is a good means to start selling online and earn max cash.
You don't need to produce the goods or sell a novelty idea. It's all about knowing the ideas and business tips to start.
A reseller business can be a great move for aspiring businessmen, profit-seekers, and first-time entrepreneurs.
What's a Reselling Business?
A reselling business permits you to resell goods you buy from producers to customers.
It's a type of dropshipping where firms source materials and products from various suppliers and show or sell them to buyers or consumers in one place.
It's a model that makes it easy for consumers to find and buy products since purchasing directly from suppliers isn't easy as it needs minimum purchase quantities.
This business model has some benefits; it can be a lot more profitable especially if you specialize in a niche.
The Steps to Starting a Reseller Business
Several third-party sellers are earning much by sourcing products and reselling on Amazon.
To venture into amazon reselling business or online reselling business, here are how to start a reselling business;
1. Choose what you wish to sell
It's vital to decide on what you'd be selling or specialize in a particular niche. Consider the types of products you know or can access.
It involves using the research or knowledge you have to build and find items people are looking for. For instance, you can sell electronic items If you know much about them or if many people are looking for them.
In the meantime, several dropship firms offer different products to help you sell your online store. And some companies concentrate on a particular type of product.
For instance, SaleYee is a dropshipping company that links sellers with credible suppliers and automates processes. SaleYee can help you connect to sales channels like Walmart, Shopify, eBay, and Amazon.
2. Select a marketplace
It is essential to master one marketplace before diversifying or expanding. You can gradually create or join another marketplace when you've mastered one marketplace.
Know that what you sell would determine where you'd sell them. Though you can sell almost everything in some marketplaces like eBay.
Do you need a license or permit?
Check within your state or local if you'd need a license or permit to resell online. You can apply by paying a low fee. This ensures your business is legal.
3. Find suppliers for the resale business
To get a supplier, identify the types of products you wish to sell and the types of customers you wish to sell the items to.
You may want to know if you'd need a supplier that works as a distributor, provides wholesale products, or as a dropshipper, supplying items while taking care of the order fulfillment.
SaleYee makes dropshipping easier, and it offers reselling business ideas and simple ad guides for dropshippers. It's a global platform with a model that solves any dropshipping seller's problem in advertising, shipping, and stocking and shipping.
Meanwhile, you can find inventory to sell in yard sales, thrift stores, clearance or discount stores, and flea markets. Once you start the business, you'd need items to resell.
Figure out how inventory systems work, their pricing, ways to store the inventory and keep track of individual pieces.
4. Pick a hosting plan for the reseller business
You need a web hosting provider to make your website accessible to others. Web hosting providers work as digital storage for the details linked to your online store.
Some eCommerce platforms come with their web hostings, while some need third-party hosting. You may need to set up your reselling business using a separate hosting provider.
5. Take good photos and learn how to list
You can use your smartphone to take quality photos and, with a good app, upload the items directly to the listing.
Upload your item into your preferred marketplace. When listing, ensure you add good keywords for easy visibility.
This is how to list your items;
- Give item title with nice keywords
- Write if there's any condition or flaws
- Give measurements when needed
- Write any feature like material for buyers
- Quality photos, at least 4
Reselling Business Ideas
- Price your items wisely
Ensure your items cover the buying cost, marketing expenses, and any overhead expenses. You might fizzle out or run into losses by under-pricing your products to remain competitive.
Meanwhile, overpricing to earn more isn’t a nice idea. The deal is to price your items to stay competitive without depriving yourself of a nice profit.
- Use social media to advertise your store
You can market your store on Instagram and other social media platforms while updating items and offers regularly with them. This will attract new customers and create brand loyalty.
- Offer great customer service and get more feedback
Offer top-notch customer service in all your businesses and dealings. The idea is to raise your customer service bar.
Answer questions about your orders and products. And when there’s a complaint, quickly react to it. Add detailed descriptions in your product listings and carefully include your return policy.
Check customers feedback and reviews regularly to ascertain the problems your customers might be facing concerning the quality and buying of your items.
Final Analysis for your Online Reselling Business
As a starter, it is good to decide on what you'd be selling. Consider the types of products you know. Consolidate on your chosen niche before expanding, and always try to improve.
Find a good supplier for your resale business. To get a supplier, identify the types of products you wish to sell and the types of customers you wish to sell the items to.
Leverage social media to market your store. You can advertise your store on Instagram, Whatsapp, and other social media platforms and update items and offers regularly with them. This will attract new customers and build good brand loyalty.
Review your reseller rating and customer feedback regularly while working hard to resolve any issues or dissatisfied customers.
