Five steps to starting a business
A reseller business involves purchasing previously used or new products cheaply and selling the same products at a profit. The mantra of a resell business is simple, buy low, sell high. With the evolution of the internet in modern times, it’s possible to run a reseller business without having to purchase any stock. Whether you wish to start a reseller part time or full time, here are the steps you need to make it successful.
1. Find the right product
Finding the right product fit and having a unique marketing approach can make you thousands of dollars. You need not be an expert to identify the right product. However, you will need an emotional and financial investment if you want to do extraordinarily well. To assess the opportunities for success for your chosen product, you will need to understand the product marketplace.
The demand, price points, and competition demographics will give you an overview of the market you are delving into. Once you make a sale, keeping in touch with existing customers to find out what they want, beyond what you are providing will keep your business profitable.
2. Put together a marketing plan
Success in reselling is all about marketing. The days when you could buy products, sit back, and watch customers pour in are long gone. While it is possible to build an online platform and see traffic pours in. You will need to burst your tail to get there. If you are reselling online, there are a couple of methods you can use to drive people to your site.
Affiliate marketing, video marketing, email marketing, social media marketing, PPC advertising, blogging, and content marketing are some of the marketing tricks you can apply to a successful business. You might also try your local SEO seller. Remember your reseller business can’t make you money if you don’t find the customers for it.
3. Test the feasibility of your reseller business
Once you have researched and settled on a product or multiple products, you will need to test the viability of the business. Compute the cost of the product, the cost of shipping, and how much you will be required to sell it for. Calculations are the best way to determine whether your business is feasible. As you consider the best case scenario, look out for the worst case scenario.
The best way to start small and expands once you have experience and you are better acquainted with the market. Buy one or two products and try to sell them in whichever way you prefer. You will determine the most suitable way that you can adopt in selling remaining goods. This way, you might have an idea on where to start and how to operate without having to spend much money.
4. Choose your platform
If you are reselling products online, the e-commerce platform you choose can make or break your business. When choosing an online commerce platform look out for customer attractiveness, tools and features, pricing and affordability, and the user interface. Make a list of platforms that grab your interest and take time to explore them. E-commerce systems are not built equally; make sure that you operate with one that meets your requirements of building the reseller business.
You will then be required to set your products up for sale. If you are working with a reliable e-commerce system, the step will be simple. Features such as digital checkout and payment options will be in place. All that will be required of you is listing the products in your inventory, uploading images and descriptions of products and adding the pricing and shipping options.
5. Never stop learning
Never stop learning regardless of your level of success. With the constantly changing nature of the internet, you will need to remain updated to get the best products. Understand your marketing landscape better. Learn the profiles of your customers.
Find out the marketing plans best suited for your resell business. Test new designs and tactics, make adjustments, and never get complacent. Investing in learning will allow you to find formulas that work and allow your business to be extraordinary.
When you are doing things right and making goods and services available to your customers, don’t be afraid to charge them for it. If you add value to a given product, don’t be afraid to add a price for the new value. Remember, reselling right can make you up to a million dollars when done right.
I have over 20 years of experience directing sales & marketing businesses from startup to their eventual acquisition. I then moved on to helping people as a career counselor that specifically helped bring families to self-sufficiency through finding them rewarding careers. I now am semi-retired and write short books in my free time to share...