According to Forbes, technology has already eliminated 90% of the jobs people used to have. Many people affected by the global economy are choosing self-employment as a way of evolving with the times and avoiding the lack of stability found working for a company.
Buying and selling, in particular, is becoming an increasingly popular startup business option for entrepreneurs to earn a living. With no specific skills required, a low financial risk, good profit potential and the flexibility of being able to work from home, there are many advantages to working within the buying/selling market.
For those eager to begin sourcing the product they intend on selling, here are a few points below for you to consider to help you make the right purchasing decision.
You will need to research online whether or not there is demand for the product you are choosing to sell. By checking wholesalers websites online such as aliexpress, you can view a whole catalogue of different products, from jewelry to costumes, electronics and so forth. If you use wholesaler sites such as aliexpress, you can amend the filter to help identify the most popular products purchased worldwide.
The size of your product affects the amount it will cost for p&p to send your product safely and securely to its recipient. To start with, it could be beneficial to begin by purchasing smaller products in bulk, that you can conveniently send in packages from your home address. This will save you money on warehouse storage space and packaging/delivery costs. For those interested in purchasing more significant products, visit this website for advice on using a platform such as Amazon to help store, advertise and sell your product.
Before investing in purchasing 200 pairs of glasses from India, work out how much it will cost you to sell each item. Include posting and packaging and the cost of buying your product, and any possible tax costs which are attached to products from different countries. Also, consider the amount you will need to spend on the sales channels you will use and any marketing costs that will accompany this. Following this, you will be able to gauge whether or not the product you’ve chosen is likely to make a profit worthy of making an investment in.
Sales and Marketing
Consider creating a plan to market and sell your product. Research appropriate marketing methods to reach your intended audience, such as social media and PPC. Beyond marketing, brainstorm how you will sell your product online, what sales channels you will aim to use and which are most likely to be favourable for your intended audience. There are multiple avenues you could choose from such as eBay, Etsy, Amazon and so on. You could opt to advertise on various channels to increase your chances of your product being found. Setting up your very own e-commerce with your personal brand is also an option worth considering.
Thinking about the above points before buying a product to sell, will help to iron out the details. By researching and planning you can establish whether there is a demand for a specific product, the potential for profit and the sales and marketing channels you can utilise to sell your product.