For a while now you have been considering your options to start your own business. However, you are not sure whether you want to quit your job completely and start from scratch, or if it would be something you’d run in your spare time or on the weekends.
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Whatever the choices, the first step is to make the decision that you are starting.
Keep in mind that you are not alone. Since 1995, small businesses have had a significant impact on the U.S. economy contributing to the creation of over 65 percent of new jobs. There are over 28 million small establishments that run their business in the United States currently.
It has to be said that, although many businesses are started each year, only half make it past the five-year mark without closing. So when you are making your decision, weigh your options carefully.
To help you with your decision, here are a few tips on what to do and how to give yourself the best chance of success.
Make sure you know what you want to do because if you are simply following an impulse or a trend, you are likely to fail very fast. One of the options is to look into the online resale business. Over the recent years, many have made this a second stream of income, something they do in the spare time while others have made it into a full-scale, full-time business.
The benefit of such a business is that, once you set up your online storefront, whether through a dedicated website or through one of the online marketplaces such as Amazon, your sales are keep going even when you sleep and orders can come in from any corner of the world at any time.
However, jumping into the online resale business without much consideration for the market dynamics would be irresponsible. The first thing to do is to create a sort of a business plan, or a plan of action. See what products you are comfortable of working with, and once you have a list of products look into the markets to see whether there is space for another player.
Although every product has its customer, and despite the fact that hard work pays off, starting a business in an oversupplied market would probably land you in the half that doesn’t make it past the five-year mark. You might be forced to close down even sooner.
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This is why research is important. Your focus should be on the markets that have a healthy dose of demand but whose supply is lagging behind. This means that you’d be able to get to grips with running a business and all the ins and out of owning a company in a smaller, less stressful environment before tackling a larger, more competitive market. Another advantage is that, if you provide quality products and services, you will build a name for yourself and gather a following and build a customer base that will move with you to any market.
After setting your target on a market, you have to complete all the state-mandated regulatory steps to make your business, however small it may be, a legitimate one.
Once that step is complete, it is time to source the merchandise you’ll be dealing with. If, for example, you are interested in buying wholesale electronics or any other wholesale products to sell online, you need to find a reputable source that offers ample supply at very low prices.
Buying wholesale products has long been a viable option for many online resellers. However, over the recent years, prices of single products sold on Amazon or eBay are very close to wholesale prices, making it hard even for the sellers with favorable deals with wholesalers to stay competitive.
This means you have to find a way to take the wholesale suppliers out of that supply chain and go directly to the manufacturer. This, however, is easier said than done because manufacturers usually have high minimum purchase requirement, making it almost impossible for a small-business owner to get their hands on high-quality, brand new merchandise.
But almost is the key word here, because luckily there is a solution.
That solution is to purchase wholesale lots of merchandise through online liquidation platforms. First, find a reputable liquidator and register to their website. Then make sure you know the retail and wholesale prices of the products you intend to buy as this will allow you to calculate your purchase limit, which you should never cross.
You will see that the prices of single units, which are sold in bulk by the pallet, are well below wholesale price. This is achieved through exclusive contracts between liquidators and retailers and manufacturers.
Under these contracts, liquidators don’t own the merchandise but it is actually being listed directly by the retailers and manufacturers, eliminating the need for wholesale suppliers and keeping the prices very low.
For you, this also means that the quality of the products is very high and that you are working with a healthy profit margin even if you have to list products at almost wholesale prices to stay competitive.
One such liquidation company is Direct Liquidation that has grown into a reputable company attracting retailers such as Walmart and Target to liquidate their merchandise through its online platform. Due to the throughput such retailers have, you rarely run the risk of being out of stock, no matter what the market is that you are working in.
Additionally, you get the chance to make the most out of your business. You are able to refine your search parameters and buy merchandise that is close to your location, cutting down on the delivery costs and potentially eliminating them completely if you have the chance to go and pick the merchandise up yourself.
If you have concerns about the quality of merchandise you are interested in buying, if the names like Walmart, Target and Direct Liquidation aren’t enough of a guarantee, you can always check for the manifest, a packing list that shows you all the details about the merchandise contained within each pallet. This way you are able to buy brand new merchandise or grade A merchandise and make sure your customers are getting the best available products.
So, all this combined puts online resale business as a potential business for you to consider. There are ways to source merchandise cheaply and to be competitive in any market, making your effort and time worth it.
Direct Liquidation is a goTRG company.
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Kersten works as a sales representative for Direct Liquidation helping businesses to source liquidation inventory from the world’s top retailers and manufacturers. Kersten works with single pallet, LTL and truckload buyers hand in hand to ensure their businesses stay stocked up with the highest quality merchandise year round.
Schedule a sales callback with Kersten right now and find out how he can help your business profit with liquidation merchandise.
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