Hi there,
As a newbie in the wholesale business I’ve come to understand a thing or two. The one common thing I have seen many times is individuals fail to do their due diligence for finding the right wholesale supplier. This means you buy at wholesale prices and sell it for retail price. This could be because of a number of factors, but almost always comes down to one thing; price.
People believe that they can do this thing with no cost and make thousands of dollars from the comfort of their own home. The truth is they can. No one is going to hand you an unnoticed untapped wholesale market. You will need to research a number of wholesale suppliers, get to know their trade and how they work before you can fully understand how and why they can help you to sell the product above the retail value.
If you have never sold any product on eBay before and particularly if you’re a newbie then again. you should take serious care in researching the product and product supplier for you. This article won’t cover the actual retail price of the product, but more on that as well. The best thing to do is, find a wholesaler who prices their product at the lowest value and sell it for the amount you see it as in a sale. Let’s look at choosing a good product and a supply warning; but the article here is about how to turn a smaller investment (affiliate commission) into profit.
Okay so let me buy you a $500 printer but what if it’s shot to pieces or it’s no longer used. By researching the wholesale supplier you can find out how the product is rated and when it was last sold. Most people will type in computer parts and other products because it’s very common. As you can see I have not used the word research enough but research is the biggest mistake people make when starting up their business.
I understand that I said do this research even if it costs to much, but you will have mastered one step of your research process before you even get started and so can you. The real trick to turning any of the products mentioned here into a profit is finding a market that has a solid demand. You could choose one of the products that I’m selling for the retail price and use that as a guide for your research purposes. As you can see, it is a good deal even though you are cutting the cost.
I will remind you some common mistakes that you will want to avoid when researching a product or product supplier. Be sure there is a strong market for the product and that there are existing satisfied customers you can contact. You can research the product yourself and decide if it is something you would be willing to sell if you covered all the bases. You don’t have to do this research if you don’t want to. If you want to find out about a specific product and you run across it don’t be afraid to buy it and test it out yourself or ask the owner for a sample.
It’s really just like any other business. You will find not all wholesalers can jump you and you will find some that are just blocking the way. If you are ready to take the hard road and research all the right places and then have the nerve to go after it then there is no coming back. You will want to make sure you follow it through, gather as much information as you can and then move forward. Just realize any advantages you can gain from doing this research will belimited. You will only be able to do so much before you cannot do it anymore.
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