There are lots of ways to make money in this world. Some are easy, some are much more difficult. If you fancy trying to make some money by reselling, read on for some top tips and great ideas.
What Is Reselling?
To begin with, let's clarify what running a reselling business actually is. It's not just buying an item on offer and chucking it on Facebook Marketplace to see if it sells. Whilst that is indeed reselling, running a reselling business needs much more planning and preparation. You need to have a product range which is desired, so it actually sells. You need to buy products at a price which you can make a profit from, taking into account all your overheads.
As a reseller, you're buying products from manufacturers and selling them onto customers. You're essentially a middle man. Buying items in bulk can help keep your costs down so you can make more money on each sale. There are various different products which you could sell, which we'll come onto later, allowing you to focus on one area or diversify your range to include a broader range of appealing products.
There are many benefits to being a reseller. The first being that you don't need to make your own products. You simply need to find items that sell well and buy them at a cost that you can make a profit on. Sometimes you don't even need to have any space to store items, or take trips to the post office yourself. A dropship business reselling model is maybe the perfect way of starting out reselling. You don't need to hold onto any inventory and you can literally run it from a laptop whilst sitting on your sofa, or perhaps whilst travelling the world. Some dropshipping companies even have an app you can connect to, making control of your business even easier! This means you don't need to buy the products when customers order them from you, meaning there is less outlay in terms of finance at the beginning.
Reselling is quick to get into as well. As soon as you've found your products and built your website, you can start marketing your products and prices. Reselling this way, a lot of the processes of selling are automatic. From accepting orders to sending those orders through to a manufacturer. Soon, you'll figure out that you can pretty much resell anything and we'll come onto some top ideas in a minute. Your can expand your product selection and move into other niche markets without really shelling out any additional cost. Of course, if you don't want to set up an entire business, you can resell things yourself, maybe when you find them in bulk on offer. You can make a huge profit from things such as Lego.
How To Price & Promote Your Products
Once you've figured out what you want to sell, maybe by looking through the most popular items that sell on places such as Amazon and eBay. Look at other sellers to find the ball park figures you should be charging for your products. Take into account the fact that every penny you reduce your price by means less profit. However would you rather sell 100 products at £5.95 or 10 at £5.99? Being able to set your own margins is a huge benefit of starting a reselling business.
You are in control. You can smell what sells and invest more time and money into those products. As long as your price is competitive and makes sense, people will purchase from you. Don't forget that you need to cover your expenses too. Not only the price of the product but also your marketing, the cost of your website and take a wage too. Ensure you have great product photography as well. Not just from the manufacturer but your own photography can help you stand out from the market of others reselling.
Promoting your products is a task within itself and somewhere you'll spend a lot of your time. Using Facebook and Google ads is a key one, but you need to make sure you're those ads are converting into sales and not just wasting money. You can also create content like videos and blogs. Consider too that you could run adverts on both your YouTube videos about how to use your products and directly on your website. If you're getting lots of people visit, those visits will turn into extra income, even if they don't buy. Encourage buyers to share their purchases on their social media pages as well, maybe for a discount on future purchases. That way, they're doing extra promotion and marketing for you.
Top Reselling Ideas
So, let's discuss some of those top reselling ideas.
Consider just how many people there are in the world and how many of those want new clothes every day. Whilst a lot of people would say women are the main demographic for attire, men and children also need clothing. Parents love buying their new babies cute and cuddly clothing with adorable graphics or quotes on the front. They love putting their toddlers in hoodies with dinosaur spikes on too. When you're not buying in advance and potentially having dead stock, you can list a range of items and see what gains interest. If some items don't get attention of sales, simply remove them at no cost to you. Consider seasonality as well. Get Christmas jumpers promoted from Autumn and summer bikinis well ahead of holiday season. This could be a great opportunity for reselling and making a huge profit.
From well know brands to wooden building blocks, parents want to give their kids an awesome childhood. If you are able to access good prices on children's toys and sell them on at a profit, you're winning. Having a good range of products all year round is perfect for new babies and birthdays, but researching what is going to be popular for Christmas is key too. Instagrammable children's toys are perfect for those folk who follow family influencers and mummy bloggers.
If there's something people love as much as their children, it's their pets. People plan their lives around their cats and decide where they'll take holidays based on their dogs. You could sell a range of pet supplies including but not limited to accessories, toys, bowls and even food. Maybe sell cages for hamsters, bowls for goldfish and branch out into exotic supplies for those with slightly unusual pets. You could set yourself up as the one stop shop for pet supplies.
People love their cars too and we spend a lot of time sitting in them. Having quirky products to make car life easier, more comfortable and easily connected is great. Consider storage bags, radio receiver tuners and Bluetooth products. Car accessories can be a very profitable area to get into reselling. You could also look into products that would be well received in the booming campervan market.
There are just a few focus areas that you could start reselling products in. With so much potential profit in the world of reselling, now is the time to begin.