Most entrepreneurs know that it takes money to make money, but they still may not know where to start. Manufacturing is complex, takes knowledge and skill and a tremendous investment in equipment, staffing and administration. Reselling is a less complicated activity, and when managed appropriately, has the potential to earn you an incredible amount of money.
The first step in successful reselling is determining whether you have a market. Head to eBay, run a search for a product and then revise your search according to the “Completed listings” feature found at the bottom of the left-side menu. Listings with an ending price in green were successfully sold, giving you a realistic look at both demand and sale price.
Amazon product listings can be used to help you source products too. In fact, you can go to the Amazon Best Sellers list, and see which products are selling the best in each category. Make a note of any product you think you could get from a manufacturer or bulk wholesaler and the price it’s selling at. You can now search for manufacturers of the product.
You can find hundreds of products with great resell value, especially those aimed at the B2B marketplace. Industrial and manufacturing supplies, construction equipment and similar materials can be found for very low costs. These can be turned around and sold for a big profit, but it’s important to work with the right source.
For instance, you can get private branding through select outfits, customizing colors, graphics and wording. These help your items stand out, and adds to the trust factor customers use in making purchases. It also makes your selection different from every other person buying from the same source.
Succeeding at resell takes the ability to identify popular products, find affordable wholesale sources and find ways to make the items you’re selling stand out. Branding can do just that. Make sure to make customizing features a priority when deciding who to work with.