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29 Sep 2010 06:37 AM #1
How To Make Money by Reselling Goods Bought From Local Retailers?
Hi! Iím planning to start my own business. Can someone help me understand whether I can make some money by reselling goods bought from local retailers? Appreciate the help.
29 Sep 2010 07:05 AM #2
Yes, you can earn profits by reselling goods bought from local retailers. Some people use this business model to buy discounted goods and resell them on ebay or other resale sites.
Before you decide this is what you want, though, you need to understand the process, study the market trends and then make a decision about what goods to sell and how to sell them. Since you're just beginning, here are some simple tricks to start your business plan and learn as you progress. Follow these steps:
• Check out a retail store and look for promotions or ask for payment options, preferably no interest options, for a fixed number of months.
• You can usually buy the stuff in bulk at a good discount. Most retailers also have a 30-day return policy on most of their goods.
• Now price the goods at a price higher than what you just paid for them list them on eBay or Amazon.
• After running your sale for three weeks, if any item is left unsold, just give it back to the retailer and get a complete refund of your money.
Try this on a small scale at first. If it works and you're making a decent amount of profit, then you can think about scaling up.
29 Sep 2010 07:25 AM #3
That sounds interesting! I’m also new to the online selling business. Can someone explain how I can resell the stuff that I bought from a retailer on eBay? Some helpful tips would be welcome.
29 Sep 2010 08:14 AM #4
Sure, the fact that eBay is so popular today is because you can sell anything there with the basic standards of quality. Selling on eBay is not rocket science, but you need to understand the process before you start realizing the actual profits on your sales. Some useful tips for you:
• You start selling the goods on eBay by first registering on the website and becoming a member.
• Ensure that you buy goods from the retailer that are of good quality. You want to get good, brand-name stuff. Don’t forget that your fate on eBay depends on your feedback rating and most of the customers depend on these ratings to choose the seller. So your product sales will depend on the quality of what you're selling to a large extent.
• Think about the mode of payment and shipping. PayPal is the standard way to pay on eBay, but you have options beyond that. You also have to make sure that the price of shipping doesn't eat up your profit margin.
• Always try and understand the demand for goods and the needs of the buyers. This will help you choose the right products and the right retailers.
• Again, there is stiff competition in the online marketplace. You need to study your competitors and price your products accordingly to earn profits. This is one of those things you'll learn through experience. Don’t expect huge profits right from day one.
• Discounts will always attract more customers. So try and give discounts or attractive deals wherever possible.
Remember, creativity is the key to success in the online business. You will have a lot of similar sellers in the same place catering to the same set of customers. So you have to sell your products differently to earn good profits. Hope this info will help you. All the best.
29 Sep 2010 08:33 AM #5
Wow! Thanks a ton for the input. It will surely be very helpful.
29 Sep 2010 08:55 AM #6
Hey! I heard we can earn profits by reselling stuff bought from Walmart. Has anyone here tried that option if it works? Thanks in advance.
29 Sep 2010 09:18 AM #7
Yup, I’ve done that. I was at a sports bar one night (I'm from Baltimore) and the Baltimore-Pittsburgh game is on, right? So these guys are at a table and they're from Pittsburgh and they're rooting for the Steelers. So somebody starts ragging on 'em about how come they aren't wearing their Steelers gear? And the one guy says he used to have a Jerome Bettis jersey, but he tore a hole in it and the other day he's looking in the Walmart for another one and they don't HAVE any Steelers gear.
Anyway, this rattled around in my head for a while and it finally occurred to me that I can buy gear from Walmart - either in the local store or online - and resell it on ebay. I sell a LOT of stuff to people who can't get gear in their local Walmart or wherever or don't have Walmart (sold some stuff to a rabid Atlanta Falcons fan who's stationed in Afghanistan).
So, the upshot is, you have to buy things that people can't get wherever they are for some reason - out-of-season items, regional items, whatever - and you can make a decent profit by reselling.
29 Sep 2010 09:31 AM #8
Oh that’s a pretty cool idea. Will try that out.
30 Sep 2010 01:40 AM #9
You can try some more stuff to buy from Walmart and resell it on eBay at good profits. Here are some other examples:
• Try to buy cheap toys like Barbie or electronic ones for learning, to name a few. You can try some books or videos like Harry Potter that are high in demand on eBay. Resell them on eBay and see how surprisingly well they sell there.
• You can also earn a lot by reselling cosmetics and skin care products on eBay. Keep looking for discontinued products and their prices at Walmart. You can sell them at huge margins when they are not easily available in the market and people will buy them even at higher prices from eBay.
• Electronics is another profitable section, especially video games. Keep an eye on the market trends in this category and purchase in bulk just before the holiday season. Once you put them on sale during the holidays, you will find them selling like hot cakes on eBay.
• Another good bet is digital cameras. Compare the price at Walmart and at what price are sellers selling on eBay. You can set your margins accordingly and earn good profits by reselling them.
To get more info on products, keep checking the eBay resource section. This will give you new ideas to sell better.
30 Sep 2010 02:11 AM #10
Cool info. Will try my luck using this option now. Thanks for all the help guys!
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