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    1. Tracy01 is offline

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      #1

      How to become a wholesaler of used video games and consoles

      I want to become a wholesaler of used video games and consoles, and I’d like to have an idea of where to start. Anyone have any tips for me?
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    2. dealsrus is offline

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      Wholesale can be a rewarding business but it does have its own challenges. Be sure to do lots of research – this forum is a great place to start because there are plenty of knowledgeable wholesalers here who are willing to share their experiences. If I had to put together a checklist of items, I would start first and foremost on developing a business plan. Here is what should be in your written plan:

      1. Product – sounds like you have already made the decision on the type of products you wish to sell. Try to be fairly specific – if by used do you mean as-is or repaired/refurbished?

      2. Money – how much are you willing to invest up front? A lot of this depends on how you plan to market your products and the types of products you sell. This figure may have to be adjusted once you complete your plan. You should also consider whether or not you want to take out a business loan or use your own personal funds.

      3. Customers – will you extend credit to your retailers, or will you have them pay money up front? Most retailers prefer some degree of credit – or at the very least do not ask for payment until product is shipped. If you decide to have a credit policy for your retailers, you need to think about the terms of this policy and what happens when money is not collected or if there are any disputes. It is best to have this in writing and as part of your purchase agreement before you begin trading with any retailers.

      4. International Shipping– will you ship internationally? If so you need to be prepared to handle all the specific country rules and regulations, duties, VAT, and other costs or rules in order to ship into the country. For example, there are certain types of electronics that are not allowed to be shipped outside of the US without specific documentation, and some that are strictly forbidden in some countries.

      5. Storage – where will you store your products? Because you are a wholesaler, you will be buying in bulk so you need space to store the product. You will also need a packing and shipping area. Consider the costs involved with boxes (note the size of the boxes can be a factor in the shipping cost) and other packaging materials.

      6. Marketing – how will you promote your used video game and console business? Once you get customers, be sure to stay in contact with them regularly. Try to establish a personalized relationship. Put together email lists, phone calls, and flyers – regular contact means your customers keep coming back to you!

      7. Purchasing – managing your purchases and inventory stock is critical, especially with a business like used video games and consoles. Pre-owned video games in particular run hot and cold, so be prepared for games to go down in value in a matter of weeks or months. If you buy wisely, you can catch the games when they are hot and make some really good money. You need to be able to buy lots of stock and also be prepared to discount that stock if it stays on your shelf for too long.

      8. Records – be sure to have a good computer-based system for tracking all of your finances as well as your stock and your customers. Keep track of all your shipments and the costs of those shipments. Sometimes you might think you are making money on a product, but when you factor in the shipping, materials, and handling, the profit is not actually good enough to warrant continuing the product. Managing your records will really help you to review and adjust depending on how your business is going.

      9. Competition – as part of your plan you should note your key competitors and get as much info about them as possible. If they specialize in certain types of used video games and consoles you need to be aware of that. You should also note how your competition goes to market and see if you can find a way to differentiate your wholesale business. You could provide exceptional service, the lowest prices, the best used video game and console stock selection, or a combination.

      I hope this information is helpful for you.
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    3. Thank you for this post:

      Kyle (13 Aug 2011)

    4. Tracy01 is offline

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      #3
      Thanks! This actually helps a lot.

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