What is a reseller business?
A reseller business is a business model that lets you resell products produced by others to customers. The reseller business model is quite cheap and is considered as a wonderful option for women to start their own home business. The best part is that when you are into reselling business, you dont create your own products. Rather you sell products created by others or manufacturers. You act as a middleman between customers and manufacturers. Even when you don’t have to produce anything, you still have an extensive selection of products to choose from. Reselling products can be anything – cosmetics, clothes, accessories, shoes, herbal medicines … you’ll quickly learn you can sell anything. You can expand your business without expensive inventory costs, additional costs on space or high shipping costs.
How to start a reseller business?
Starting a reseller business is actually easier than you think! There are many types of reseller business that you could start it. Some businesses at times require a physical premise and stock, while some businesses can be run entirely over the internet. This means you can start a reseller business easily with little or no capital investment. A reseller business can be a full-time business or a part-time one to give you a secondary source of income. But, whatever the case, you have to plan your business properly.
First of all, decide on the type of reseller business you want to start with
There are two options available: Either you buy the stocks from a manufacturer and sell them at a higher price which becomes your profit. Or, you can refer sales to suppliers in return for commissions. In both the options, you earn.
Decide on the industry you wish to start your reseller business in
It’s generally advisable to have an idea of the industry before starting a reseller business, though this does not become very essential when you refer sales to suppliers. But, to be on the advantageous side, it is better to know the industry so that you know the products and the manufacturers that you will be working with. Preferably, you should try to sell products that you understand, feel passionate about, and believe in. For example, if you are not a tech-savvy person, then it’s of no use to choose a technical product to resell.
Identify the market
Once you decide on the type of reseller business you want to start with, and you have some potential products and suppliers, you now need to find out to whom you are going to sell, who will be your end customers? Now, this includes various factors to consider:
- The geographical location of your customers
- Delivery and shipment
- How to promote your business to get customers to buy from you? etc.
It is also necessary to check out competitions around your reselling products. Manufacturers or suppliers may not like too many resellers trading on the same products. You have to be careful in choosing your products and suppliers and try to make your product stand out from the others so that you survive the competition. So, you have to clearly plan your promotions.
Fix the prices
Now that you have everything ready with you, the stocks and the suppliers, you have to very carefully fix up the prices of your products. Do some basic calculations to fix a price that gives you a good return and your business is viable. Maintain an excel sheet for the same.
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