There seems to be a lot of people wanting to buy wholesale items either to start up their own business or to save money. The majority of them don't know what they want to sell or what form of business they want. All they want is the money and lots of it. First of all whatis important when starting up a business is to have a rough idea what you are wanting to sell. If you can't think of nothing then take some time to think about what your interests are and this could lead you in the right direction.
The thing to remember is profit as this is the driving factor in every business. If you can't make a profit then your business won't last long. There are different priced ranges of items you can start of in such as products that are a pound all the way to thousands of pounds. The cheaper something is the more people will tend to buy it as it is affordable and depending on the product type. If you have a higher value item then your market decreases to the people who can afford it.
When selling cheaper goods you have to sell a huge volume to make a good profit whereas the profit margin on an expensive product can be hundreds of pounds. I would rather start selling items that are higher in value that I can get for a good price and make a healthy profit, than have to sell hundreds of less value items to earn the same amount of profit.
WORK AT IT
It all depends on how much money you have to invest in your business and how committed you are at making it a success. Some people open up a business thinking that they can sit back, do nothing and expect to make money. In reality that does not work as you have to work hard to make your business a success. Remember that every business has its competitors that will take away business from you if they get the chance, so always be one step ahead.
You have to evolve and diversify your product range depending on your economic and social surroundings. If you are selling a product that no one wants as it is no longer trendy or a newer model is released then you have to realise this immediately and not fool yourself into believing that you can buy and sell that product for a good profit. The worst thing when buying wholesale items is to get stuck with products that no one wants. So you have to buy and sell fast so you can reinvest your profit and not lose it. There is good money to be made selling cheaper products as your
Pricing your products right is key to selling them. Over price them and you risk not selling none and under price them and you won't make no profit and could end up losing it. There is no point being greedy when selling your products. If you sell for a fair price then your customers should return for repeat business as they will know you offer a good service at a good price and the majority stay loyal to you. You should be making a minumum of 10% profit on your products. Your profit margins on expensive profits will be less generally than cheaper products. For instance if I am selling a standard electric shaver for £20 and I have bought it for £10 then I will be making a 100% mark up. But if I bought a Sony Laptop for £800 and I sold it £1000 then I have made a 20% profit which is £200 and alot more than £10.
DEMAND AND SUPPLY
The quantity you should buy depends on consumer demand. If the demand for an item is high and the supply is low for example the Nintendo Wii then you should be buying large amounts depending on how much money you have to maximise your profits. When the supply of consoles is low then you have to act fast and buy as even wholesalers will get sold out fast, so you have to stay ahead of the competition.
Dropshipping is when you sell something without having it in stock and having someone else have it shipped to your customer and in return you get a slice of the profit. For instance if I have a customer in the US who wants to buy a laptop from me what can I do? I could have it posted from the UK or I could save time and offer a better price to my customer by having it shipped from a US supplier.You don't need any money to start dropshipping unless you join a wholesale website that charges a membership fee. To start dropshipping you have to set up an account with the company you are selling for so you can get paid when you have sold the products. It's all about finding new customers and increasing your customer base nationally and internationally.
I hope this guide help. Thanks