Buying wholesale online products and selling them at retail prices can be the foundation of a solid and vibrant business. The concept is very simple: find an outstanding product, one that hopefully is unique to your business, purchased at a low price. Then sell it at a higher price, and repeat.
Deciding what to sell retail is part sense, part art. Choosing the perfect products to offer, is one of the most enjoyable parts about running a retail business. And everyone knows that a few “to kill for” exciting products can help launch a successful business. Retailers often focus on products related to their own personal passions, such as golf, water sports, clothes, fashion or even social issues. Most often they are more basic stores and follow what they think current buyers are looking for.
Possibly the most important task in buying wholesale products is to determine that the product has strong demand and can be purchased at a low cost; in other words you can turn them quickly and repetitively for a profit. The secret is repetition.
How to Find Wholesale Suppliers
No matter the product categories you’re looking for, the real success in this kind of retailing is in finding an outstanding source for purchasing the product at a low cost, with minimal headaches. Hopefully what you’re selling is very unique to your store, and not at Amazon for 20% cheaper.
This product selection should take time, and everyone knows stores need to be constantly refreshed. There are many warehouses and distributors competing for business. Many frown on the smaller stores, but it is vital that you find many supplies to use where you can buy in bulk, for resale and/or for a profit.
In Finding Online Wholesalers, Look for…
By far, the most popular way that new retailers procure products for resale is through online wholesalers. Before making an investment in any directory ask these questions:
- Can new stores get entry to the online warehouse?
- Is there an upfront fee to join the wholesale club and how much?
- Can a retailer easily communicate with the supplier?
- What purchase quantity or dollar amount is needed to get a good price?
How to Legally Open an Online Business
In the United States there are a few legal elements you need to open an online retailing business. Funding needs are almost always first; nearly every company that we have started takes more time and capital than anticipated. Below are the minimum requirements, especially to sign up with online wholesale:
- Determining how the business will be set up or incorporated.
- State business license.
- Source your funding or capital.
- The method of collecting and paying sales tax and obtaining a federal tax I.D.
Find Wholesale Online
Finding a wholesale solution could greatly enhance your store’s sales and profitability. Online sales will be a challenging way to make money but if you can achieve success, it could be a wonderful career. Remember you can never get too much traffic to your site. One company trying to source the global is Shop the Globe. You should give it a try.