The #1 Secret of Reselling
It's no secret that reselling can be a very profitable business venture. However, many people don't know the #1 secret of reselling and fail before starting their reselling business. In this blog, I will discuss the #1 secret of reselling and point you towards success.
#1 Secret: Knowing your Target Market.
The #1 secret to successful reselling is knowing your target market. You need to know who your potential customers are, what they are looking for, and where to find them. Without this knowledge, finding success as a reseller will be challenging. This secret is simple economics, find demand, next supply it. You could make millions of dollars as a reseller by unlocking this top secret.
Your target market can vary depending on the product that you are selling. However, there are some common characteristics that your target market should have. For example, they should be willing to buy the product, be interested in the product, and be able to use it. Most importantly, you should know if they will continue to buy your products during an economic downturn.
Understanding why your target market buys is essential to being successful as a reseller. If you don't know what they are looking for and why, you won't be able to provide them with what they want. It is also important to understand how your target market shops. Do they like to buy online, in person, or through word-of-mouth? Each method requires a different approach to reach your potential market.
If you want to be successful as a reseller, you need to have empathy with your target market. Please do your research, know where to find customers, and offer products that they are interested in buying. By deeply understanding this fundamental secret, you can be successful in the reselling business.
Where to find customers?
Two great ways to find customers for your reselling business is to look online or in local markets. There are many online platforms where people buy and sell products, including eBay, Offerup, Poshmark, Amazon, and Facebook. It is easy to set up free accounts on most eCommerce platforms.
Additionally, many towns have a flea market, and usually, you can set up a booth with little cost. You could even have a garage sale once a month to bring in a little extra income. Many resellers earn a good living for themselves by selling directly to people locally.
Supermarket News released their 2021 data stating over 21,000 independent retailers in the U.S. are generating over $350 Billion in revenue.
By doing some research, you can find local independent retailers and discount stores looking for deals on merchandise. In your town, there are probably a handful of discount stores that buy over $1,000,000.00 of inventory annually.
You could easily become their go-to source for inventory with the right approach.
As a reseller, it is important to know your target market and offer products that local stores would be interested in buying from you. By selling to discount stores, you can sell a large number of items in one transaction and help a local shop source goods locally. This is a Win, Win!
Another great way to find customers is through word-of-mouth. Go to networking events in your local area and tell them you are in the reselling business. You'd be surprised how many people are looking for items you have to offer. By meeting new people locally, some people have built great relationships and resell businesses.
Consider This
By reselling beauty & personal care items it makes it easy to know and find your customers. The reason is you have experience with regularly buying beauty & personal care items for your personal use. You have empathy as a personal care product user which helps you know what potential customers value.
As you probably already know, most people buy personal care items monthly as they are consumable items. According to Forbes, beauty and personal care items, sales tend to increase during recessions. As a matter of fact, beauty and personal care products generally bring consistent cash flow even during challenging economic times.
On the other hand, let's say you pick SCUBA diving gear as a category to resell, and you are not a SCUBA diver. You would be taking a considerable risk as you don't have first-hand market knowledge. One thing you do know for sure, SCUBA diving gear is a non-consumable item that is usually a one-off purchase. As you know, SCUBA gear will probably not be a consistent source of cash flow, especially during a recession.
Conclusion
As you can see, the #1 secret to reselling is obvious but often overlooked. Now you know, if you take the time to research and learn about the market and build a solid knowledge base and relationships, you'll be well on your way to success. So don't be afraid to get started - with a little effort, you could quickly be making a nice living from reselling that will impress your neighbors. Thanks for reading!