The reselling business has existed for hundreds of years – but has exploded in popularity since the dawn of the internet. Whether you’re interested in running your own business or just want to get started, reselling items through third party sites such as Amazon and eBay makes things simple. When the hobby becomes a career through growth, you will be faced with a number of challenges. At Mr. Box, our storage units provide safe and secure stock storage for businesses across the country, so we felt it was the perfect time to share our tips.
To get started in reselling, you will need to research prices on eBay and Amazon and in physical shops. There are lots of limited edition items that you can purchase such as clothing and resell for a large margin. The fundamentals are to buy low and sell at a profit, but you will need to understand the pricing limits of your products before you find any success. Start small, buying and reselling smaller items that won’t take up too much space. When you begin to pick up more sales, you can start working with larger and higher value items – but this will mean finding more available storage.
House your stock
As you grow your business, you must ensure that your stock is kept safe. Most people begin by keeping stock in their home, but this can rapidly begin to eat up space. A simple way to expand is to hire a storage container, which can be placed in your garden or any land you own. They are weatherproof, meaning stock remains in good condition, but also highly secured against theft and vandalism.
Plan your postage
Regardless of what platform you use, as you grow you’ll begin to realise that reselling involves a lot of postage costs. If you offer free delivery on items to entice customers, you run the risk of losing profits. Take a look at mail delivery options, which will vary depending on your order numbers and stock levels.
Keep accounts secure
Your accounts are vitally important, so protect them at all costs. You can keep cloud-based accounts with software, but a physical record is also useful. Place any physical accounts and banking information in secure storage so they aren’t exposed to theft or harm. If you opt for a storage container for stock, you could keep your physical copies safe in there too.
Growing beyond third parties
In addition to eBay, Amazon and DePop, your reselling business can expand even further through social media and your own website. You can set up an ecommerce site of your own and house your stock there, especially if you can launch a brand such as a vintage fashion store. To expand your business, you need available stock and a wider audience – which a dedicated website helps provide.