When you are a first-time business owner or just starting out to become an Entrepreneur, a clear vision is something that most of us have to keep in mind to help with our goals.
The online Reselling business of goods is not a new idea or method to make that extra or side income or perhaps even your main income, it has been around for many years.
The only thing that seems to have changed is the payment methods, modes of transportation, how you source your products, and so on. And this is something that can later be expanded into a larger business model as well.
There are a number of online reselling business ideas that are out there but you essentially need to find one that works best for you. So here are some of the most popular online reselling business ideas that you should know to start your online business
Let us start by discussing who a reseller is.
Who is a reseller?
A reseller is basically a person or a company that is selling products directly sourced from a manufacturer or wholesaler. The key aim for this is to earn profit and have a business that is not expensive or heavy on additional costs and maintenance.
Here are a few of my favorite ideas to earn money online:
1. Create Subscription Boxes
This is something that has been doing well for a few years now. You curate a variety of products and create a monthly or quarterly subscription box.
The contents are something that depends on whatever you choose to market. It could be clothes, make-up or books perhaps, even a food basket of new products in the market.
The idea is to create an exclusive box for your customers to try something new and provide a review of items that are new to the market.
It could also be a box of items styled together to create the best and latest in office wear wedding wear or the newest books on the market.
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2. Online Reselling of Products
This is a personal favorite for me, I love how companies like Shop101 have brought together a platform where without having to worry about making an investment you can start a business from scratch.
The model is very simple, you choose products from the vast inventory that they carry, you add your margins to the selected products and finally, you share the chosen products with your friends and family through social media and WhatsApp.
The company helps and guides you to set up your own online store. It is as easy as that. You don’t have to worry about anything but the sale.
The product is shipped directly from the manufacturer or wholesaler to your customer.
3. Resell Upcycled Goods
Some people have an eye for detail and some simply have an eye to change a pre-existing item into something more glamorous.
Upcycling things can be a lucrative way to earn money for all the creative ones out there.
It could be clothes, furniture or simply utilizing old wool to create something completely new. A super and sustainable way to make that side income.
You can choose from a number of websites that allow you to sell your crafts and upcycled goods on them. There is a huge market out there for handmade quality products.
4. Resell your Pre-Owned goods
From designers to high street brands, there is a market for it all, especially if items have tags intact and are in brand new or pristine condition.
You can sell clothes you no longer wear, jewelry, footwear, or even perhaps that branded bag in your wardrobe that you never got around to using.
Selling your pre-loved goods is one of the quickest and cheapest ways to make some money for yourself.
New parents these days are looking for sustainable ways to help the planet. Pick up old toys that are still good enough to be used or those second-hand books that your children no longer read.
5. Reselling Refurbished Technology
Fixing up your phones, laptops, etc, and then selling them off for a margin is another way to earn some moolah on the side.
If you are good with technology, you can spruce up old laptops, phones, iPods, and other gadgets and can sell them further ahead for a cool margin to pocket.
Technology has always been and will continue to be required in today’s day and age by virtually everyone out there, especially the young college kids who might want to buy the latest and coolest phone but cannot afford it.
Online reselling business is one of the few businesses that do not require large sums of money and can be done at low startup costs. Inventory is something you could either be housing already or things that you don’t require to keep stock of in bulk.
When it comes to the profit margins for such products, they will be in your control, and most of all you will always have a flexible working schedule.
The best way to determine which online reselling business works for you is to understand your customers, know who you are selling to, and know the product that you would be able to give them.
If you are a fashion and design person and are attempting to resell books or technology, you may not be able to convince your customers why the products are best bought from you.
There is, however, like in every business you undertake dedication and perseverance that is required.
So friends these were some of the creative online reselling business ideas. All you need is to choose wisely and master the art of reselling goods by making them something that is worthwhile. Grow your business with clear thoughts, vision, and a passion for being your own BOSS.
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What is the most profitable resale business?
You can find the answer by doing research on yourself. It is because the profitability of a resale business depends on many factors such as location, market demand, and the products. Some common resale business ideas like selling vintage and collectible items, designer clothing, and accessories, and refurbished electronics. But you should first conduct market research and carefully choose the products you will sell so that you can expand it in the future
Which platform is best for resellers?
Similar to the last question, the best platform will depend on many factors such as the type of products you want to sell, what is your target market, and most importantly your personal goals. You should choose some famous platforms that offer good support services such as Amazon and eBay, as well as social media platforms such as Facebook and Instagram. You first need to do basic research and compare the different options to finalize which platform will be the best fit for your business.