| 1. Market research-and a thorough one at that-is the | | | | 5. Investigate about reasons behind closeout and |
| building block of success. | | | | liquidation |
| If you want to potentially double your earnings and | | | | Before you buy any product, it is advisable to know |
| make huge profits from your wholesale items, you | | | | the reasons behind liquidation and closeout. These |
| need to research about your market. You can begin | | | | sales are perfect sources for economical items that |
| with a minimum of 5 various ideas, which you can | | | | you can resell. The only problem is that you often |
| search for in eBay to see which of those items are | | | | have to buy items by bulk, and some of these items |
| actually selling. Take a look also at the prices of each | | | | may include returned or broken ones that cannot be |
| item. | | | | resold because of their conditions. Therefore, it is |
| Making use of Yahoo and Google can also help. You | | | | advisable to ask first about the inclusion of broken |
| can use these search engines to look for keywords | | | | items before you start buying in bulk. |
| that are being searched for the product that you are | | | | 6. Save money on shipping negotiations. |
| going to sell. Combine the numbers you get from | | | | Shipping costs can automatically drown your profits, |
| Yahoo and Google, and if it amounts to more than | | | | so it is very important to try to save as much as |
| ten thousand searches every month, then that only | | | | you can with regard to shipping. Find a good shipping |
| shows a healthy market. | | | | deal. If you can negotiate good shipping terms, such |
| 2. Know the real cost of the item you are going to | | | | as DDP or CIF, with your supplier, then it would |
| sell. | | | | definitely be better as it takes much of the |
| A reason why most people do not succeed in doing | | | | responsibility off your shoulders. The commonly used |
| wholesale is that they abhor having anything to do | | | | shipping term is FOB or Freight on Board, but it is |
| with numbers. But do you realize that real business is | | | | okay to negotiate for better shipping terms. |
| all about doing numbers? To accurately estimate the | | | | 7. See if you can afford dropshipping. |
| profit you are going to get in selling an item, you | | | | Dropshipping is a really great addition to your |
| have to calculate all the costs involved - shipping | | | | business, since someone else takes the responsibility |
| costs, insurance costs, eBay fees, Paypal fees, credit | | | | of packaging, wrapping, and sending your items. |
| card fees, packaging costs, labor, and storage fees. | | | | However, you have to watch for your profits, since |
| Those are a whole lot of fees to think about! | | | | it is hard to profit if you are into dropshipping. If you |
| 3. Do a background check on the suppliers you will be | | | | are using dropshipping services, you have to allot |
| using. | | | | around $2-$10 to your expenses. Sometimes it can |
| The worst thing that could happen to you is to get | | | | even amount up to 10% of the item's cost. Think |
| scammed. Being scammed is a common problem | | | | about your other fees, and see if dropshipping is |
| encountered by people who are new to the business, | | | | worth it. |
| but that does not spare even veterans in the field. | | | | 8. Create a warehouse storage checklist |
| Hence, it is very important for you to be cautious | | | | It is very important to consider asset management |
| with the suppliers you are dealing with. Always check | | | | when you are finding a warehouse in which to keep |
| their authenticity. | | | | your goods. Items can be lost even while still in |
| To check if the supplier you are dealing with is | | | | storage, and this can cause you a huge problem. You |
| authentic, take a look at its whole business name as | | | | need to compare the warehouses where you are |
| well as its registration number, which can be found in | | | | going to store your items. Ask specifically on how |
| their website. The supplier's website must be able to | | | | you are going to authorize stock releases, whether |
| supply these information. Try to contact your supplier | | | | you are going to do it through phone or fax. You also |
| through the telephone and not just through a mobile | | | | need to clarify other things such as canceling an |
| phone, because if the company is legitimate, it will | | | | order and its consequences, damage claims, areas for |
| have its own land line number. The domain expiration | | | | photographing your items, and dust management. |
| date should also be checked, for legitimate | | | | 9. Become a powerseller. |
| companies' domain names expire in a few years time, | | | | Why is it that every eBay seller aims to become a |
| and their domain names usually last for three to five | | | | powerseller? It is because a powerseller commands |
| years. | | | | higher prices than other eBay sellers, hence they gain |
| If you have a supplier who does not agree to use | | | | more profit for their items. To be able to be like |
| proven payment methods such as Paypal and | | | | them, be one of them. |
| Escrow.com, then maybe you should think again and | | | | 10. Create a website and/or an eBay store |
| find another supplier. | | | | If you want to increase your sales and profits, build a |
| To finally ensure authenticity, ask other people from | | | | website and open your own eBay store. Not only will |
| eBay forums about their personal experiences in | | | | these publicize your items; they will also enable you |
| dealing with a certain supplier. Perhaps this will aid you | | | | to cross sell your items and make your buyers' lives |
| in finding a supplier. | | | | easier, since they will be able to easily search for |
| 4. Go for Chinese suppliers. | | | | items that they want. Make your website |
| If you want to gain a competitive edge from all | | | | user-friendly, so that your buyers can easily navigate |
| other online sellers, choose Chinese suppliers as your | | | | your site. A well-organized site will attract even more |
| sources of items. China has very low manufacturing | | | | customers. Make use of tags so that users can easily |
| costs, which is why you will be able to gain a | | | | find what they are looking for. Also, do not forget to |
| competitive edge if you use them. | | | | include a link at the bottom of your web pages, |
| However, be extra careful in dealing with these | | | | encouraging your visitors to take a look at some of |
| suppliers. The usual precautions for scammers still | | | | your other items. Most of these people will. |
| apply. You can start with a small order first before | | | | Looking for a great wholesale supplier? You can try |
| purchasing a bulky order, and make sure that you are | | | | SaleHoo, since its directory has over 4000 suppliers |
| using secure payment methods. Make sure you get | | | | and dropshippers that have been reviewed and rated |
| 110% shipping insurance, and ask for | | | | by industry experts and eBay sellers. In turn, the |
| recommendations from other online sellers to find a | | | | directory also gives a review of their own suppliers |
| reputable supplier. | | | | so that people will be guided accordingly. |