So you want to go into business but you don’t have any idea what products you should sell? Well, you should probably sort that out. Not to worry, I’m here to help! In this article, I will explain how you can find the right products to sell and how you can source the products the correct way.
Usually, people who start businesses will already have a love for a certain product or product line and that tends to be the reason why they went into business in the first place. Of course, though, it’s not always the case. There are millions of businesses out there that are selling certain products just to make a stable, profitable business. So, let’s get started!
HOW TO KNOW WHAT TO SELL?
The first step is to research and plan what it is that you’re wanting to get into business for. Maybe you already have a passion that you can turn into a business? Turning a passion into a business is the best and easiest way to start as you already know about the product line and already know everything about your customer base as you are one yourself.
If you have no hobbies or have no real passion that you want to turn into a business, then you need to research what it is that you want to sell. It can be really easy to get caught up in following product trends that come and go. You don’t really want to create a business that just sells random things from a range of different industries. There’s enough of those on eBay. The first thing you want to do is some solid market research. Have a look on sites like AliExpress, Alibaba and Amazon and look what sells the best. AliExpress has a weekly bestselling list that you can find here.
I think most business owners start their business journey by discovering products for themselves or discovering a need in the market for a certain product or product range. If you are finding it really hard to find the right products that you should sell, then just really think about the things that you like yourself and search for them online. Maybe you love guitars but always find them far too expensive everywhere? Look into where you can buy them at wholesale price. If you know that you can make a profit from buying something then that’s the product that you need to start selling.
At this stage, you should have some ideas of what it is that you want to sell. The next step that I would suggest would be to do some research on the following questions.
– Does it seem easy to source?
– Is there a demand for this product?
– Is there already a lot of competition for this product?
– Is it a seasonal product?
– Will you be able to ship these products?
– Will the RRP be appealing to potential customers?
WHERE CAN I FIND SUPPLIERS?
There are numerous places that you can find suppliers for the product range that you have in mind. The best way to find supplies is just to Google your industry or product type followed by the word wholesale or supplier. I also come across a lot of wholesalers on eBay, so it might be worth checking on there too.
Once you have found a couple of suppliers (Always find more than one) then reach out and ask them the following questions before you decide to place an order. I would always recommend ordering sample items before buying in bulk. Items can look a lot better online than they do in real life. It’s also really good practice to check the quality of the items that you want to sell before selling them yourself.
– Do they offer wholesale and drop shipping?
– What do they have in inventory?
– What is the product sample price?
– What is the product price?
– What is the minimum order quantity?
– How long does shipping take?
HOW DO I KNOW THE PRODUCT RANGE I’VE PICKED IS RIGHT FOR ME?
Well, I always think that whatever gets you interested when browsing shops online or offline are the products that you want to be selling yourself. When starting my own online business, I only sold items that I liked myself. I was under the impression that if I like this certain type of product then other people will do too. If anything it’s a great way to start out.
As long as you’re getting the product at the right price and you know that someone will buy it then you can’t really go wrong. It can be a lot harder when you try to get into the niche market and sell items that only a select few people will want. If you are doing that then I would recommend reading our blog post on how to stand out from the competition.
In summary, the best practice is to just become a customer of the products you want to sell yourself. Buy samples and just make sure that you can compete with any other businesses that are already out there. If you’re trying to hit the buying and selling market and you’re paying over the odds for the product in the first place then it’s going to be one long, stressful journey. Speaking from experience, trust me. Take time to really look into what it is that you want to sell, at this stage, nobody knows who you are or what your business does, so you have more time right now than you will ever have again in business. Use that time wisely and never, ever rush into buying in bulk from a supplier you have never heard of.
Once you have your products and a reliable supplier, you’re ready to start selling online.