Are you an aspiring entrepreneur? Are you caught in the web analysis paralysis? Do you have several things that are barring you from taking your first step to becoming an online reseller? Undoubtedly, there are many challenges that come with this type of business. All the same online reselling is a good business opportunity for any self-driven entrepreneurs. It is quite easy as it does not involve you building your brand rather your business is to seek manufacturers to change the label of certain products after which you will sell at a mark-up. With this type of business, you can avoid expensive start-up capital. The following steps can help you start with an online reselling business:
Identify a Reseller
Your initial step should be locating an ideal reseller who does not necessarily own a certain branded product but is willing to do contract manufactures with other businesses. The reseller should be ready to go to any extent to make the product you need. Also, check out the turnaround timings for manufacturing and the product shipments. You can consider a made-to-order arrangement to ensure you do not incur a lot of expenses in getting your product delivered and in stocking your inventories. This way you can only be placing your orders with your manufacturer after you have received payments from the clients. The product you choose to resell should also have unique features like a quick manufacturer time, it should be locally sourced and should not require many customized tweaks as long manufacture times can jeopardize your relationship with the clients. Look for a reseller at your closest proximity, have a short turnaround of two days or less. He/she must be willing to engage in white-labeling agreements.
Design a Business Website
Once you have an ideal reseller you should proceed to your market strategy. Based on your preferences you can do wholesales or retail sales to have your products get to the customers. Further still, you can locate and have your product delivered to customers using your website. This is an easier option in the 21st century. Many online selling platforms can help you reach your target clients and develop a strong client base within a very short time. To get started with these online e-commerce platforms, first, check a flip to know how much certain products are being sold at. Check your specific product and analyze its trends in the market. Understand the selling price for your products as this shall help you price your products accordingly to ensure you survive the competition that is very rampant in online reselling platforms. Additionally, these platforms can help you create awareness for your online business. You can have e-commerce features installed on your website by appropriate business hosting companies.
Set Up a Social Media
You will agree that social media is a very vital platform for any e-commerce business especially recently. Your social media accounts can give your business high credibility. Interestingly, some clients choose to check out your social media profiles as part of knowing you before they can purchase your products. You must not be on all social media platforms. Start with majors like Twitter, Facebook, and Instagram will have you walk in the right direction. These platforms will greatly help you grow your client base. You however must be a good social media manager for you to thrive growing your business using social media.
Advertise Advertise Advertise
Remember there is no online business without advertisement. You can take advantage of such strategies as search engine optimization and social media marketing to make your product known to your target customers. You however need to be patient while using these tactics as they take quite some time to yield results. For immediate results, it will help if you locate the most ideal platforms for you to reach out to your specific category of clients. You can for example use good Adwords to help you identify target visiting clients for your product line. Pay per click can also be costly so ensure you do not spend lots of money on advertisements. If any, your client acquisition margin should rhyme with your advertisement investments. Now that you have many social media accounts, you can enjoy Facebook advertisements to create awareness for your product and attract interested clients.
Customer service is also an important element of the online reselling business. It does not matter who makes the product for you. You remain with the onus of giving your clients the most delightful customer experience they cannot find elsewhere. You should create a customer service platform that is seamless and integrates phone calls, social media channels, and email. You should also have a marketing support program to resolve all the issues around marketing. Ensure your customer service experience is an interactive one as it creates customer loyalty and gives your business a good reputation.
Reselling is an inexpensive business. You can start as a reseller before you can make your products. Some major brands you see today started this way. There is no reason, therefore, for you not to succeed in the reselling business using the above guide.