Buy products cheap and sell high

Buy products cheap and sell high

It is the most basic of businesses, but if done correctly can be a massive money spinner especially if you pick the perfect time.

Firstly you need to find something that people around you want to buy:

  • Soft drinks
  • Ice creams (great at summer, obviously)
  • Memory Cards / Sticks
  • Clothing
  • Technology
  • Stationary
  • Photographic Paper / Ink
  • Beer

If it’s to sell online, make sure you do your research to find the right products

Then you need a reason for them to buy from you instead of going elsewhere

Because you’re going to offer added value, value that makes someone buy from you, rather than a competitor. A few examples of added value:

  • Delivery at a time that suits the customer, i.e. if its sunny, the customer can stay where they’re and buy an ice-cream from you instead of walking 2 minutes to go to the shop.
  • The price, if you can buy in bulk and offer a better price than anyone locally.
  • Help with setup and problems directly with them + probably ‘on call’ support.

So where do I get bulk products from?

Do your research first!

When buying in bulk it’s sometimes easy to think something is good value, when in fact it’s not. Compare the market, have a look at previous prices on eBay/Amazon etc to get a rough idea of what someone is willing to pay.

Remember legal requirements + TAX + VAT

First of all you can’t really go around selling food/drink etc without the appropriate licences etc, best to check with your local council.

Remember you will most likely have to keep a good record of your income and pay tax appropriately at the end of the year
Wholesalers generally sell to companies who don’t pay VAT on purchases, so they may not show the VAT price, this is especially true in Costco & it can easily trick your brain!

Photo credit: https://www.flickr.com/photos/swambo/

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