After much consideration, you’ve decided that you have what it takes to start your own resale business. However, you haven’t yet figured out what to resell. Don’t worry, you’re not alone. While many entrepreneurs already have a product or service in mind prior to venturing out, there are plenty of self-starters who had to find their niche. Fortunately, there are a number of effective market research methods to help you find profitable products for resale.
How to Find Products for Resale: Define Your Niche
Find products for resale by figuring out what types of products interest you. The more interest you have in a product, the more likely you are to be able to sell, or in this case resell, it. Detail a list of things that interest you. Whether it’s photography, cloth diapers, working out, beauty, green living or gardening, you can carve out a niche from your list of hobbies and interests. Once you’ve identified what interests you, brainstorm on the type of products or product features that might make your hobby that much easier or interesting. Then identify manufacturers that make these products. Once you’ve established profitability, you can contact the manufacturers directly.
How to Find Products for Resale: Conduct Market Research
Once you’ve created a list of products that you would enjoy reselling, begin your market research to find products for resale. Start by answering these questions:
Who is your target audience?
Who are your competitors?
Will your product be relevant in 6 months, 2 years?
What can you charge?
Can you compete if competitors lower their prices?
Start with auction sites like eBay, where you can view completed listings of sold items and view what they sold for. Amazon is another good source for finding out if your products are good candidates for resale. View other reseller’s profiles who sell products similar to yours, taking note of feedback, popular products purchased and how long the owner has been in business.
Forums are invaluable for gaining insider tips on popular products, services and features. If you’re interested in reselling handbags, join purse forums to get a feel for what readers consider a good buy, competitors that are highly rated and the latest trends. Then visit the websites of the highly rated companies to get idea on additional products or services that you should offer.
Another way to verify whether your product will do well in your resale business is by starting a blog and obtaining reader feedback. Build a readership by offering original tips and advice related to the products you intend to resell. Once you build a readership, you can poll your readers. When you open your business, you can link it to your blog.
If you intend to open a physical location, visit your library to get other companies white papers and government statistics for your local area.
Finally, don’t overlook friends, family members and co-workers when seeking feedback on finding products for resale.
