Amazon sounded like the perfect idea. It had everything – from customers to popularity to reliability. You have the buyers, you also have the initial investment and you’ve selected the niche you want to sell in. There’s just one thing; where in the world are your supposed to get enough stock from?
1. Make Your Own Product
Now, this option might not work for everyone and it certainly can be costlier than the other approaches.
However, the big advantage is that if you want your business to grow as a brand, this method will allow you to have firm control over your product’s quality and pricing. You can also accommodate customers who want slightly tailored products because your manufacturing style will be flexible, since you create products on order.
2. Wholesale Products
Purchasing wholesale products can allow you to get access to well-known products at lower prices and then sell them at a marked-up price.
Buying wholesale will give you a much bigger markup than most other sources. According to Presta Shop, your margin can be as high as 50% on wholesale goods – and that’s without negotiating prices with sellers. Also, if you choose to sell products that are relatively well-known, you might not have to spend as much in marketing the product (unless there are a million other vendors with precisely the same product).
3. Trade Shows
Trade shows are a great way to both network with potential suppliers and to look through different product options if you’re still not decided on your niche.
While it’s possible to chat with potential suppliers online, you’ll be able to understand and judge them better if you talk to them face-to-face. It’ll help you determine how serious they are about their products, whether they are trustworthy and if you can develop a compatible business relationship. Additionally, it’s highly likely that they’ll have their product samples on display, so you won’t have to pay for getting a sample shipped to you (as opposed to pricier online shipping).
4. Strike a Deal with Brick-and-Mortar Shops
Believe it or not, numerous physical shops within the US still haven’t established an online presence. You can approach shops within your neighborhood and offer to be their Amazon Manager.
Getting local shops online will mean that your Amazon listing will have a lot of variety – almost like a physical departmental store – if you choose to emerge items from many different shops into one account. On the flip side, you will only be able to get a small margin of the actual sales figure.
5. Import Online From China
If you don’t want to put in too much effort for your listing and you’re okay with sourcing online, then the best way is to source your product from China through Alibaba.
Alibaba will allow you to source in bulk at dirt cheap prices. The website has all kinds of items available for reselling –from car parts to greeting cards – and they are offered by many different sellers. So, you will have a lot of options to look through. Overall, it’s a good deal if you’re looking to make easy money in a shorter time period.