Buying for Profit
Information like this can be invaluable but don’t worry if you can’t come up with any ideas straight away. Think about the things you enjoy or do for pleasure. Do you collect stuff? Do you play a particular sport? Do you enjoy watching a particular type of television programme? What type of books do you read?
Ask yourself questions like these and you will be surprised with the answers and how you may be able to make a business out of something which already gives you pleasure.
If you play golf there is a huge market open to you. From golf balls to memorabilia, from tees to “how to” books there is a huge consumer base just waiting to be tapped. The same applies to any other sport or pastime.
Once you have decided on your specialisation do some research. Check Online Auctions completed listing to see what is hot and what is not. Some things are seasonal so take this into account. Check number of bids, starting prices, final bid prices, shipping terms and charges, item descriptions and any other relevant information.
Now that you know what you are doing it’s time to find out where you can buy your items. Google is a great tool and allows you to compare prices and terms without costing you anything. Look through the phone book and newspaper adverts. Watch out for special offers and buy magazines featuring your chosen area. Go through the magazine adverts for contact details for possible suppliers; check the “for sale” adverts.
Visit garage sales, market stalls and exhibitions. Even if you don’t make any purchases you can make contacts. Get names and numbers. Ask questions. You can get a lot of great, free information from people who usually know what they are talking about.
Bargain! Even when buying from a large company. Ask about volume discounts, free shipping, special offers and new customer discounts and incentives. The worst that can happen is that they say “no” and you can always take your custom elsewhere.
When you find a good supplier go out of your way to build up a relationship. This is very important as there will always be times when things don’t go quite as planned and you can sort out any problems much quicker once you have established a good relationship.
So go on, buy cheap and sell higher, get your business moving!
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