Guest post by: April Burke
When it comes to reselling, brother and sister duo TJ and April of Pallet Jackin’ have it all figured out. We’re honored to have experienced reseller, April Burke, share her expertise and insights with us while highlighting the 5 places to source inventory for reselling.
Finding the right inventory
Sourcing products for your reselling business can seem like an intimidating task because you have to find inventory to sell and make a profit. Many resellers think that to make the highest profit margins or even get what one would consider quality inventory, you have to spend tons of money, which couldn’t be further from the truth. While there are places you can source from that are more expensive, you can also source from many places that cost little to no money. Take a look at the top 5 places to source for your business.
Online sourcing is one of the most common ways to obtain inventory for your business. Liquidation and wholesale companies often have websites to view their products like BULQ. This liquidation company provides you with additional information, like the condition of their products and a manifestof what’s in their pallets or cases, which can be helpful when trying to determine profitability.
Finding reputable companies online can be challenging, especially with new scams popping up every day. For this reason, be sure to ask questions and do sufficient research. If it sounds too good to be true, then it probably is. Also, join a reselling community. There are plenty on Facebook like BULQ’s community group, but there may even be groups locally in your town. The individuals in these groups have a wealth of knowledge and often don’t have a problem answering questions about companies they’ve used before. Facebook groups are one of the best places to find people to answer questions you may have about an online company.
Yard Sales/Estate Sales
You’d be surprised by the things you can find at a yard and estate sales. People sell their old clothes, electronics, and gadgets for small amounts of money, so these sales can be a goldmine for a reseller.
Take advantage of clearance items in retail stores such as Walmart, Target, etc. You can find items for super low prices and resell them to your customers at a higher price. You can use tools on Brickseek to track retailer inventory and price drops, which will allow you to purchase items when they’re at their lowest.
Thrifting is another excellent way to purchase items inexpensively. Like yard sales, many of these items are low in cost and can be resold for much higher prices on sites like eBay. Check your local area for thrift stores and look for things that work best for your reselling business.
Amazon Bin Stores
A bin store is a liquidation store that fills wooden bins with liquidated items to sell individually. The prices are typically one set price for each item, no matter what the item is. Bin Pickin, a store in Chattanooga, TN, charges $7, which can be an inexpensive way to get things for your reselling business. You can find anything from a phone case to an iPhone in one of these bin stores.
The most important takeaways here are to keep in mind the type of inventory you want to sell and research the best places for your inventory needs. Now that you have the top 5 places to source inventory, it’s time to get started!