Whether you launched your reselling business 6 months or 5 years ago, there’s never a bad time to refresh your business plan. At BULQ, we’re here to help you create and sustain a successful business. We’ve rounded up our top 5 tips to maintain a successful reselling business.
Source items within your price range to help generate a better ROI (Return on Investment). This helps ensure you don’t spend more than you can afford. It also allows you to make a profit—even if it’s just a small one—on the first set of items you purchase to resell.
A picture is worth a thousand words, and if your picture doesn’t stand out, shoppers will likely scroll right past your listing. The more your customer can visualize your product, the better. So, take photos that both capture the details of your items and show them in the best light. We also recommend using your own photos for your listings instead of stock photos. This helps customers make informed purchases, especially for items in used condition.
Details matter! Make sure to describe your item accurately in the description section of your listing. We recommend including the condition, size, color/pattern, material, and brand. You’ll also want to note any damage. This way your customer knows exactly what to expect when they’re shopping, and there won’t be any surprises when their order arrives. This helps with SEO (Search Engine Optimization), too.
Market yourself by making your presence known across ALL social media platforms you plan to use. Social media is a great way to promote your business for free! If you’re just starting out, we recommend creating a business page on Facebook, YouTube, and Instagram. If you’re already on social media, try promoting your business on TikTok and LinkedIn. Always be sure that all of your social handles have the same name. Ideally, this would be your business name, which should be separate from your personal social accounts. When it comes to social media, consistency is critical. Your customers can quickly locate you by your brand name when you’re consistent across social platforms.
Stay organized. It’s important to come up with sourcing, selling, and inventory systems that work best for you and your business. When it comes to finding places to source from, make a list of the type of inventory you want to sell. Do you want mainly cases, pallets, or both? BULQ has a large assortment of inventory across various categories, and we offer both cases and pallets. So whether you’re a beginner or a reselling pro, you’ll be able to source the inventory you need for your business.
Once you’ve secured your inventory, you’ll want to establish a sorting system so you know what items you have and where you can find them once they sell. This will allow you to ship your orders out quickly, which is a great customer experience. Also, make sure you’re keeping up with your books. Trust us, you’ll be thankful you did at the end of the year when you’re filing your taxes, measuring your ROI, and tracking the success of specific inventory categories.
We had to leave you with a bonus tip! There’s so much value in a top-notch customer experience. When your customers have a great experience purchasing from you, they’re more likely to shop again and spread the word to their friends. Show you care by including thank you notes in packaging, quickly responding to questions, making sure your product description and actual product match, and even following up with customers. These small yet impactful actions can help keep customers coming back to your store.
We hope these 5 tips to maintain a successful reselling business were helpful. If you have any of your own tips to share or questions for other resellers, drop them in the comments below or join our Community Group on Facebook. We’d love to hear from you!