Posted by Alex Jackson on 22nd Dec 2017
I want to address those just thinking about starting their own business in the new year. For starters congratulations on taking that first step but now that you’re here what’s next? Let’s start by giving you a few pointers on how to begin.
Don’t be afraid to ask a lot of questions- We love when new customers have a lot of questions. We love answering them too because it’s the customers with the most questions that turn out to be the most successful. Why? Because they have taken the time to do their homework they know the questions that they need answered to be successful and they are not afraid to ask them. Remember your success is our success so don’t hesitate to ask any questions.
Right now is the best time to start!- but the holidays are almost over why start now? Because the holidays are almost over! You want to kick start your business in the offseason for a few good reasons. For starter’s you are learning the ropes and some small mistakes are unavoidable when starting a new business. While it may be quite appealing to open up shop at the end of the year when sales are brisk, are you prepared to deal with that volume? Have you sorted out your pricing? is it both competitive and profitable? These are questions you want answered well in advance of fourth quarter when all you should be concerned with is moving the items in and out as quickly as possible. The economy is booming and US is a full employment. Don’t sit on the side lines and watch others build their dreams.
Start small- I know you may be gung-ho about getting started and want to have a huge storefront filed with goods or get thousands of items up right away on your e-commerce site but take your time and grow gradually. Start small, lean the ropes and build momentum. This also gives you a greater degree of flexibility to add on new product categories if you want to down the road. Starting small allows you to experiment with different merchandise which lets you figure out what works best for you.
Play it safe with your first purchase- In addition to starting small, play it safe, start with a shelf pull condition lot. Why do we recommend starting with a shelf pull condition lot for your first order? Shelf pull lots require very little effort prepping for resale. Items are tagged and these lots have the lowest defect rate. Customer returns can be tricky even for the experienced seller so minimize your risks with your first purchase and start with a shelf pull condition lot.
Don’t be afraid to sell something out of your comfort zone- what happens with many sellers is that they learn a category inside and out and then stick to it. That’s great but are you boxing yourself in? Don’t be afraid to try out new categories of goods you may find that there are some unforeseen advantages that may be very beneficial to your business. Say for example you are selling high end designer women’s clothing, it’s profitable but sales can sometimes be slow why not complement your offerings with some faster moving essentials like intimates? Keeps the cash coming in and your making healthy margins on your core products a win-win situation.
Success is about setting goals and meeting them- Have some big goals you want to achieve with your new business? College fund for the kids or a down payment on a home? Make these big goals possible by setting many small goals and achieving them. Success does not happen overnight, its many small victories that make those big goals possible.