10
Smart Ways to Buy for Resale
Hold on! Before you buy anything
to sell, especially at a yard sale or auction, see if you
already have what you need.
Check your closets, basement,
attic, garage, shed, boxes, crates, storage areas, etc.
Repair, refinish and restore when necessary.
Also, barter and swap &
exchange with people, firms and organizations. Start with
those you know including friends, suppliers and current
customers.
When you buy to resale make
sure you:
1. Try not to buy or prepay
A. Pay as you sell. Set up
"consignment" agreementswith other sellers, manufacturers
and merchants
B. Use barter, swap & exchange
and in-kind agreements
C. Co-op: team up with people
you know, organizations, businesses, churches, other sellers,
etc.
D. Be a "virtual"
yard seller. Avoid the hassles of inventory by using just-in-time
tactics, the Internet, mail order, 800 numbers, etc. Some
merchants will even "drop" ship for you
E. Sell what you have and everything
you can get your hands on
2. Don't overpay when you buy. Yes, you must make a profit
on your resale items
3. Keep the price down
A. Take advantage of bulk buying
discounts, overstock and sales of all kinds
B. Don't forget about auctions,
liquidations and foreclosure sales– this includes
failed e-tailers like eToys, retailers like Ames, Service
Merchandise, Montgomery Wards and Lechters and companies
like
MCI, Enron and Consolidated Freightways
C. Buy direct. Cut out the
middleman
D. Consider factory seconds
and "irregular" goods
4. Delay payment
A. Use methods like installment
payments, credit and consignment (see Try not to buy or
prepay above)
5. Can you actually sell what you buy?
A. Be careful. That incredible
once-in-a-lifetime "bulk" discount can quickly
turn into a garage or warehouse full of unwanted items
B. Is there "popular"
demand for the items?
C. Have you done enough to
publicize and promote the sale?
D. Is the sale scheduled at
an appropriate time? What does it compete with?
6. Get the right type of item. Ask yourself:
A. Does it fit in with your
other items?
B. Does it match the theme
of your sale?
C. Will anyone be interested
in it or more importantly buy it?
7. Get the appropriate amount of items
A. Too many and you're stuck
with all the leftovers.
What will you do with them? Where will you store them? Will
you ever recoup your investment? That's why it's best not
to buy or prepay
B. "Less is more."
But too few and you don't make any money. You also kick
yourself for not having more to sell
8. If you are buying items that need restoration, repair
or refinishing, make sure it can be done properly and at
a reasonable price. Ask yourself:
A. Can you accurately assess
what needs to be done? Mistakes can be costly
B. Are you capable of doing
the work? Have you ever done it before?
C. Do you have the time, tools
and money to get the job done?
D. If you won't do the work
who will, what will they charge, will they do a good job,
can you depend on them, etc.?
9. Get advice from experienced resellers (online, retail,
neighborhood, books, libraries, etc.)
10. Thoroughly check out sellers before you buy from them.
Make sure they are not con artists, actually have merchandise,
are able to deliver and on time and the merchandise meets
your standards
For more visit The Easy Way to Yard Sales & Auctions
at http://www.inforesearchlab.com/easysales.chtml
- - - Resource Information - - -
This article was inspired by
Arthur A. Hawkins II’s
book,
"THE Self-Employment Resource Guide." Bizzymommyswah
newsletter readers can learn more about it at
http://www.inforesearchlab.com/selfemployment.chtml.
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