Starting a business reselling returned products from big box stores is a great way to start a side hustle at home that can grow into a full-time income. Many people have started resale businesses as a means of finding financial freedom. Target, Walmart, Lowes, and Amazon are all companies that utilize liquidation and auction companies to sell their returned products.
Here are five tips for reselling Lowes merchandise if you are considering starting a resale business.
1. Get the right software to grow your business.
Getting software that will help you streamline your business will make your business more organized and efficient. Too often, people think running reselling business is simple and entails little more than posting online ads and mailing products when they sell. However, a successful resale business is far more involved and involves a high level of detail. You need to maintain an inventory of products, keep ads updated and engaging, track sales, track shipping, and keep a detailed record of company finances.
For example, EnderTech is a Shopify development company that works with companies that utilize a Shopify based domain. They can help you with the development of your Shopify website to make it more effective and efficient. Creating better utilization of the tools that you available to you will make your overall job more manageable. Streamlining your processes is always beneficial even if it feels like more work during the set-up phase.
2. Know what you’re selling.
Research your products and know what you are selling. Knowing your products will allow you to quickly, easily, and honestly answer customer questions and write detailed descriptions. Knowing your products well will also help you understand your customers. For example, you can focus on Lowes auctions, so the products you sell will be primarily building and home improvement. Selling a specific type of product will allow you to research your products and develop a deep level of knowledge. Becoming an expert on the products you sell will prove beneficial when marketing and engaging with customers.
3. Know your audience.
Knowing your target audience will aid you in marketing directly to your target audience and not wasting time and resources on marketing efforts that are not targeted. You will be better equipped to create targeted ads, and you will know the types of places and websites to advertise to reach your intended audience. Knowing your audience will also help you in writing ads and product descriptions that will engage your audience because you know what they are looking for in a product.
4. Utilize the power of social media.
Learning to market on social media is highly effective and powerful. While you can use paid social media advertising, there is a lot you can do to market your company for free through your social networks. Creating an engaged online community will allow you to grow your base and convert more followers into customers. It is vital to understand that not everyone is going to find what they need when they see your ads. By engaging people through social media, you keep them as a captive audience until you do have something to sell that they need.
5. Stay organized.
Staying organized is crucial to the short- and long-term success of your business. It would be best if you had your inventory organized and tracked. It would help if you had your ads organized and tracked. You will need to develop and follow an editorial calendar for your website and social media networks. You will need to track your sales and your shipping.
As you sell products, you need to update your inventory and website. It would help if you also tracked your revenue and expenses to ensure you are selling your products for enough money to make a profit when taking your overhead into account. There are many moving parts to a resale business that you need to keep organized to prevent your business from losing customers and money.