How to make quick profit by buying wholesale

It all seems very simple. Buy your goods at a lower price, resell them at a higher price and in turn make a profit. In essence it is that simple, however there’s more than what meets the eye…

Products

Choosing the right products is very, very important. If you get this wrong you'll be left with a load of slow moving stock you can't seem to get rid of. So, do your research! You need to know what your customers will be looking for, what the current market is saying etc. Find your niche, what gives your company that edge and unique selling point that will have customers coming to you over others. You will also need to find out which products in the current market are fast moving to give you a faster turnover. Check out our Best Sellers product.

Suppliers

Finding the right supplier is key. The supplier might be reliable, but their products might not be of the quality you are looking for or vice versa. So, find one or a couple that work well for you and build a relationship with them. Once you have established a relationship many suppliers are keen to work with you and negotiate to give good deals, discounts and much more! 

Marketing

Now you have acquired your goods, the next step will be to sell them to your potential customers. This includes both networking and utilising social media to gain potential buyers or even new suppliers. Checking the current markets for prices of products and pricing your own products accordingly is also key. You don’t want to be underselling them however if they’re even slightly too high in price customers will surely go elsewhere to find a better deal. 

Sell

Make sure you have good customer service and reply promptly to your customers. This will keep them coming back to your store over other people. Also, do not delay deliveries and try to keep them as prompt as possible so your customers see you as reliable, increasing customer satisfaction and loyalty. 

Here at Rysons, we are a leading supplier of wholesale in the UK and have a large variety of great products available. If you are interested in making money by buying wholesale it is very easy to sign up and browse our products and their prices.