How to buy products for re-sale

Tips:

“As usual, I was extremely pleased with timing in which I received my order and the quality.  I recently relocated from Chicago to Kansas City and I am working on establishing a client base here.  The superb quality of the products you provide is making the transition quite easy.  Thank you!”

~ Denean from Kansas City, KS

  1. Be able to distinguish between quality levels from different suppliers, and attach comparative prices to each quality.
  2. Be aware of what "hidden costs" there are for each product. In addition to the price, difficulties in packaging, warehousing, delivery in/out, display, spoilage concerns, insurance, printed materials, advertising, etc.
  3. Don't let any seller tell you that what they have is not for you. The buyer determines that, not the salesperson.
  4. Decide how you will present this item to your customers, how it will be displayed in your store, shown on a website, or presented in some other manner.
  5. Ask yourself what need does it fill? A basic need? A void? A variation? A combination of these needs? Try to bring this need to your customers.
  6. Look for both one-time purchases and for things that can generate turnover through consistent buying, selling and re-buying.
  7. Have a list of items or categories that have been missing from your selection and keep a list of  what staff and customers have asked for.
  8. Is the item complimentary to other products you carry, but different from what you have or are selling currently? Or, is it different but would it be complimentary to what you have or are doing?
  9. Take notes from ideas generated by consumers as well as trade magazines, newspapers, radio, television, movies, competitors' and suppliers' advertisements and mailings.
  10. Rather than jump on a fad, start investigating different ideas so that when the time is ready you will be the leader rather than the follower.
  11. If you don't like the way something is presented, be sure to let the supplier/vendor know. It is the only way the person will know to improve.
  12. Always look at buying as a function of selling and not as a function of managing. The task is to have the right quantity at the right time without having too much at any one time.
  13. Know what is new, what is old, and what has been repackaged.
  14. Ask for concessions when you make large purchases or do something else that helps the vendor.
  15. Admit to yourself what you don't know. Know what to ask so you will have your information before the buying decision is made.
  16. While looking be thorough; look at every part of the product and all information possible for things that you are interested in.
  17. Gather as much information for the next user or your customer as you can.
  18. Plan to follow up each purchase. Know what is selling and needs to be re-ordered. Know what sells poorly to your customers.
  19. Before buying, establish a replacement plan to insure adequate inventory.
  20. Be sure that your supplier is reputable; and that you will be able to work with them if unforeseen problems arise.

 

 

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