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Becoming an Online Merchant - Everything You Need to Know

By: Brittany Engelmann-- 2016-06-24 8:00 am --

Have you ever wondered what defines a flourishing brand from a flop? How some brands seem to launch quickly and grow easily, while others are buried in their dust? Wonder no more, because some of the biggest brands in business are more than happy to bestow their secrets of success onto small businesses.

It Can Provide a Lucrative and Long-Term Career, Provided You Do It Right

Many fear the realm of self-employment. Life’s blueprint is usually rigid; you go to college, get your degree, apply for jobs, land a career with a great company, and try to work your way up in the business. However, provided you’re self-motivated and goal-oriented, self-employment serves as a nice detour from the average 9-to-5. It’s estimated that about 25 million people are selling on eBay alone, showing that online reselling businesses can be both lucrative and reliable, provided you enter with the right mindset.

Be Wise When Choosing a Niche

If you want to be successful as an online merchant, you need to select your niche market wisely. You’ll make a lot more money selling car parts than you will selling underwater basket weaving supplies. Some products just sell more quickly than others. If you’re looking to create a niche that’s perpetually stable over the years, avoid trending items that will go out of style. Stick to the necessities like clothing, makeup, household appliances, and craft supplies; things that everyone needs today and they’ll continue to need five years from now.

Scale Your Business Wisely

One of the biggest mistakes that any small business or self-employed person can make is trying to scale the business too quickly. If your brand is taking off rapidly, it can feel exciting and optimistic, almost compelling you to overcommit. However, take a tip from Timothy’s Coffee. After launching their business, they offered free samples to everyone who followed them on social media. Soon, they were inundated with followers and couldn’t possibly keep up with the samples, leading to a Twitter firestorm of slighted customers. You need to carefully scale your business so you can not only accommodate every customer, but provide exceptional service and fast shipping every time.

Don’t Spread Yourself Too Thin

Once you’ve set up your business, it can be tempting to dive in head first and accrue a plethora of various items to sell from a number of different niches. After all, if you sell a vast array of goods, you’ll probably attract more buyers, right? Wrong! You don’t want to be competing with online stores like Walmart, and by striving to become a one-stop shop, that’s who your competition will be. Instead, hone in on a specific focus like clothing, car parts, or art supplies, and slowly expand your reach as you build your brand and increase your clientele.

Pick Your Wholesale Partner Carefully

As you’ll soon learn, the success of an online merchant rests firmly in the palms of their wholesale partner. The partner you choose will be supplying your merchandise and ensuring your shipments arrive on time. You need a partner who cares about your success and will go the extra mile to ensure you’re always satisfied. Contact us today, to see how our wholesale supply company can help your online business succeed.