The internet has successfully turned world into a single market, the difficulty one had to endure in order to get a particular pair of shoes, a beautiful gown or a faded denim jacket that he or she is unable find in any market local to him many years ago without access to the internet is no more. Now all you need to do is search online for the product and immediately it appears with ease provided with a platform to pay and transport.
There are thousands of online shops rendering all sorts of goods and services through interaction between these 3 basic units, the buyer, the seller and the online market. The possibility of different shops having a particular product with different price and quality therefore has led to the introduction of a middleman or agents in this chain of transfer even in the internet.
I started buying online products just to sell them when one of my friends casually mentioned that he would like to get a quality fedora hat. This led to an argument among my group of friends on how much an original designer fedora hat would cost. Most including my friend who wanted the hat assumed that the price would be within the range of 10,000 naira. I insisted that I could get him the hat half of that price and that was how i got my first contract.
After much research, i got him the fedora hat at a 100% profit of the price he gave to me, this gain prompted me to start sort of a consultancy, and I made posters and advertised a range of products which I wanted to deal in. People thought my prices were unrealistic and called to give it a try. But in the real sense, proper research and calculations were the drivers behind my success. I surprised my customers, they recommended me and business grew. How did i do it? Here are some tips that could make you too successful
1. Why buy and sell online products
Over the course of my venture i kept on asking myself, why not expand, buy products in bulk. Of course they would be cheaper and I’ll make more money, i was tempted to do so. Theoretically it was a wonderful idea but let’s look at it from a practical point of view.
1. What if you don’t sell fast
It took me some time to understand the deeper difference between profit and turnover. Yes, you might make 100k profit from combination of the factors of production over the course of one year only at the end of the year. But any smart person will know that getting your 9k at the end of the first month means that you get the chance to invest the 9k in the next business month with your profit having the probability of exponentially increasing each month with the addition of each next profit to the following business year will yield more.
2. What if you lack capital
Capital, the foundation to any business. I started my first buying and selling online business with not more than 3000 naira and i made a lot of money along the line, buying in bulk can’t really be an option if you had a little over 3000 naira