The question of whether what product would you sell is probably one of the hardest question you would ask yourself after you have decided to put up a wholesale retailing business. To serve as your guide, here are some factors you must consider before settling for one item:
Marketability- You have to analyze if the product you are planning to sell has consumers willing to buy them. If no one wants to buy an item, it would be difficult for you to earn a profit or break even. See if there is a need for your goods. Example, if summertime is coming up, then you can sell summer clothes or bikinis since it would be on demand during that period.
Profitability- Are you going to earn something out of selling that product? You would want to sell goods that would earn more of course. But sometimes reducing the profit can cause an increase in sales. But you should take note of the operation cost when you are pricing your goods. You may think that you have earned a lot after selling a $10 to 420 but after you calculate the operational cost, you might be surprise that you gained only a little amount or even nothing at all.
Popularity- Let us face the fact that what ever is the latest and the hottest, sells. Marketing trends should be monitored so that you will know what is a hit and what is a miss. Example if iPods are selling very well, then you could sell them too or you can alternatively sell accessories of that goods. T is also important to check and be able to gauge future marketing trends so that you can prepare yourself for them. Making sure that you dispose goods over their peak at the product life cycle can also help save a lot of money in the future.
Quality- You have to know what is the quality of the goods you plan to sell. If you are willing to use the product to yourself, then go ahead and sell it. But if not, you might want to ditch the idea and sell something else. The quality of the product you will sell greatly affects your reputation. And in retailing, reputation is very important.
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