Resellers are businesses that resell goods from suppliers. Becoming a reseller is an online business opportunity that novice businessmen can take advantage of.
Does being a reseller have to pay? Do resellers have to stock goods? Let’s find out the answers and how to become a reseller in this article.
Do you have to pay to become a reseller?
To become a reseller, you don’t have to pay any fees. It’s just that you have to follow the provisions of the manufacturer (supplier).
Some manufacturers require you to buy a certain quantity of a product to get a special (cheaper) price. Then like it or not, you need to prepare capital.
However, there are also suppliers who allow you to become a reseller without capital. Usually, they only provide product samples, product images for you to market, or other promotional materials.
Later as soon as there are goods sold, then you place an order to the supplier. In this way, you don’t need to prepare capital because you can immediately run the business.
The advantage that you will get from this system is the difference between the selling price and the purchase price to the supplier.
Do resellers have to stock goods?
So a reseller doesn’t actually require you to have goods in stock. You can meet consumer needs by ordering and sending goods directly from the producer to the consumer’s address.
It’s just that, having stock of goods can indeed minimize the risk of delays in delivery due to empty stock at the supplier.
How to Become a Successful Reseller Without Capital
1. See Opportunities and Study Competitors
To become a successful reseller even without capital, you must learn to see opportunities and study competitors.
Do research on trends and interests according to the target market. That way you can find out products that have the potential to generate a lot of profit.
Meanwhile, studying competitors will help you avoid selling the same product in an area and minimize price wars.
2. Search and Select Products that Sell
Apart from selling daily necessities, you can also sell products that are more specific. Choose products based on the target market, interests, and trends.
Selling trending products will make it easier for you to get more consumers and adjust selling prices.
For example selling skincare, contemporary food, kpop merchandise, aesthetic objects, and more.
3. Find the Right Supplier
To maintain customer trust, you must choose the best supplier. Consider the quality of the product, their service policy in the event of a damaged item, the way they communicate, and the speed with which they respond to your requests and concerns.
You should also work with several suppliers. This is to anticipate when certain products are out of stock at one supplier, you can still get them from other suppliers. That way consumer demand can still be fulfilled.
4. Build an Online Store To Sell Products
As a reseller without capital, you can also build your own online store to sell products. You can make it on the marketplace or social media.
Having an online store will make it easier for you to do branding and increase customer confidence in your business, so that later it can affect increased sales.
5. Make Sure to Serve Customers Well
In order to maintain good relations with customers, you must provide the best service to them. In addition to providing good quality products and being a responsive seller.
You also need to be friendly and patient in answering every question and complaint. That way consumers will feel happy, satisfied, and not easily turn to other resellers. In fact, do not rule out they will become loyal customers.
6. Apply an Online Selling Strategy that is Right on Target
If you want to reach more and more targeted consumers, then try implementing a digital marketing strategy on social media.
Create content that fits the target market in order to attract the attention of potential customers to the product.
Apart from that, you also take advantage of the advertising features (ads) available on social media Facebook, TikTok, Instagram, Twitter, and YouTube. Placing an ad will help you expand the reach of your promotion.
7. Consistent Sales and Product Catalog Updates
The way to become a good reseller and lots of customers starts with consistent sales. Consistent here means that you have to upload promotional content for products that are sold regularly, at least once every 3 days.
Don’t forget to update information or update product catalogs regularly. An up to date product catalog will make it easier for customers to know the products offered clearly and prevent them from buying products that are out of stock.
8. Be the First, Be the Best, Be the Different
To become a successful reseller, there are three formulas that you must master, namely be the first, be the best, and be different. Here are the differences from each formula:
- Be the first means you become a pioneer or the first to sell a product. For example Aqua, Indomie, or Rinso. These three brands are generally referred to when consumers buy bottled mineral water, instant noodles, and detergent.
- Be the best means to be the best in your field. When unable to be the first, then presenting the best product will encourage consumers to choose and remember your product. That way, your chances of leading the market are wide open.
- Be different means that your product has a uniqueness that makes it different from competitors’ products. To create a unique or different product, you can innovate by applying the ATM concept (observe, imitate, modify).
9. Provide Payment Options and Simplify Transactions
Consumers who buy goods online mean that they want transactions that are easier and faster.
For that, you have to provide various payment options. Currently, payment transactions through e-commerce can use credit cards, debit cards, virtual accounts, digital wallets, and transfers through certain minimarkets.
Even if you set up your own online store, you can provide a variety of payment options by using a payment gateway.
10. Manage Finances Well
Being a reseller without capital is the same as being an entrepreneur in general. You need to learn to manage finances well. Start by recording every profit you get, then dividing it according to your needs.
For example, the cost of living is 40%, 35% for developing a business, 15% for saving, and 10% for investment. In addition, separate business accounts from personal accounts.
So, in order to manage business finances well, you can use the cashier application to record business finances.
You can become a reseller without spending capital and paying certain fees. You can market and sell products from suppliers to the target market. However, for maximum results, don’t forget to apply the method of becoming a reseller above. Oh yes, there is another way to start a business by becoming a dropshipper. Come on, read also the difference between reseller and dropship.