Reselling is a funny one. Realistically, there is no barrier to entry to take part. There are no essential skills required to get involved. However, it forces you to acquire so many. As someone who was too scared to take Business Studies at GCSE because I knew it involved presentations, I wouldn't have bothered trying if I knew I'd have to develop these skills in the future.
The ones that excel at reselling acquire these skills quickly, master them, and apply it to their respective businesses. Those that see these skills as barriers and attempt to avoid them massively limit their potential. So are you on it or not?
Let's kick it off with the fundamental stuff. If you buy things to resell, you have entrepreneurial spirit in you. Many people won't even be aware they have it, until they spot their first opportunity. So much comes with this: process development, optimising efficiency, time management, deligation. It doesn't end.
2. Dealing with Disappointment
You will lose money on some products. That's just how it works. When you're completely new, you're going to make mistakes. They hurt. But then you get over them, because you learn from them, and adapt your strategy to ensure it doesn't happen again. Even seasoned resellers lose money on products – ones they buy but can't sell or get returned in an unsellable condition. It's all just fuel to make more profit from your next haul.
Whether it's through negotiating a deal at a boot sale or well-crafted complaint responses on eBay. you're going to have to build your communication skills to get anywhere with reselling. If you don't think you've got what it takes now, it'll come.
4. Customer service
Following directly on from the last, customer service is something many overlook in this field. eBayers know the kinds of questions, requests and abuse you can receive. Keeping cool and professional is the name of the game with customer service, and you will be put to the test here.
5. Book keeping
It doesn't matter if you have accounting software to cover part of the task, you will have to learn to some degree how to manage your books. If you want to take more control of your incoming finances, expect to have to learn how to be more savvy with the outgoings too.
6. Buying and merchandising
Forecasts. Trends. Stock maintenance. You know the game. It may take you a while to develop long-term strategies for your online shopfronts, but you will feel like a don when you're able to see the future regarding retail cycles.
Mess = stress. The more you have things ordered and planned, the more easily you can make your reselling bit on the side pay off for you. Process documents may be too much for your needs, but having set structures for incoming and outgoing stock makes life easier.
Probably the most important of all. If you take anything away from a little reselling, let it be that you're more confident to put money behind something that you think will return you greater sums in the future.
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