If you’re interested in starting your own business as an entrepreneur, buying and flipping merchandise from big box retailers is an excellent option. If you’ve always liked the idea of flipping houses but don’t have the capital to cashflow such an enterprise, buying merchandise and reselling it online is an equally good option with a much lower ceiling of access.
Thanks to the internet, it’s easier than ever to access return pallets as well as overstock merchandise. In many cases, you can actually bid on pallets of items, allowing you to stick to a budget that works for you. Walmart overstock is a great option with a wide variety of product categories to source inventory from, including popular niches such as home goods, electronics, and clothing. If you’re truly serious about getting into the flipping game, here’s what you need to know about getting started.
Choose a niche.
The first thing you should do when starting any new business venture is to pick a niche. Without knowing who your target demographic is and what you’re selling, you’ll be hard-pressed to make any concrete business decisions. Thankfully, sourcing your goods from a major retailer like Walmart can help you find high-quality items to sell online that fit the niche you choose, regardless of what sort of niche you’re interested in capitalizing on. It’s best to do a little research on a website like Direct Liquidation ahead of time to understand your options.
Build out your online storefront.
Once you’ve chosen your target niche, it is time to set up an online storefront to advertise and sell your wares. Some people choose to operate their storefront through a web platform like Squarespace or Wix, both of which are easy-to-use tools for building a website. You could pursue selling things on eBay or Amazon, too, since both of these online marketplaces are popular for a variety of retail purchases. You may also want to advertise on social media to drive more traffic to your business, regardless of which platform you’re using to make sales.
Stick to your budget.
As is the case in any business, having a budget will ensure that you have a solid financial ground to stand on. When you’re buying pallets online, particularly in an auction format, it’s crucial that you keep your costs low in order to maximize your profit margins. Keep in mind that unlike other online shopping experiences you may have had, shipping will be a major cost for having large pallets shipped to you. As a result, it’s a good idea to factor in some contingency money into your budget for getting your inventory without cutting into your profits.
Prioritize customer service from the get-go.
One major distinction between your company and other third-party sellers is being able to prioritize customer service. If someone receives a damaged good or needs to make a return, be sure that you’re willing to give them the benefit of the doubt and assist them with kindness. This will help boost positive word-of-mouth about your fledgling business.
In order to maintain positive customer service, you may want to invest in call center quality assurance software. A Bright Pattern platform can help you perform these sorts of tasks more efficiently with features that make it easier to interact with customers through a variety of communication channels, including SMS messaging, email, social media, and phone calls. Plus, with artificial intelligence and text-to-speech analysis at the heart of some of this service’s most powerful tools, you’ll be able to manage your business’ growth as it scales up without having to put any ten-hour days replying to customer requests.
