Even before the COVID-19 pandemic, home businesses have already been on the rise. The current situation only accelerated its popularity as more and more people are losing their jobs and forced to stay at home. People working from home have already increased by 43 percent in 2016.
The economy today is still a bit uncertain, so who knows when you could find work again. In the meantime, you can find an alternative source of income by becoming a reseller. It’s a great option, especially for parents, because it allows you to work entirely from home. All you need to do is collect the items and find a proper delivery service to help you send them out.
If you are considering starting your own business this year, here’s what you need to do beforehand.
Set up proper storage
Whether you are planning to resell cookware or food items, it is important to establish a proper storage location. If you don’t have a lot of money to invest in a separate warehouse, you can assign a room in your home. Make sure that it is a designated space to avoid the rest of your family from mistakenly taking items from your storage.
An important thing to remember when converting your own storage area is to keep it organized and clean. Industrial long-span shelving can be useful because it is more durable than other shelves, so you can stack heavy items without it collapsing. It is also cheap and cost-efficient.
When it comes to organizing your items, you can create your own system for it. The items can be separated per category with simple labels. Another option is to use color picking. This is a system wherein areas and items are assigned colors depending on the process or category. For instance, items that are ready for shipping can be one color, and supplies that have just arrived and need to be sorted can be another color.
Find an inventory system
You will be handling a lot of items and orders, and it can become confusing. To avoid missed orders or misplaced items, you should invest in good inventory software. It can reduce errors and fast track your processes. There is a variety of them online in different price ranges.
While you can still keep track of your inventory manually or through free Excel sheets, automated methods are a better option. It removes human error because it would mark your dates and make calculations on the fly. That makes handling items a lot easier because you would need to input the data.
Find legitimate wholesalers
One thing that would make you stand out from retailers is the quality of your products and price. This is why it is important to find good suppliers for your business. The quality is everything when you are a reseller.
As a home business, you will likely not have that many connections to be able to find legitimate wholesalers. Fortunately, there are websites nowadays that can help you identify the legitimacy of a supplier. Online review websites are a great way to check if a company is authentic and complies with government requirements.
Experts also suggest asking for referrals or looking at past clients. If you are in good standing with past clients, they might be more than happy to partner with you. One thing you might need to do is make a sales pitch to prove to them that your business can succeed. You have the advantage of credibility on your side because they would already be familiar with your name from experience.
People today are cautious with choosing products. To assure your market, make sure that you get the necessary certifications. For food products, it can be a good idea to get approval, especially for items that are made for storage or bottled. This would be important later on when your business grows.
You need documentation for items as well because people want to avoid products with chemicals in them. Toys and items for children would require this. The last thing that you would want is angry parents with children who have experienced a negative reaction.
Reselling is a great way to generate income during these difficult times. It can feel a bit risky, but you can definitely make it work. A lot of people are looking for cheaper alternatives that would not require them to go out. If you manage to fulfill these requirements, then the pandemic can work in your favor.