You talk a lot about buying items at 10 – 20p and re-selling at £1 – £2 – what type of items do you have in mind?
I have costco/Makro accounts, but have never seen any items in this price range? This is a serious question, as I will be scouring to try and find these items whilst waiting for your response!
Thanks for your question, it’s a good one!
Usually, by these I mean cheap products, mostly imported from China in price range of $0.20 – $1.00 (which equals to 10 – 70p or so) you can re-sell online for massive profits (by massive I mean ROI of 300% and more).
For this strategy to work, first of all, you have to have an appropriate buying power. Depending on item, you’ll need anything from £500 to £2000 and maybe even more. MOQ will play huge part in this, so make sure you negotiate this part with your supplier intensively.
Most manufacturers in China will be able to lower MOQ by 50%-100%, if you just ask! Sometimes, product price can increase a bit because of lower MOQ but if your buying power is limited, it’s still better than nothing.
The more you buy PER ITEM, the better price you’ll get! That’s why, you’ll want to buy hundreds if not thousands of same item, even same colour and model! Only this way you’ll secure true wholesale pricing.
Secondly, you’ll want to deal ONLY with true manufacturers. This is the only way you’ll be able to get lowest price possible. Best websites to look for manufacturers in China are:
Lastly – products to look for. Obviously, I can’t give you exact recipe here – you’ll have to do your own research to find these products BUT I’ll list 10+ good examples so you get a good idea on what kind of products you’re looking for (in no particular order):
- Nail Art Canes
- Mobile phone screen protectors (not only iPhone)
- Water decals/stickers
- Pins, badges, collars
- Scrapbooking embellishments
- Microfibre products
- Baby safety items
- Cables, connectors, plugs, converters
There are thousands upon thousands of similar products and product groups!
Here are some places to look for product ideas:
- Pound shops
- eBay (Sort items by BIN, lowest price first)
- Hobbyist magazines/books/websites
- Take any product and look for accessories
Lastly, to maximize your ROI, make sure to implement one or several selling strategies:
- Brand items
- Create bundles
- Create kits
Hope this answers your question Kate!