How important is identifying the industry you wish to start your reseller business in first?

Rmariz

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#1
I know starting a reseller business could be a lot easier and cheaper but how important is identifying the industry you wish to start your reseller business in first?

xoxo
Rmariz
 

jojo_1234

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Honestly it is very important to identify and know the industry you are getting into. It's advantageous to have knowledge of the industry before starting a reselling business and although not essential if you only refer sales to suppliers. However it's much easier to get started if you know the products, manufacturers, and resellers that you'll be working with. If you are planning to start a reselling business in a new industry you should research industries of interest and contact potential suppliers for product information, terms and pricing. Ideally you should look to sell products that you feel passionate about and believe in, that way it is much easier for you to convince or resell them to others. Lastly try to consider also to indentify the market your reselling business will supply to. Who will be your possible customer and where, how will I be able to resell them.
 
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In my opinion, It is an advantage if you know the industry of the products you are selling because you can definitely answer all the questions of your customers if you are knowledgeable on the industry of your business. Just like for example you are selling make up but you don't use make ups. How can you sell products that you don't even know how to use?
 

Nancy G

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I know starting a reseller business could be a lot easier and cheaper but how important is identifying the industry you wish to start your reseller business in first?

xoxo
Rmariz
How important is identifying the industry you wish to start your reseller business in first?

I cannot answer the question directly without first sharing with you my thoughts about starting a reseller business.

Anyone who would like to go on reselling business should first identify the following:

*the target market (age group, male/female, location, etc.) and who actually buys the product;
*what products to sell or services to offer;
*readily available sources (terms and conditions including shipping/delivery and guarantees);
*presence of competition and your competitiveness (no. of active competitors, their marketing mix strategies, esp. in terms of quality and pricing);
*any government regulations.

Identifying your industry normally comes in after you have pinpointed your target product and market. Example if you like to sell baby products, your target market comprises of infants ages 0-2 and the primary buyer is the mother or father. Next thing to do is check which line of baby products are very much in demand and can sell easily (feeding bottles and accessories, baby clothes, baby toys, furnitures and device like strollers, walkers, cradles, etc.). If you choose baby clothes, then you source via the garment making industry. To say this is baby industry in general may perhaps be right but not completely precise.

Honestly, going into any business really require some research and feasibility studies to be done to know if you are getting the returns on your investment. It does not necessarily be the exhaustive type of studies but just knowing enough, an affirmation that you are prepared and making a right decision.

Your business is an extension of yourself. You have to love what you are doing and be passionate about it because if you are not fully committed, you will not survive all the struggles and be successful.
 

24x7serverman

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#5
When you used to start any business then you should study the market needs and is your business really profitable in that region. That is identification of the industry. It is important because you must know the exact needs of the industry as well as in which type of business, people are really interested.

You should know your competitors, their strategies which they are following to gain the place in the industry. You should study the industry requirements. At initial step, you have to try it for some trial period so you will get an idea whether your business will be profitable or not. You will have to decide the targeted customers, their needs.
 
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#6
Hi there Rmariz.

It is definitely very important to identify the industry you wish to start your reseller business in. Once we figured out the target consumer and figuring out what they need then that would be the best time to identify the industry that meets the needs of the consumer. In the first place, we are talking about business, and we always go for the best possibility of gains and income. Less mistake, less risk, and higher chance of earnings. I would say, considering trends would serve a lot of help.

Thanks,
Joey
 
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#7
I know starting a reseller business could be a lot easier and cheaper but how important is identifying the industry you wish to start your reseller business in first?

xoxo
Rmariz
Hey there Rmariz :vteen:

Starting a reseller's Business is not an easy job to do and not as cheap though- its hard and it takes a lot of effort in researching, investing and putting up the Business. It is also essential that you need to identify what type of Industry your Business in Reselling would be. That's the first thing you should know, and aside from identifying that, you need to see what would be your niche, what is your target market and how are you going to sell it.
 
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#8
When trying to establish a reselling business online , you must have thorough knowledge on how to navigate your site, like posting a link where they can reach your product more easily in an organize way. You can ask suggestion from your friends or an experienced online seller. Try to reach out on small companies where you can endorse your business and you can offer a great deal to promote your product . Having a contact can make you work less but you need to monitor the sales marketing of your proposed business. Once you 're in it . Everything is just a step away.
 
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#9
You need to identify first the industry where you think you will earn. And of course consider your passion. Identify your potential market, prospect buyers, and many more. If you can, try to make a feasibility study, even just a simple one so you could determine the industry you want to associate with, if are you really interested to it, if how long would you like to do it, and so on and so forth. You need also to commit yourself to it for it to prosper. As I've said, you have to go where your passion is, and everything will just follow.
 
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#10
It is everything Rmariz. For you to be able to have sales, you need to make sure that you are promoting your product to the correct groups / niches. It is valuable that before you start your business, may it be online or offline that you have a target group for your sales strategy. So look for the trending niches, set your sales strategy, find acttractive products and start your store today.
 
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