Before you jump straight in and start shelling out your hard earned cash, it is important to do a self assessment to ensure proper focus. You want to make sure to understand your own proprietary knowledge base, capabilities and goals. Here are just a few questions to answer:
- Are you working out of a warehouse with a loading dock or are you starting in your garage?
- Are you able to repair broken items? If so, what type of items?
- Do you have any specialized knowledge in a particular product area?
- Do you want to simply buy functional, ready to resell products in volume and then resell by the unit (a more traditional wholesale buying/retail selling model)?
- How and where will you be selling? eBay? Amazon? Flea markets? Retailing or wholesaling?
There are many niches in the wholesale liquidation business. Doing a self assessment of your capabilities, knowledge and goals is the most important first step to understand where you should start.
In a later post, I will discuss some of these different niches and the pro's and con's of each.