Liquidation Inventory Buying

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:

1. Are you working out of a warehouse with a loading dock or are you starting in your garage?
2. Are you able to repair broken items?  If so, what type of items?  
3. Do you have any specialized knowledge in a particular product area?
4. 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)?  
5. 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.