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What to look for in a Supplier
Sometimes you source what you know
There are a variety of methods to sourcing: some research the top selling channels to see what products are selling and then find sources to purchase the merchandise for maximum profits, while others find sourcing providers for certain merchandise they know the most about.
Let’s be clear – there is no one right way. There is also no easy way – if it were easy, everyone would do it.
If you’re looking to get into this business, or expand your business, perhaps try sourcing what you know – perhaps a hobby or a specific industry. It may involve less research and time, as you already know the brands, specific models, how to price, and even where to sell. It can be a safety net for you as you navigate the world of reselling.
IDENTIFY YOUR SUPPLIER: Say you had a long career as a car mechanic or have a long history and passion of restoring cars. You obviously have a rich understanding of what parts are better than others, how to repair parts that may not be in pristine condition and you’ll know how to help customers find the right part for their vehicle.
With this in mind, what are the parts your most familiar with? Car batteries? Steering stabilizers? Mufflers? Brake Pads? And what brands do you find to be superior? Bosch? Mopar? FlowTech? Taking this into consideration, now you’ll research to find a supplier who carries the parts and brands you want to resell. From there you’ll acquire the merchandise and sell locally (bonus if you offer to service the car at a discounted rate), or sell online.
Sometimes certain car parts are more difficult to locate – especially for discontinued models. Sourcing these parts may be difficult for most, but given your connections over the years, it may be more feasible – giving you an edge over the rest of the competition. It may involve sourcing from overseas, so be sure to conduct research on the suppliers to ensure you don’t waste your time or money on a product that won’t work.
RE-SELLING MARKET: With a game plan to source the top-of-the-line brands for the most common repairs, you’ll need to conduct some research to see which channel currently has your audience. Make sure the channel has little supply of the merchandise you’ll source; doing this will allow you to corner the market on that channel.
Don’t forget to use your expertise with the product and/or industry when selling. Customers will more often purchase, and retain their business, from someone who is knowledgeable about the merchandise.
OTHER INDUSTRIES: This method doesn’t only belong to the automotive industry. If you’ve spent a lot of time in the Retail industry, you may just have good instincts on which clothing will be a hit this season of others, giving you an edge over other clothing sellers. If you worked within the world of construction, you’ll know everything there is to know about the best tools for the job. This even applies to hobbies such as golfing, as golfers pay a lot of money to get their hands on the top branded products; Pro V1 for example is a ball many want but can be quite expensive.
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