Dear Fellow Entrepreneur
You are ready to start your own home based business there is just one problem you know nothing about starting a business and becoming an entrepreneur cost a small fortune. Well that isn't necessarily true. You will likely get your startup money from selling things around the house on ebay and reinvesting that money in more merchandise to sell. You probably have most of the equipment at home right now . High speed Internet connection, computer, all in one printer, copier, scanner and fax. As for the risk of failing don't quit your job.
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Surplus inventory business opportunity is so large it could be almost anything. Husband and wife team could even sell different surplus or liquidation merchandise. We can point you in the right direction but the one thing we can not do is give you the desire and motivation. It is critical for that reason to pick an area to specialize in that is interesting to you. With that said remember that if you want to sell products to people, you need to find out what people are buying. Ask yourself if you were doing it for free what would you enjoy doing and build your surplus business around that. How do you spend your spare time? What do you enjoy doing the most? Do some homework before buying anything and see what is selling first. Expand your customer base by using faxes to businesses that are out of state. No taking people to lunch and less wasted time. Start small part time selling on ebay! and grow at your own pace using the methods described here to expand to different income streams. Go slow and do not spend any money that is not expected to make you money.
Consider other methods of generating cash also such as taking excess inventory to flea markets or auctions. You won't get rich but it will help to pay the bills while you are growing your business and it keeps the inventory turning which in turn will get you better deals from your suppliers.
Visit the facility and personally inspect the merchandise before purchasing anything. Also start with no larger than a pallet on your first purchase. NEVER purchase a truck load on your first several purchases. Salvage is another name for junk, you will not be in business long if you do not inspect your loads prior to buying. Always ask what percentage of the load is throw away. DO NOT BUY BLIND PURCHASES.
Don,t buy surplus loads of electronic's or anything actually labeled as salvage. Any load called quote " store returns" will have many problems. The best loads are usually called closeouts. These terms mean different things to different dealers so start small inspect your loads personally and get to know your source.
You may notice that the shipment has a FOB (origination) other than where the company is based Such as "freight on board" in Florida and the company is in Texas . When you see this you are probably dealing with a "Surplus Broker" who's job is finding loads for you. They keep up with which loads can be located where. The value in using a broker is they save you time. Buying direct will save you money if you know who has the merchandise.
Do Not use wire transfer. With a credit card you will have about 30 days till you get your bill. Most credit card companies these days offer you buyer protection. You also have about 60 days to protest a charge, should you be unhappy with your purchase. If someone sells you junk you can petition your credit card company to do a charge back.
Above all else remember to build a liquidation and surplus merchandise business you will be dealing with repeat customers and suppliers over and over again so integrity is a must. Let the merchandise sell itself do not use high pressure sales tactics. Identify your customers and keep prices low.
Stay extremely focused don't get side tracked into non money making time consuming projects, keep it simple. Finding liquidation merchandise is the easy part. Developing buyers for the merchandise will consume most of your time.
Goals are great, but success requires a plan. Where we fall short is by not taking the time to think about how we are going to accomplish our goals. We have provided a simple questionnaire to print and use as a guideline on where to begin the planning.Success is no accident Check out our simple questionnaire. Remember to plan your work and work your plan to success. Begin by listing the steps needed to reach the goal. Start gradually and be realistic. Consider getting help through SCORE to help serve as a mentor and coach.
When you start hiring employees check out our sample employee handbook. It may be of help as an example of what should be included.
This is one of the survey response we received on:2007-06-02 06:56:20
Solid information to help newcomers to the business, using a very simple format. No filler, no fluffs, no B.S. No sales hype or scams. No profiteering off those new or ignorant to how this biz works. Most important your website is a school, course, and webstie all-in-one.
