A lot has changed in 2020, from how people think about work to how they view things that were commonly accepted. For example, people have come to realize how much work can be accomplished remotely. They’ve also seen how employers that formerly insisted they couldn’t accommodate a flexible schedule actually could but were unwilling. When businesses started opening back up and people started getting called back to work, many decided they no longer wanted to work outside the home from 9 to 5 and miss out on valuable time with family and friends.
The entrepreneurial spirit has always been strong among Americans — we are in a country built by entrepreneurs. This past year has forced many people to reevaluate their lives, take a look at what brings them joy and what their priorities really are. This has led many to look for ways to make money from home on their schedule. Countless home-based businesses can provide those willing to do the work with a comfortable living. One example that many have found success with is reselling liquidated merchandise.
You’ve probably seen others on Facebook Marketplace or eBay selling large lots of products or selling products all the time and wondered where to buy pallets of merchandise, so you can start your own home reselling business. Buying the pallets is fairly easy, as is selling the products if you are organized, prepared, and ready to hustle. Here is an overview of how it works.
The Basics of Selling Pallets
When big-box and warehouse stores like Walmart, Target, and Lowes have products that are customer returns and can’t be sold as new or discontinued products, they sell them cheap by the pallet to companies like Direct Liquidation. These merchandise pallets are then resold through an auction to an individual or small business that bases their inventory on liquidation merchandise.
How to Start a Pallet Resale Business
To run a successful resale business from home, you will need space to organize and store the products. You will also need a good camera, somewhere with good lighting to take product photos, reliable internet, and a method of selling. Where and how you sell the products will be determined by what you are comfortable doing and the types of products you sell. If you buy pallets of small products like jewelry, phone accessories, or video games, you can sell through websites like eBay because those items are easy and inexpensive to ship. If you buy larger items that are too expensive or difficult to ship, you will need to focus on sites that allow for local pickups like Facebook Marketplace.
Organizing Your Pallet Merchandise
Once you buy a pallet, get it home and unpack it. You will need to take inventory of what products you have to sell. Sort and store the products in a way that works for you and the space you have available. However, you need to make sure the items will stay safe and dry if they are stored in a garage, basement, or outbuilding. Once you have an inventory, decide if you will sell the products individually or in lots. Sometimes, selling items in lots creates a higher perceived value for the buyer.
Preparing Merchandise for Resale
Take several photos of each item or lot and write a description you can use in your online ads. Be sure to include details of any damage there is to the product to make an informed decision. Decide on a price for each item or lot based on the condition and retail value. Buying from a reseller, the buyer will expect a good deal on the product, but you also want to make money. When you have your list of items or lots, divide the total number by the total you paid for the pallet, so you have a base cost. The next step is to list the items and wait for people to respond. Be sure to engage with all potential buyers and answer questions quickly.
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