Common Myths Associated With Buying Products Wholesale
What are the myths about wholesale purchasing that you should know about? In this article, we’ve listed the four most common misconceptions that people have about buying wholesale products. If you’re planning to start your own online retail shop or dropshipping business, knowing these facts should help you.
You should sell your products ONLY at Ebay.
It is a good idea to explore what eBay can do for you. Opening an eBay is technically easier than launching a business website immediately. However, just because eBay is a huge market doesn’t mean you should concentrate all your budget, time and effort in this one auction hosting site. Don’t limit yourself to eBay. Find other opportunities to get your brand out in the market and let more people know you.
Wholesale Suppliers can easily be found in the internet.
When in search of a wholesale supplier, all you need to do is just type in the keywords “wholesalers” in your search bar and you’re all set, right? WRONG. Most of the wholesalers you’ll find listed in the search engines are not REAL Wholesalers. These are middlemen scammers who want to get in your way to cut back from your profit. Never use the internet for contacting prospective wholesaler suppliers. Instead, use a dropshipping wholesale directory or look in trade magazines for information.
There’s no need to do market research.
Some people are too excited about the prospect of having an online business that they forget to do the most important preparations like market research. Never plunge into a business without conducting your own feasibility studies or market research.
Get to know your target market as well as your competitors. What products would be most profitable for your niche? How much will you spend for overhead costs and how much is your estimated profit? These are essential questions that you can only answer accurately once you’re done with your market research.
Finding the right Wholesale Supplier is a piece of cake.
Through the internet, finding anything should be easy. But with regards to finding legitimate Wholesale Suppliers, it may not be as easy as you think. You’ll need to do your homework. As we’ve said, most of the “suppliers” advertised in the search engines are either middlemen or scammers. Even if a few are legitimate, it would be very hard to distinguish them from the rest.
By using a dropshipping directory, you’ll need to exert some time and effort getting to know a prospective Wholesale Supplier. Before applying for an account, you should make sure that you have a Business Tax ID since legitimate suppliers will NEVER work with an unregistered business. If a certain wholesaler tells you that you can open an account with them without having to provide your Business Tax ID, then chances are, you’re dealing with a fake Wholesaler.