Tips for Dealers
Dealing in secondhand items — buying and selling things such as jewelry, antiques, and collectibles — can be a truly fun and unique small business venture. However, there are also certain things you will want to keep in mind before you embark on this type of business. Here are a few things to keep in mind.
- Know the going prices of things before purchasing anything for resale. You will need to buy things at a cheap enough price that your markup can cover your time and expenses. It might be helpful to carry reference books and price guides with you, or if you have an iPhone, look up items online before making your purchase. Knowing the current prices of things, such as the current gold for cash opportunities, can prevent you from making mistakes that will cut into your profit.
- Know where to look for the best deals. With the price of gas the way it is these days, it is no longer worthwhile for dealers to drive around looking for cheap deals at garage sales and estate sales. Instead, find sales in the classifieds and call or email ahead to see what they have. You may also have favorite thrift stores that you know often have good stuff at good prices.
- Get your merchandise to come to you. Many people with something to sell don’t want to do the footwork of finding someone who will pay them for it, so by advertising you can get people to come straight to you. For instance, if you advertise that you offer cash for gold, you will probably get a lot of people contacting you to sell scrap gold.
Like with any business, as a dealer you need to be able to make sure you are making enough money after all your expenses, including your time and the cost of purchasing your merchandise for resale. Otherwise your business won’t be able to pay your bills, let alone its own!
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