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If you’re an entrepreneur and want to take advantage of the e-commerce boom, now’s one of the best times. Interest in e-commerce is at an all-time high as a result of the coronavirus pandemic and people needing to self-quarantine and shelter-in-place. This means that the time is ripe for you to cash in by launching your own e-commerce business. One way to go about starting your own e-commerce business is to buy goods that can be flipped for more money online. For example, there are sites where you can buy Amazon returns pallet, offering you an excellent source of inventory for consumer goods for your storefront.
Whether you choose to sell these items as an eBay user or on your website, there are a few things to know about launching an Amazon returns pallet flipping business. Here are some of the most important tips to help you find success.
Set goals and stay motivated
If you’re starting any side hustle, or even if you’re planning on your resale business being a primary source of income, goal setting is crucial. Without clearly-defined goals, it can be hard to stay motivated. This can make it harder to close sales and build your brand.
If you want a platform to help you stay set firm goals, it may be worth utilizing an OKR framework. If you’re wondering “What are OKRs?”, just know that OKR stands for objective and key results. It has been used by Google as a way to set and achieve business goals.
Basically, you determine what your objective and then identify what key performance indicators and key results will help you achieve that goal. Doing this can help align your daily tasks so you meet the goals that keep your business growing.
Stick to your budget to maximize profitsDid you know you could start a business with items people return to Amazon and other retailers?Click To Tweet
When you’re buying Amazon returns pallets or returned merchandise, you need to make sure to stick to your budget. No matter where you’re targeting customer returns, remember that you may not be able to sell everything at retail price.
Know how much you can afford to spend on each pallet before you enter into a bidding war.
Every extra dollar you spend is another hour you have to work even harder to turn a profit. Keep this in mind and stay conservative when determining how much you think you can list a pallet of returns online. This will help you keep on top of your budget and keep your profit margins high.
The descriptions of the pallets you’re bidding on, as well as any photos of the items included in the listing, can both be used to better budget for these purchases.
Don’t forget about shipping costs
It’s easy to forget about shipping costs when you’re budgeting how much you want to spend on a pallet of returns from Direct Liquidation, but failing to do so can be a fatal flaw for your business prospects. Shipping Amazon returns pallets can be expensive. It could easily cost you several hundred dollars depending on the size and weight of the pallet and its items.
You don’t want to lose out on a hefty portion of your profit because you forget to include shipping in your calculations. So don’t make this mistake if you want to boost your earnings. Good luck!
Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.