5 Tips To Start Your Rural Homesteading Business: Buy Low Sell High
The Basics Of Buying Wholesale And Selling Retail!
Buying wholesale and selling retail is a great way to start your rural homesteading business.
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In theory, buying wholesale and selling items at a profit is an easy way to start a home based business to make a good living.
However, there is much more to running a business than just buying low and selling high.
There are a few things you should know before selling those first products.
1. Start Your Rural Homesteading Business: Tax ID
The first thing you should do before selling any items is to obtain a federal tax identification number.
You can apply for one on the Internet on the IRS website.
Using a business tax ID makes it possible for you to open a bank account in your business’ name.
And, it makes it much easier to separate your business income and personal income at tax time.
In addition, most wholesale vendors require your federal tax ID number, when you make a purchase to protect themselves from illegitimate businesses.
2. Obtain A Vendor’s License
Many people who buy wholesale, sell their products at several venues, not just on the Internet.
If you decide to sell your items at flea markets, festivals, fairs, or local stores, you may be required to have a vendor’s license.
This license can usually be applied for on your state’s official website or your state will offer a downloadable application form.
3. Selling Wholesale Products As Your Rural Homesteading Business
Once you’ve gotten your business paperwork in place, it is time to start shopping for wholesale products that you’d like to try selling.
Choosing the right products can determine the success of your rural homesteading business.
Sell products you have an interest in.
For example, if you love cats and dogs, consider selling products such as pet clothing, accessories, and cute home decorations.
If you love sports, try selling sports clothing and equipment.
Because you are interested in the products yourself, you will have the enthusiasm and drive to sell them effectively.
If you love canning, sell homemade jams, jellies, etc.
4. Drop Shipping
One of the most popular ways to sell wholesale products at a profit is to sell them by drop shipping.
This method requires you to do the advertising in order to sell the products.
Many rural homesteaders make a good living doing this on eBay or on their own website.
The seller makes the sale and then notifies the distributor to ship the item to a customer’s address.
The distributor ships the item to the customer, using the seller’s actual address.
This allows sellers to offer a wide variety of merchandise without having to maintain their own warehouse.
5. Find Wholesale Products to Sell
You’ve decided on the types of products you want to sell; now it is time to find those products.
Online distributors offer a wide range of products you can choose from.
Look online for the particular wholesale distributors selling the type and variety of merchandise you are interested in.