You might think that starting a business selling products, either online or offline, is expensive. Perhaps you picture having to purchase a lot of inventory, as well as having to set up and promote your business. However, you can explore more affordable ways to start a retail or ecommerce business.
There are different ways to stock the products that you need, and you might not even have to handle products before they’re sent to your customers. So how can you achieve this goal of starting your business without having to buy and store inventory that might not sell?
Use Dropshipping
One of the options that you have available to you is dropshipping. Using dropshipping, you can sell products without having to make or even store them yourself. You can simply list the products for sale on your online store, and when someone places an order, a fulfillment service will take care of it for you. This means that you never have to order a certain amount of stock for your business. You simply order items as your customers buy them. Before you decide what products to choose for your store, it is a good idea to get some samples so you can check them for quality.
Order Small Batches of Products
Having to order a large run of products is pretty risky. You need somewhere to keep everything, and you have to be able to sell everything that you order. Many manufacturers and wholesalers only offer large numbers, but there’s also the opportunity of ordering small batches too. Trends Jeans manufactures low quantities of custom jeans so that you don’t have to order more than you think you would be able to sell. Other manufacturers can do the same with other types of products. It can save you a lot of money, and there’s always the possibility of ordering more.
Make Things to Order
Are you thinking about running a handmade business? People love handmade products, so it can be a great basis for a business. However, many handmade products are time-consuming to make. Making something that might not sell, especially if it costs you a lot in materials, isn’t the best idea. As an alternative, you can try only making things to order. This means that your customers will have to wait a little longer for what they want, but you just have to convince them that it’s worth the wait. Make sure you’re clear about how long it takes you to make your products.
Sell Items on Consignment
Another option is to sell other people’s creations. All kinds of creators want help with selling their things, especially if they would rather concentrate on creating. Instead of buying lots of their products, you can sell their items on consignment. Display them in your store and when they sell, you get to keep a cut of the sale and some of it goes back to the creator.
Starting a business doesn’t have to be expensive. There are ways to start selling products without having to invest in a lot of inventory.
