Buy and Sell 101
Be armed with enough knowledge at least bago ka lumabas to venture out there for the Buy & Sell business.Be armed with enough knowledge at least bago ka lumabas to venture out there for the Buy & Sell business.
By: Souqpinoy Staff
Credits: (with excerpts from wikiHow)
Nag-iisip ka ba ng dagdag na pagkakakitaan? Binabalak mo ba’ng mag-Buy and Sell? It is always a good posture to desire for extra income, lalo na sa ating mga OFW. Our salary pays for everything; electricity, water, daily fare and more. Kaya naman hindi masama makapag-isip ng other sources of income. Buying and selling has so many facets we can dedicate a series solely for it. For now, we will start with the basics.
Let’s begin on the point that you have decided to go for Buy and Sell. You should have set aside a small amount na pampuhunan kahit papaano. Maliit lang kadalasan ang kailangan kung uumpisahan mo rin sa kaunting paninda muna. Kadalasan nama’ng kaliwaan ang singilan kaya tiyak, bawi agad ang ipinambili mo ng produkto.
Subukan nating tingnan if you have the following criteria checked. I want you to be armed with enough knowledge at least bago ka lumabas to venture out there.
- Know Your Product.
You are the first person to advocate for your product kaya dapat alam mo ang produkto mo.
- What do you want to sell; brand new or second-hand?
- Anu-ano ang mga features nito? What are the different ways to use it?Knowing your product will make you realize its viability sa market.
- Know Your Product.
- Do you think it would sell fast? Is it a useful item or your consumers can live by without this? Nasa uso ba ito?
Alamin, baka naman fad lang at mabilis ring lilipas; hindi ka pa nakakapagbenta, wala na sa uso.
- Research Where to Buy.
Saan pinakamurang mabibili ang produkto mo? Would it be cheaper if you buy in bulk?
- Check Garage Sales.
- They usually sell cheap; especially if you’re considering second-hand items.
- Check Thrift Shops.
- These shops usually have a direct link to the supplier kaya afford nilang ibaba ang presyo. Just be critical of the quality rin.
- Check Shop Clear-Outs.
- These maybe rare, shops closing-out or owners moving out of town. Since these types are usually in a hurry to get rid of their stocks; they sell it cheap.
- Check Your Connections or Network.
You might know someone who works as a dealer and they can sell directly to you; it’s a great plus.
Personal Note: A friend of a friendships baby feeding supplies in bulk and she introduced me to him. They would deliver in bulk in my house on a consignment basis. I only pay them back when I already sold the items from my end. All items that were not moving; I simply returned.
- Study Price Differences.
Is your item already on the market? How much is it currently selling? Can you compete with the current rates? Are you going to offer installment basis?
- If you will not check the going rates, baka malugi ka. Case in point, kapag masyadong malakas ang demand for a certain product, kadalasan ring dumadami ang biglaang magbebenta nito; and this forces the price of the product to be competitive. Baka kailanganin mo pa tuloy magbenta lower than your buying price just to dispose of the product.
Personal Note: Una ko’ng nakita ang mga wireless/Bluetooth microphones with built-in speaker sa mga malls, selling for more than Dhs 100/-. After more than 2 weeks, my friends were offering the same item for around Dhs 80/- na lamang. In the weeks that followed, thrift shops and various stores around Karama and Deira were already selling it for Dhs 20-40/- with almost the same quality.
- Check Where to Sell.
You can try all venues for your product to move faster. Maraming weekender flea markets around Dubai held in malls or parks. Usong-uso ang paggawa ng FB Page or kahit ang sarili mong FB Account at gagawan mo lang ng hiwalay na album ang mga binebenta mo’ng produkto. Maaari ring mag-register sa www.souqpinoy.com at i-advertise na sa Classifieds Section ang mga produkto mo.
- Work on Your Selling Price.
What do you need to consider? Na-check at compare mo na ang current selling price ng produkto mo? Work around this. Ideally, dapat mayroon ka at least 20% profit. Check if pwede nang pasok sa 20% profit ang mga additional expenses gaya nang registration fee (sa mga flea markets), shipping (maaring ipataw sa customer ito), pamasahe kapag meet-up ang delivery, at iba pa. Kung okay na, go with 20%; mas mura, mas mabilis mabenta. If you feel that the competitor’s prices are way above your rates, you can add more profit, it’s all up to you. Some people would usually sell with a higher mark-up, only because they are offering the item on installment basis sa mga kakilala. This one is understandable.
- Nabitin ka ba, like there’s so much more to cover? These are the basics; must-know when one wants to try their foot in Buy and Sell. In the next articles, we will discuss each item on a broader approach, halimbawa, how to present your products to your target market, how to best scout for new items para mauna ka sa trend.
Go through these checkpoints and question yourself. Challenge yourself to do the research you will so much need since this is your business; there is a nice sense of ownership.
For more ideas on what’s currently selling, check www.souqpinoy.com Classifieds Section at tingnan ang pulso ng merkado. Go, go, go, Kabayan. Kaya mo ‘yan!