Trade-In Tech
by on June 3, 2020
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Whether you're looking for a profitable side hustle or a new career, it's wise to consider getting started in the world of wholesale electronics. Before you get started buying electronics as part of a wholesale business, it's helpful to check out a helpful guide. We've spent a long time in the world of wholesale electronics, learning many things along the way. With that in mind, here is an expert's guide for buying wholesale electronics.

 

File Your Business & Sales Tax Permits

 

As you probably know, you'll need to have permits and other types of legal documents to operate a business. Without the required documentation, your business could be at risk of being shut down. However, there are several other reasons to have proper business documentation.

 

Having the required permits also ensures that you're a legitimate business. This is something that both customers and vendors will want to know about. Also, having tax documentation is extremely important because it provides records to your local and national governments. If you don't have this type of documentation, you won't be able to file business taxes.

 

You certainly don’t want to be operating a business that’s trying to avoid paying the government. Digressing from that, after taking care of business and sales tax permits, your business will soon be able to start making a profit. Now, we’re getting to the really exciting stuff.

 

Know Where To Sell Before You Buy

 

Another important element of any company's success is purchasing goods. However, before doing this, it's wise to know where you're going to sell the items you're purchasing. Don't worry, this doesn't have to be a complicated process. Fortunately, you can sell electronics on many of the websites you purchase these items from.

 

If you're looking to buy and sell wholesale electronics, it might be a good idea to check outeBay. This website has listings from sellers and buyers throughout the world. Also, you can choose whether to put your goods up for auction or a direct sale where you set the price.

 

While it's not always a guaranteed method, you might even be able to sell your wholesale electronics on websites of companies in your chosen industry. Sometimes, manufacturers and large retailers want to claim an understandable share of profits from online sales. If you can find this taking place, it can certainly be a profitable way to sell wholesale electronics to the public. This method also almost guarantees that you’ll be in front of a sizable audience.

 

Verify New Suppliers Before Doing Business

 

Hopefully, you encounter nothing but trustworthy suppliers while you're purchasing your wholesale goods. With that said, you can drastically reduce the chance of this happening by verifying the suppliers you're working with. Fortunately, Trade-In Tech makes it incredibly easy for you to achieve this goal. Each Trade-In Tech member must go through this company's verification process. Also, each Trade-In Tech member must have at least two industry trade references from previous customers.

 

With Trade-In Tech, it's also extremely easy to find the buyers and sellers you're looking for. Best of all, this wholesale electronics platform has many features to help buyers and sellers grow their companies. This website also utilizes the latest in social technology, allowing you to easily network with buyers and sellers from all over the world.

 

By using Trade-In Tech, you’re not setting yourself up to deal with the unfortunate amount of scammers in the wholesale electronics world. Here, we’re a community that’s working to help each other grow their respective businesses. Best of all, you can buy and sell on this platform with zero fees. This is great, especially for those who are just getting started in the wholesale electronics industry.

 

Learn How To Test Properly

 

If you’re going to be buying or selling electronics on a wholesale basis, it’s also beneficial to learn how to properly test these items. Many sellers make it easier for potential buyers by listing the items’ grade or condition.

 

One way you can see how trustworthy they’re being is by “testing” electronics by making a small order from a potential supplier. After finding a buyer or seller that looks right, make a small order and see what you end up receiving. If it matches what you were promised, this could be a valuable business partnership.

 

This also means physically testing the electronics you’re interested in purchasing. The types of tests you’ll need to perform might vary slightly, depending on what industry you’re in. However, certain types of important tests are universal. Regardless of what type of product you’re selling, make sure the device powers on and off properly. Also, make sure that any connection cables (especially charging cords) are in working order.

 

If you’re in the wholesale mobile phone industry, there are a few other important details you’ll want to keep an eye on. As mentioned earlier, you’ll need to make sure these devices charge as well as power on properly. You’ll also want to test the LCD, buttons, cameras, speakers, ESN number, etc.

 

Don’t let these steps scare you away, they will become a habit soon enough. These are just precautions that ensure what you’re purchasing is in working order.

 

Always Secure Your Money

 

Of course, no business can get far without making money. Considering that, it makes total sense to want to secure your payments as a wholesaler. One way to do this is by having a PayPal business account. PayPal offers many features including fraud prevention, seller protection, and account monitoring.

 

With that said, PayPal isn’t the only option to ensure that wholesale business owners receive their money. You can also set up a type of escrow account, which is where either money or assets are held by a third party. While this might initially sound strange, it’s a proven way for both people and companies to work together. Instead of sending money, hoping you’re working with someone honest, a third party is there to ensure you get what you pay for. If something sketchy happens, you get your money back.

 

We’re not saying that these are the only ways for buyers and sellers to secure their money. However, these are two of the most commonly used methods. If neither of these methods is what you’re looking for, you might consider one of the recent tips from The Balance’s “Online Payment Services for Small Business Owners” article. In this article, it lists many great ways for online wholesale business owners to secure their money including QuickBooks, Authorize.net, and Stripe.

 

With so many options, choosing one of these should help provide you with peace of mind that your money is safe and secure.

 

Buy In Bulk / Sell To Individuals Using eCommerce

 

Understandably, you’re probably not wanting to buy and sell one or two electronic items at a time. After all, you’re wanting to learn about what it takes to become a wholesaler. Considering that, an important aspect of this industry is buying items in bulk. This means that you’re purchasing a large number of items, typically at a lower per-item price.

 

With that said, certain people starting in the wholesale industry might think they can do this locally. Unfortunately, trying to do this is rarely the best option. For one, you might be spending quite a bit of money to rent or purchase a physical retail space. Making matters worse, you’re going to have a limited target audience. To solve this problem, it’s much more beneficial to start buying and selling in bulk online.

 

By operating your business online, you’ll be able to connect with sellers and buyers all over the world. You’ll also have a vast selection of potential electronics to choose from, giving you plenty of variety. Also, there’s a much better chance of finding bargains online instead of dealing with only local sellers.

 

Key Takeaways

 

We hope that you’ve enjoyed our guide to buying wholesale electronics. Understandably, certain people working on getting a wholesale business off the ground might not have the time to read this in one sitting. Considering that, we urge you to bookmark this page and use it as a resource to visit often. Also, make sure that you take the time to check out the other helpful articles on the Trade-In Tech blog. We keep this updated with everything you need to start and grow a successful wholesale electronics business.

 

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