These days, owning a business, whether it’s on the side or full-time, seems to be the dream of the majority of Americans. In fact, at last count, nearly 30 million of them already do. But if you’re among the hoards of others who haven’t realized the dream yet, maybe it’s time you jumped in. In order to start your own business successfully, many people recommend starting out slow. You can try some things out to see what works for you while still working at your “real job” to keep you financially afloat.
One of the best ways to do that is by selling items online. These items can be from thrift stores, garage sales, auctions, or anywhere you can buy things below retail. Or to make things easier on yourself, you can purchase pallets from liquidation outlets that contain loads of quality merchandise for below-retail prices. You just need to know a few things about this type of transaction before you get started, one of which is whether the pallet is manifested or unmanifested. Let’s take a closer look at what that means.
Manifested vs. unmanifested pallets
When you buy liquidation pallets, they will either be manifested or unmanifested. A manifested pallet just means the merchandise on it has been listed in detail or “manifested.” Information they usually include is item names, suggested retail value, quantities, and descriptions. In other words, you know exactly what you’re getting before you ever buy it. Unmanifested pallets, on the other hand, are a little like buying mystery bags. You will probably get a general idea of what’s on them, but you won’t know how many or the exact brands. There are a few pros and cons of each one.
Benefits of both
It may seem at first glance that buying manifested pallets makes the most sense. After all, you know exactly what you’re getting so you can determine its value. And this absolutely is probably the best strategy if you’re just starting out. You can look up each item on the platform you’re using to find out how much it sells for. Then you know with a fair amount of certainty how much profit you can make. This also gives you a good sense of how the business works. You can see what it’s like to buy liquidation products and whether or not you like selling them.
On the other hand, many resellers prefer to buy unmanifested pallets. This is because they are usually cheaper and you might get a lot of value from them. When companies sell liquidation pallets without manifesting, they’re usually doing so to save time and company dollars it would normally take to take inventory of them. In these cases, they usually make a vague estimate of the value and mark them down quite a bit. This means you could hit the jackpot and get a lot more merchandise than you expected for much lower prices.
How to make money with liquidation pallets
The first step in starting a successful liquidation business is to find a liquidation wholesaler you can trust. Most of the time, you can find reviews and comments in various places online. Once you’ve done that, it’s best to start with one pallet. This way, you can get a good idea of how it works and how much it actually costs. Some people lose money in this business because they forget to factor in things like delivery and shipping.
Next, choose a platform you’re comfortable using to list and sell your items. This can be Facebook selling groups, Craigslist, Ebay, Amazon, or a variety of other selling sites. Or if you wish, you can even sell the items right from your garage or take them to a flea market. The possibilities are virtually endless. The most important thing to do no matter where you sell, however, is to calculate all your costs when determining a selling price. Remember sites like Amazon and eBay charge seller fees for each item you sell. And you’ll probably also have to pay PayPal fees if your transactions go through them.
To read more on topics like this, check out the business category.