The Danger of "I'll sell anything"

As resellers it's tempting to take on anything that can potentially turn a profit, but there's grave danger behind the "I'll sell anything" mentality.

One of the things I love about resellers is that we are all truly unique; even though we all technically fall under the same category, we all run our businesses very differently.

Some resellers have a very specific niche, such as shoes or books, but other resellers sell an array of products, from clothing to shoes and beyond.

So what's the problem?

First I am inclined to note that there is nothing wrong with expanding your niche, experimenting with new inventory, or branching out.

The issue arrises when we have no limits to our business, when we have no boundaries or guidelines. Many times when resellers are asked, "what do you sell" they respond with "anything that will make me money." But that's simply not true.

If you were offered a preowned luxury vehicle at a great price, let's say $6000, and you could most likely sell it for double, would you take that deal? Maybe you would, but most resellers wouldn't be able to put that much money down upfront. Not to mention, many resellers wouldn't have the space to store an extra car. And speaking on my own behalf, I don't have enough car knowledge to make the most of my investment.

When we say, "I'll sell anything," we put ourselves in danger by taking on inventory that isn't right for us. Every reseller has qualifications for inventory, and the "sell anything" mentality is a precarious slope that leads to acquisition mistakes, lost money, and eventually, a Death Pile.

Know your qualifications

It's critical for resellers to know their own inventory qualifications. For instance, how much money are you willing to invest in an item? Are you okay with long-term items? How much space can you allot to new inventory? Are you comfortable taking on items that require repair or deep cleaning?

Knowing your inventory qualifications helps you keep your business growing in the right direction. When you limit your sourcing based on your qualifications, you acquire inventory that is right for you.