BUY LOW, SELL HIGH
Selling retail is the act of buying from a wholesaler, distributor or manufacturer at wholesale prices, to sell to the end buyer at retail prices. Retail sales can take place in a brick and mortar store or an ecommerce platform (ex: like Amazon or even Poshmark)
Do Your Research
Before deciding to invest your money in any venture, do your research. Learn the pros and cons of selling online retail and make an informed decision based on facts and experienced information as opposed to making emotional decisions.
Understand the Market
If this is your first time selling online, you may want to test the waters first. Using selling apps to gain some experience will help with efficiency and proficiency once you're ready to open your own "doors".
Choose a Structure for your Business
To start a legitimate business, you'll need to decide your business structure:
Sole Proprietor, A Partnership, a Limited Liability Company (LLC) or a Corporation.
Do your research to find the best structure for your goals.
Open a Separate Business Account
Even as a sole proprietor with a small budget, it's best to keep your expenditures and profits separate from your personal account(s).
This will be a great way help to get a true understanding of your business' current status as well as making tax time a little easier.
Choose the type of products you want to offer. Be sure to research the market to ensure what you want to sell is desired by customers.
Don't make the mistake of assuming what a customer wants and spend precious dollars buying items that will only sit in your store.
PROS & CONS OF SELLING RETAIL