In case you missed it, Amazon recently made over 10 million American jobs redundant by disrupting the retail job market. It’s a worrying trend, but it’s not just about that. Jobs are at risk of being automated or replaced by technology, and that carries significant financial, mental, and emotional costs to the individuals whose roles are under threat. To make matters worse, the gig economy doesn’t offer much in the way of financial stability or protection from the elements. That’s why alternative ways of earning money are emerging, especially now that the world’s biggest retail corporation has showcased just how much it values its employees’ wellbeing.
One way of making extra cash is to sell other people’s products. Rather than going out and buying your own devices, you can work from home selling other people’s goods. Most of these products can be purchased and used by anyone, which means there’s a massive potential audience for your product. In other words, you can make money online with other people’s products.
The key is to find a lucrative niche market where you can make a profit. If you’re comfortable enough designing products, you can even go the extra mile and get paid to create logos or packaging for other brands. You’ll also need a reliable cash flow to cover your costs of operation, including the cost of goods sold, any applicable tariffs, and reasonable profit.
The Three Types of Product Sales You’ll Need to Know
There are three basic types of product sales you’ll need to consider before getting started: retail, white-label, and direct-sales.
A retailer is an entity that purchases products from a manufacturer (or a wholesaler) and then sells them to end consumers. Traditional retailers include large companies like Amazon and Walmart as well as smaller, independent stores that sell their products through websites like Shopbop and Nordstrom.com. If you’re selling your products through a physical store, you’ll need to work with a retailer to get the word out about your product. They’ll be the ones to take a product that’s completely unsaleable and turn it into a saleable item.
A white-label company is one that grants a third party the permission to use their brand name, logo, and in some cases the actual product, in return for which the white-label company earns a commission. Your white-label product doesn’t necessarily have to be bespoke, but it needs to represent the brand’s quality and be of good enough quality to be sold under their banner. There are pros and cons to working with white-label companies. You’ll need to negotiate the terms of the agreement with the brand and make sure you get enough value for your time and resources. If you decide to work with a white-label company, make sure you disclose this to your potential customers so they’re aware that their purchase is connected to someone else’s brand.
A direct-sales company is one that sells directly to consumers without the involvement of a retailer. The advantage of the direct-sales model is that there’s no middleman, so the purchase price is usually lower than it would be if you were to sell your product to a retailer. The downside is that you’ll need to undertake the marketing and selling yourself, which can be a significant undertaking. Some direct-sales companies like Amazon will even take on the role of marketing and distributing your product for you. Before you make a commitment to any direct-sales company, do your research and make sure you understand what you’re getting into. Working with a direct-sales company means you’re on your own with no guarantees you’ll make any money at all.
Working with a retailer, white-label company, or direct-sales company isn’t for everyone, especially given the flexibility and variability of the work you might be asked to do. If you’ve got a specific skill set that you can leverage, however, selling other people’s products could be a financially rewarding proposition. The key is to find a way of making money that suits you and suits your circumstances. If you decide this is a route you’d like to explore, it’s important to remember the risks involved.
The Risks Of Working With A Retailer
The main risk of working with a retailer is that you’re relying on them for sales. If the product you’re selling isn’t performing well or there’s something wrong with it, then you could end up losing money. Even worse, the retailer might not be able to give you the support you need if the product you’re selling is obsolete or faulty.
Traditional retailers are used to dealing with large volumes of products, and sometimes it can be hard to get a hold of someone when you need help. If you’re looking to sell a bespoke product that doesn’t exist off-the-shelf, then working with a traditional retailer could be a road to disaster. The good news is that the world’s biggest retailers are now acknowledging the value of having skilled and knowledgeable individuals on their staff, especially as customer care has shifted to online channels. In other words, if you can get ahold of someone who knows what they’re doing, there’s a good chance you’ll get the help you need. Just make sure you’re aware of the risks before you get started.
The Risks Of Working With A White-Label Company
If you decide to go down the white-label route, then you’ll need to negotiate the terms of the agreement with the brand before you start production. If you get stuck in a rut with a particular brand, then it can be hard to shift gears and start afresh with another brand. The good news is that once you’re done, you can simply move on to the next project. The downside is that if the product you’re selling isn’t living up to your standards, then it can be hard to find a new deal. Make sure you’re working with a reputable company so you can be sure you’re getting what you bargained for. Just remember that once you’re in, it can be hard to get out. Make sure you’re aware of the risks before you get started.
The Risks Of Working With A Direct-Sales Company
If you decide to go down the direct-sales route, then you’re on your own with no guarantees you’ll make any money at all. Working with a direct-sales company means you’re on your own with no guarantees you’ll make any money at all. The good news is that the world’s biggest retailers have wised up to the fact that standalone entrepreneurs can be an important source of revenue, especially with the rise of online marketplaces. If you can get a foothold with a few large orders, then it’s possible you can build a profitable business. Just remember that the demand for your product can fluctuate wildly, so make sure you’re ready for the unexpected. It can be hard to predict sales volumes, especially if you’re a new entrant to the market. Before you get started, it’s important to do your research and make sure you understand what you’re getting into. Just remember that as long as you’re prepared to put in the work, it’s possible to make money online selling other people’s products.