The art of buying and selling is key to being an entrepreneur. The best case scenario is buying at a low cost and selling at a higher cost point to increase your revenue.
The best way to make a profit from selling your merchandise is to strategize and come up with OKR. We know what you might be thinking: what is OKR?
Objectives and key results
We’ve all been consciously and subconsciously coming up with goals our whole lives, but attainable goals are harder to come up with than you think.
OKR, short for “objectives and key results”, is a concept that’s important to your success as an entrepreneur, because you have to come up with a realistic goal to achieve your key results.
This concept isn’t new — in fact, it has been around since the 1970s. You might think that you’ve already come up with your OKR.
But what you might think is a short term goal may not actually be one, because you haven’t covered all of your business bases before coming up with your goal.
Before you begin brainstorming towards your goals, you must be ready for OKR.
Being ready for OKR
And before coming up with your attainable goals, you must be sure your business plan is ready to be put in motion.
Ask yourself key questions about your business to be sure that your business is sustainable.
Do you have a clear end game in mind, or do you have the means to attain your goals?
The means to attain your goals may include special equipment or licenses.
Ensure that all your research is done before you even start selling, just to cover all of your bases.
You must also be personally invested in your goals and willing to put in the time that it will take to achieve them.
If your business has a hierarchy, do you have the manpower to achieve your goals?
Sometimes even buying and selling goods requires manpower to box and lift goods.
Ensure that you have put thought into your business process before coming up with your attainable goals.
Buying and selling
Coming up with an attainable goal is much easier when you know where to start.
Usually you’d pick a business that you’re interested in. If your interest involves buying and selling, then buying wholesale liquidation pallets of Amazon returns is a great place to start.
Amazon pallets go on auction all the time, and you can get some pretty good never-been-used merchandise.
Be sure that you’ve got the space to store your goods, whether that’s a storage unit or your own garage.
You also need a good platform to sell your goods.
If you have a small store you can sell your goods in, be sure to advertise your pricing.
Becoming an entrepreneur is not as easy as it looks on TV. There is a lot of planning and effort that goes into a successful business.
Most of all, being an entrepreneur is a 24/7 job that has no days off, so being all in is very important from the start.
Be sure to plan out step-by-step how you will achieve your end goals, and remember strategies like buying wholesale to maintain low costs so your profits are higher.
Keep this in mind when you’re coming up with a business plan and planning your OKR.