Last week we talked a little bit about buying and selling products–how to get started and taking the necessary steps to choose the product you want. While those decisions are among the most important you’ll make, they’re only the beginning. This week, we bring you another installment in a short series on buying and selling products–a job you can do from just about anywhere! Once you’ve selected a product and sorted out the wholesalers, you’ve got some real work to do. Luckily, it isn’t difficult–and it is well worth your while. Dealing with returns When you’re looking for a product, make sure you’re looking for something that typically doesn’t have a high rate of return. When a product is returned, you eat the cost. While a produce will be returned every once in awhile, making a habit of it starts to add up. Look for a product that typically boosts a one or two percent refund rate–it will keep your evaluation scores higher too. Even if a customer has a return, it’s important to manage it well. You want good customer feedback and that can be hard to develop, especially initially. Growing your business Once you’ve determined what product you are going to sell and who you’re going to purchase it from initially, it will be time to grow your business. Your next step will probably be to determine whether or not your business is going to be a side project or constitute just a bit more of your income. You can sell a few items on eBay or brand your merchandise (of course, this is extra work) to sell more on Amazon. You might sell a few items per month or a hundred a day–it’s up to you to determine the scope of your project. If you choose to grow your business, consider expanding to a number of sales channels that fit your product. There are a ton of them out there–be creative. Start thinking about sales and marketing. You may even think about adding products to your repertoire as your business grows and you learn to be successful. Another thing you may want to consider is branding yourself. You essentially become your brand–if people trust you, they’re going to want to buy your product. Part of this process might be to establish a good marketing and promotion plan–coupons included with shipments, newsletters, databases, etc. Should your business become larger, you’ll also be able to get better prices from your supplier. Higher volume sales mean cheaper prices for you–more money in the long run. Run a social media campaign, consider paying for Google advertisements, and think of other spaces you might advertise your product. And, if you’ve got more work than is possible for one person to achieve, you can always pick up an employee to ship items, do your accounting, or take care of customer service needs. Alternative suppliers If you’re hoping to operate a business but all of this business about online wholesalers is a little off putting, there may be other options for you. If you live in a place with factories, you may be able to work directly with someone local to you. If you don’t ask, the answer is always no–so give more unconventional options a chance. Work with your local Chamber of Commerce to identify possible local solutions. If you’d prefer to go local, remember that it can present a different set of challenges. These companies may not be acquainted with working on such a small level, so there may be a little bit of a learning curve. Work to establish and clarify your relationships–it make take time, but it can be a great way to keep business in your community. A few logistics Remember that you’re going to have to obey the law if you’re considering going into business for yourself. You will need a federal tax identification number, which you can apply for by visiting the IRS website. This tax identification number will make it possible to establish a b