Wholesale stun guns, pepper sprays, wearable medical alarms, cameras, and motion sensors are just a few of the basic safety equipment that may be sold at a retail outlet. Acquiring the goods your customers demand on a commercial basis, selling retail, and keeping an eye on sales, administrative, and expenditures are all necessary to make revenue from these operations.
Pay attention to the finer points of the business.
Create the company’s structure. Consult your accountant and attorney to choose the optimum business structure for your personal security goods company: sole proprietorship, limited liability corporation, C or S corporation. To collect sales tax for the state and perhaps the city where your business is located, get a business license and a resale license. Wholesalers frequently require a sales tax license before selling to you at a wholesale discount. Set up a business bank account and a method for accepting payments, such as a merchant account or a third-party payment processing provider like Paypal, SquareUp, or 2Checkout.
Reduce the number of personal security products you intend to market. For example, you can determine that selling wholesale stun guns is the greatest way to make money. Real and fake cameras and motion detectors, labels stating that the property is being monitored via video, door jambs, window locks, and devices that sound an alarm when armed, such as a dog barking in response to the doorbell ringing, are all possible products. Another alternative may be products that allow the elderly to seek assistance or business travelers to be safe while on the road.
Look for Wholesalers
Your gross margin is the difference between what you pay the wholesaler for the product and what you sell it for, and it’s the first step toward making money. Examine not only the product price but also the payment arrangements. You can sell that stun gun before you have to pay for it if you can arrange a 90-day payment plan. Consider delivery costs, return policies, and minimum order amounts as well. If you have to buy a gross of pepper spray (144 cans), it may take a long time to sell, and you’ve wasted money that could have gone toward other purchases.
Your Market Niche Should Be Researched
It’s time to explore your market niche or possible buyers after you’ve finalized your product decision. The more information you have about your niche’s particular, the more sophisticated your marketing methods can be, and the more likely you are to sell. Assume that one of your items is pepper spray. Travelers, senior citizens, and ladies may be among your consumers. If you additionally sell medical alert devices, your target market becomes older citizens. Senior citizens who travel in their RVs could help to refine the niche even more. They require security for both their vehicles and themselves. If you sell a security camera and an alarm system, you might be able to persuade the senior that he requires a medical alert system. The money you make increases as a result of the add-on sales.
Promote the Goods
Market to your customers where they are. If your target market is senior travelers, promote your product at health trade fairs, RV parks, and RV trade shows, as well as online. Consider senior-targeted print advertisements. Home improvement or home and garden trade events are good places to look for personal security products for families and couples. Flea markets are an excellent choice if your target market is looking for a good deal. You can establish up distributorships where you have a sales force working for you on a commission basis, or you can throw home parties where the hostess receives a gift for inviting her friends over for a presentation of security products.
Keep Expenses Under Control
The sale is the first step in making money. The gross margin is calculated by subtracting the product’s cost from the sale. Before you can tell if you’re making money, you must reduce all other expenses from the gross margin. Whether you gain money, break even, or lose money depends on how well you manage your spending.