In the following series of six articles you will learn about finding a market niche, sourcing and buying wholesale sunglasses for your retail business, locating and setting up your kiosk, inventory and pricing for profit, summer retailing, hiring staff, and how to earn a rewarding return on your investment of wholesale sunglasses.
First, determine if buying wholesale sunglasses and selling them at retail would be profitable with research. If the sunglasses you sell serve a niche market, you could have a winner. Niche marketing is the process of finding and serving a small, potentially profitable segment of the market that wants your products and services. Large companies ignore niche market segments as they are after higher profitability and economies of scale. Sunglass vendors often rely on impulse buying to maintain a profitable volume of sales. You pay $2 or less for each wholesale sunglasses and you can retail them for $10 each. This mean you can make up to a 500% profit.
To master a niche market, you want to be one of a kind. The trick is to look on the fringes for high demand areas. What is unique about the product are you selling, and who wants it? If no one wants your interesting and unusual products and/or services, what’s the point?
Designer replica sunglasses niche markets tend to be smaller, thus limiting the number of players. When it comes to niche marketing, if you try to jump on a bandwagon without researching first, you’re only going to fall off the back. Before you start your business, carefully research the competition, the size of the market and locations to see if this niche would be viable. For example, if there are numerous stores in a mall selling designer knockoff sunglasses, you may be better off setting up a vendor kiosk in another location, such as on a street corner where there is little or no competition.
No large retailer can be all things to all people, there will always be segments of the population whose needs are going unmet – leaving room for small businesses to succeed. So how can you capitalize on unmet needs and find and dominate your own sunglasses niche market?
With a unique product or service, customized to meet the needs and predispositions of a specific group of people, you won’t be competing with a lot of similar businesses solely on price, and you can often charge more. Your designer replica sunglasses business serves a market that can’t easily find alternatives, such as buying directly from the importer and distributor of quality wholesale sunglasses. The consumer only needs to buy one or two pairs of sunglasses immediately and would not want to buy a dozen wholesale sunglasses and wait for them to be shipped. So before you launch your retail vending business, research can help you determine if you have a profitable designer replica sunglasses niche market.