What makes a good retirement business product?
When you are retired and are looking for products to sell, you need to carefully choose them.
Good retirement products to sell
Your product should be:
Your product should be small. You need to be able to lift it and have it fit in standard boxes. If you will be doing any mailing you need to comply with post office requirements for example.
There are weight limits to what you can pick up and what the post office or shipping companies will handle. This will rule out shipping large items like furniture.
You should stick to a well-defined niche. If you are selling toys for children, don’t be trying to sell jewelry for adults. You want customers to know that you specialize.
Your prices should be low enough that clients do not have to spend a lot of time thinking if they can afford to buy your product. Yo will also limit your investment in inventory if you have mostly low priced items. The ideal price range is between $10 and $200. Over this amount customers won’t have the money in their pocket and will hesitate to put it on a credit card – especially when buying from a small one-person business.
You need to be selling products that you can purchase on a continuous basis. Not one-off deals. On the other hand don’t buy thousands of one item like iPhone cases which have a lot of competition. Be careful when buying seasonal items like Halloween costumes or Christmas ornaments.
You need to be selling products that customer will buy repeatedly or at least offer related items. For example, if you are selling imported bikes for children you should also be able to offer baskets, bells, and other accessories.
You need to sell your products for at least twice what you paid for them. Remember you have other expenses than just the cost of the item.
Your products should be unusual, different, hard to find in normal stores, hand-made, well-designed, personalized, or vintage. Don’t sell the same products that are available at Walmart. You can’t compete.
Products to avoid buying
Here are some products that you should avoid selling in your retirement business.
The large retailers can offer product guarantees on new products that might not be honored if sold by you. If you buying used electronics for resale make sure that the products are not obsolete or broken. If you can’t fix them yourself and they don’t work, your customers will be unhappy no matter how little they paid.
Big box stores
Avoid the products being sold at the big chains like Best Buy, Costco, Macy’s, Target, or Walmart. They can always sell cheaper than you. Why would a customer buy from you rather than from them?
Avoid items that are difficult to ship because they can easily break in shipment.
Some items are highly competitive and being sold by power sellers. As a small retired business person you cannot and do not want to compete against them. If everyone at the flea market is selling cell phone cases, you need to offer something different.
There are many items being imported from Asia that pretend to be famous brands like Gucci or Nike or have images of Mickey Mouse or Barbie on them. Most of these products are counterfeits and can be subject to confiscation by US customs. Moreover, you can be sued for selling them even if you tell customers that they are replicas.
Many health supplements and weight loss products are phony, dangerous, and close to violating Food & Drug Administration regulations. Don’t sell them.
Many products in many states require special seller licenses to sell like guns, tobacco, food, and medicine. Be sure to investigate before selling.
Check out this link for more ideas. Hundreds of Retirement Business Ideas.
For more information check out my books