Running a retail store can be a very profitable endeavor, both online and offline. According to Shopify’s 2020 Full Year Results, the total dollar value of orders processed on the Shopify platform was US$120 billion, performed by 1.7 million businesses. That is about $70,000 annual dollar value order per business, on average. If you check Amazon, numbers are also staggering; analysts estimate that Amazon’s 3rd party sellers generate $300 billion annually in Gross Merchandise Value (GMV).
But let’s not get blinded by the online flashes, traditional retail stores can also represent a good side hustle opportunity for moms who are willing to spend some time outside of the home. According to Statista, annual revenue per retail can start at $250,000.
Let us walk you through how you can start a side hustle as a mom in this 6-step mini-guide. Let’s dive in!
- Research and validate the idea. How large the opportunity is and how competitive. If you are seeking to start an online store, you can check out Neil Patel’s Ubersuggest tool to get an estimate of search volume and level of competition for specific keywords for your business idea. For traditional retail stores, you can think in terms of traffic or eyeballs, and the type of audience to find the right spot.
- Set up a store. If you want to start an online store, there are multiple platforms; Shopify, Bigcommerce, or Wix eCommerce could be good options. If you prefer to skip this process, you can also start selling directly on Amazon without having to open a store. Check our step-by-step guide on how to find products to sell on Amazon for detailed information.
- Find the right merchandise. Coming up with the right products for your ideal customer may not be as straightforward as you think. Again, the level of competition, price, seasonality, and several other factors can impact the success of your product portfolio. At Wish Wholesale, we sell more than 55 product categories with proven demand; we know that very well through our loyal customer base of more than 500 million consumers.
- Get the right pricing, product, and shipping costs. Selling products with high perceived value and low cost is key for a viable business. Getting high-quality products for a relatively cheap price delivered at a reasonable shipping cost is not as straightforward as you need to source and ship from multiple suppliers to multiple customer locations (if you run an online business), and that can represent a steep price in terms of time to find the right suppliers, and in terms of price. Wish Wholesale provides free shipping, vetted suppliers, and a personalized sourcing service for your specific needs.
- Foresee how you will handle returns. What happens when things don’t go as expected? It can represent trouble and a lot of time wasted. With Wish Wholesale, you get buyer protection, a transparent return policy, and one single point of contact to handle any issues.
- Minimize spending for bulk purchases. Some suppliers may ask for a large order quantity that can skyrocket your startup costs. That is risky because you may not know your inventory needs and can end up with a lot of unsold inventory. Our suggestion here is to start with Wish’s Wholesale Program as you will not have to make large upfront investments, there’s free shipping for orders as low as $50 and you know beforehand what the best-selling products are.
So what are you waiting for to start a side hustle for moms?
Join the Wish Wholesale Program now for free, and also receive the detailed guide on how to kickoff your side business. Start experimenting with the benefits of working with Wish and bring additional revenue to your family.
ABOUT WISH WHOLESALE
About Wish Wholesale
Wholesale Simplified - Running a business is difficult enough, sourcing products shouldn't be. Wish Wholesale is a 1-stop shop designed to help local businesses succeed by simplifying the sourcing process. Backed by popular demand from the Wish app, each of our products is guaranteed to fly off your shelves.