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Being an international seller is no easy feat. Mohamad Nassar, based out of Antwerp, Belgium has been a B-Stock buyer since August 2020. For him, part of the fun comes from selling a wide range of inventory, where in some cases, even he has to figure out what a particular electronic item does! But whether it’s garden furniture, tables, chairs, and other furniture, his reselling business is up for the challenge.
Prior to opening his business, Mohamad had not heard much about reselling or liquidation inventory. This goes to show that anyone can start their own liquidation business given enough planning and research! Business owners frequently have to find solutions to problems, and those who are successful are the ones that keep doing that over and over.
We chatted with Mohamad to hear more about his resale business, Rina Management. In this European edition of our Reseller Community Spotlight: Meet Mohamad Nasser!
1 year ago
I heard from a friend of mine while having drinks that her son bought once from your site [B-Stock].
Curiosity. I thought it was a good idea from your side and that it would be interesting and profitable at the same time.
The favorite part is discovering what’s new. Least favorite part is waiting for the goods to arrive.
Mohamad runs his business in Belgium. Being an international seller comes with its own set of rewards, but also challenges. Here are a few of the lessons learned along Mohammad’s reselling business journey:
As a business owner, there are unique opportunities that can arise where it’s in our power to lend a helping hand. When asked what his proudest accomplishment as a business owner was, Mohamad said the following:
“Landing a contract deal with a company with 2,000 workers to supply them with my PPE products.”
There’s an endless supply of advice out there on the internet for starting a resale business. The advice Mohamad had to share encourages business owners to only risk what they can afford to lose completely.
“No risk, no gain, but go for a calculated risk.”
There are some resellers that start their business with a few hundred to thousands of dollars in savings, it depends on what category you want to start with and how big the auction lot is. But generally, auctions start for as little as €100 ($100 USD)! And with the online bidding model of liquidation auctions, you are in full control of how much you want to spend.
It’s a fact: retaining customers is much more cost-effective than acquiring new ones. In Mohamad’s case, having his own existing database of loyal customers helps him introduce other items to them and at a cheaper price.
“I got new customers for new items that I did not have before [from B-Stock], and doing so got them to know my regular day-to-day business and some of them became regular customers for my day-to-day business.”
European buyers should consider if exporting makes sense for them. Between taxes, logistics, and international shipping costs, there is more that goes into exporting a simple truckload of merchandise you buy.
Mohamad’s reselling business exports inventory to Angola. For others looking to start exporting, he had some recommendations. For example, having a warehouse space to separate and evaluate items can be extremely beneficial. If that isn’t quite feasible yet, consider a smaller storage unit. Check out these organizational tips to help you make the most of your space.
When it comes to pricing, you need to consider what profit margins will be after exporting costs, shipping, taxes (also tariffs and fees), etc.
“Sell at retail, or put a small margin and sell to a wholesaler there [in the country you are exporting to] altogether.”
Harmonized System (HS) Codes are used in the export process as a standardized numerical method of classifying traded products. These customs codes are necessary for assessing taxes and exporting products. Also, keep in mind it is by category – so if you’re purchasing mixed lots you will need to find the correct code for different products.
“Export lots are extremely complicated as you need to get the customs code for each category.”
Since these are not always provided by suppliers, it is the responsibility of the buyer to find them yourself. In the U.S., these 10 digit codes are known as Schedule B numbers and you can look them up using this free tool by the U.S. Census Bureau. For European buyers, look up HS codes here.
We asked Mohamad what the future of his resale business looks like. Here’s what he had to say:
“After Covid restrictions and difficulties, I see a positive future for my business. Gained new customers via B-Stock goods and hardly lost old customers, so all ok. Also in the process of opening a small shop that will be only for resale of B-Stock goods in a shopping mall in Viana, Angola, so that looks promising as well.”
We wish Mohamad the best in his reselling journey overseas! If you’re looking for more, head over to his site at https://nass-corp.com/.
B-Stock’s Reseller Community Spotlight is an ongoing series that aims to highlight our unique buyers in the B-Stock network. Are you a B-Stock buyer and want to tell us more about your reselling business? Let us know and we can feature you in B-Stock’s Reseller Community Spotlight series.