Hosting A Group Buy as your Part-Time Hustle
In online selling, a group buy a business strategy wherein you negotiate lower prices for items with suppliers and retail them to customers. Because of its flexible nature, it’s an ideal part-time job Singapore for those looking for a side hustle or those who have plenty of time on their hands.
Why Start Your Own Group Buy?
One of the best part-time hustles you can do is host a group buy. It’s a relatively easy way to make extra money, and it also allows you to shop for groceries or other items.
There are plenty of benefits that go with it. One advantage is that you can do it at your own time and pace. Also, you can earn while doing other things you love, like spending time with your family. You can even work on it while watching TV or waiting for the kids to finish their classes. You can do this during the weekends or after office hours if working full-time. All you need is to connect with customers online to make this business work for you.
And it’s not just the unemployed who can benefit from group buying. Even if you have a full-time job, organising group orders will help you save money and allow you to earn some extra cash if done on the side. And if you’re looking for a way to work from home and supplement your income, group buying can open up new opportunities for your career. As an entrepreneur, it’s also a different way of doing business that allows you to make your own rules. Being your boss means you’re not tied down by traditional employment obligations, which is a luxury not everyone can afford.
Who should you sell to?
This may be the most critical question you will ask yourself when starting this type of business. Understanding your target audience is crucial because it will help you develop your product offering and marketing strategy. The correct target market can make or break a business. It can also help you locate the best places to sell your products.
Before starting your group buy, you need to decide who you want to sell to. Scoring a discount on unsold inventory would appeal to nearly everyone, but your best hope would be working adults single or with families who take care of grocery shopping periodically. Groceries are essential items, and people will always allocate a considerable chunk of their budget, so finding your market shouldn’t be too difficult. Selling to friends, neighbours, and coworkers is easy because you already have a strong relationship with them. They trust you, so it’s easier for them to make a purchase.
Where do you supply these Items to Include in your Group Buy?
The “how to start a group buy” guide is more than just finding three products and putting them in your cart. It involves establishing relationships with suppliers, setting up payment gateways, and maybe even building your website or Instagram page for the business. Of course, you can do this by yourself, but it’ll be easier if you have a partner (or partners) who can help you out with these things.
You have several options for sourcing your goods for your group buy. If you already have connections with suppliers of certain products, that’s great! You can approach them and ask if they would be interested in getting more clients through hosting a group buy with you. This would be good exposure for their brands as well as potential customers will see their products online on the group buy platform. Of course, this is if they already have an existing online presence and website.
Finding reliable and trustworthy suppliers on your own can be challenging. Instead of scoping out every supplier out there, you might want to consider hosting a group buy in an online grocery retailer platform that readily connects you to all these reputable suppliers you need.
Find People to Join your Group Buy
Suppose you want to start your group buying a business. In that case, you can use community forums and social media platforms, like Facebook and Instagram, where people are already looking for deals. Of course, you could also use your venue or website. However, to be effective, you need to have a large social media following or website traffic flow if you’re going it alone. To make things easier for you, hosting a group buy on a surplus deals app that already has a huge following is a great bonus.
Earning Potential of Group Buys
Your income potential is directly related to the amount of effort you put in. If you do nothing, you will make nothing. However, if you’re able to put in some time each day, you could realistically earn up to $170 on top of commissions. This income potential will increase over time as your group buy grows and your audience trusts you more.
Is this passive income? No, this is not passive income. It requires active participation on your part. Most of your earnings will come from new purchases made by people who haven’t purchased from you before. To attract new buyers, you need to actively promote your group buy through social media or other websites.
Risks Involved with Group Buys
One of the biggest reasons group buys fail is that it’s not a business you can start up and become profitable overnight. Building brand awareness, finding vendors, and developing relationships with customers take time. Even if you’ve been in business for 3-5 months, you’re still considered a fledgling host since there will be growing pains; suppliers and customers will test your mettle.
Another reason why group buys fail is that hosts did not do their due diligence before starting their business. Instead, they jumped into the game without researching what was involved and what it took to run a successful group buy a business.
If you have a full-time job and are looking at hosting group buys as a part-time hustle, you will have even more challenges ahead of you. You will need to juggle family, work, and your new business responsibilities all at once, which is not something easily manageable for everyone.
Based on your research, you’re probably convinced hosting a group buy presents you with an excellent opportunity to make some nice extra cash. Great! Now, be sure to stick to common-sense business practices, and you should end up with a successful business.
Just be honest about what your service offers and how the product will arrive. Make yourself available to all buyers if they have questions or concerns, and keep in contact with them from start to finish. Remember that you should not answer emails from interested buyers and always give them an idea of when their product is likely to arrive.
COVID restrictions continue to affect our daily lives. Group buying is gaining traction with its convenience compared to physical supermarkets. Why not go a step further and become a collection point host. Aside from the volume deals, you get to enjoy extra discounts from deliveries and more. What are you waiting for? Sign up to be a collection point host with us today and cash in on additional benefits!