Approach in Reselling?

I've read online of how some people created a million dollar company by buying from China at low price and selling to businesses in his/her country, such as that one guy who bought chairs from China and resells them. It worked out well for him, he started off with a investment of $500 to buy his first set of chairs i believe.

How does one approach this? its risky to buy a bunch of stuff and not sure whether its going to be sold and also i know that you have to find the right industry to focus on.

There are many, many people who make millions doing that.

The trick is finding the right product at the right time at the right price with the right supplier.

Anyone can negotiate a price and choose the right supplier.

The hard thing is knowing which is the right product at the right time.

If you do find one, you'll also want to negotiate exclusive distribution rights, otherwise all your efforts and expense could be wasted.

Yes i do believe its mainly the item that's the most important and surely the price since i do want to make a nice profit, guess i will have to take some time to really think of what industry to go into. I don't even have capital right now.

And the problem with trying to find distributors who will give you distribution rights is that usually they don't like to stay with one individual person unless you shell out a lot of money. It's gonna take way more than that $500 because a lot more people are jumping on that train.

Im reselling products from a local asian wholesaler and making 500-1000% profit per item.

The only hard part is market research and finding a resale niche (I just go for HOT items) ( personally im not a fan of buying mystery lots. most discount lots are full of low end crap that wont sell)

I prefer dealing with a local wholesaler because i can inspect the items, wont get scammed (non-delivery) provide higher quantitiesitems for truly serious and trusted cients within 24 hours,