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My biggest piece of advice is to NOT simply buy generic product and sell it but rather create your own brand and have that made in China.
A brand you control will not get devalued when others buy the same generic product from China and dump it on ebay for a third of your price.
My wife was once the exclusive distributor of a brand of children’s shoes called Little Blue Lamb. Unfortunately, the manufacturer got greedy and happily sold product under the counter to some local Chinese retailers who dumped the product onto ebay. What once was a $60 product can now be bought on ebay for less than $15.
At some point you will need to go to China to meet and eyeball suppliers. Unfortunately there are many who are in it for the quick sale with no intention of developing a long term relationship. You can only build trust with them and filter out the turds by going there.
The last bit of advice is get educated about seo and online marketing. Don’t build a monster site on Magento as you will be tied to ongoing development costs. A platform like BigCommerce will be perfect.
Be aware that for e-commerce sites to do well in Google, they need to have comprehensive product descriptions so the pages are considered “quality” and unique. Stay away from copying other generic descriptions.
Think about ongoing link building and pr to get links to your site. The best links come from media and blogs who are writing about your “story” which is why having a brand is important.
Those up and coming new kid on the block stories are so common.
I don’t have any solutions re the min order quantity issue. My wife was the chief negotiator there. My only advice is that most of your sales will come from just a few colour/size combinations which is a PITA so I suggest going small with size and color range initially.
This is quality solid advice you don’t often see here. Two thumbs up!