Tip #1 Don't sell anything that is not backed by a 5 year warranty.
Tip #2 Do your research on any "wholesalers" your looking to do business with.
Tip #3 See what your customer base is looking for. For example if your are selling to local Volunteer Firefighter and
EMS people,
they will be looking for small Blue and Green
LED's, and dash lights. No need to stock up on light bars. (although you may occasionally get an order for one)
Tip #4 Decide whether you will be internet based or just sell locally. Pros & Cons: having a website on the internet will definitely get you more exposure,
but if someone is on the internet, they may find a better deal then your offering. You would also have the extra responsibility of up keeping a website, answering emails etc.....
Tip #5 Incorporate. You will have to incorporate or get an LLC, most Lights and siren retailers will charge you tax with each order, even if your state has a lower tax rate.
Tip #6 Don't under cut your local competitors too much. There will be times that you will need to purchase things ASAP, and you may find yourself buying
from your competition. This doesn't mean that if your competitor has sky high prices that you shouldn't have reasonable prices, it just means don't undercut your prices so much that no one would make money. (Staying in good terms with competitors is also a good idea, as they will buy from you as well)
Tip #7 Be honest. If you are honest, word will spread about how well you take care of your customers. ( Not to brag, but I had a guy who came in today to pay me for something he already paid for a month ago, I could have just shut my mouth and I would have gotten paid twice, but I let him know that he paid me already. The customer said that he was pretty sure that he didn't , but i knew that he did. The bottom line is he left with and extra $85 in his pocket, and I know he will recommend me to anyone he can)
Tip #8 Open a separate business checking account. This will simplify your tax process, and will allow you to see if your making enough profit to continue your venture.
Tip #9 Don't be ashamed to tell a customer that they can find an item else where if you can't supply it. The customer will thank you for your honesty and will come back to you again. On a side note, there is nothing that a customer hates more, then someone that pushes them off again and again, or retailer that stops answering their calls.
Tip #10 Give it your all. Not one business in the world was successful that didn't have someone at the top giving it their all. (Political side note: That's why the USA is in such trouble, the commander in chief couldn't give a damn, he's too busy out on the golf courses) In most cases you will reap what you sow, after all that's the "golden rule"
Good Luck!