Tips To Help You Buy Wholesale Merchandise
If you have a wholesale business, you can dramatically increase your profits when you know the ins-and-outs of buying wholesale merchandise. In this article, we will share some smart information to help you make wise decisions when investing in wholesale and surplus products to resell. Read on to learn more.
Before You Open Your Business
Have a plan. Determine early on what sort of products you want to sell and do your homework to find honest and reliable suppliers. You can meet lots of good suppliers all in one place and see what they have to offer by visiting local trade shows. This can help you brainstorm about the products you wish to offer and help you establish some solid connections. Remember that trade shows are not public events, so you must bring your retail certificate along to prove that you are a business owner.
Another good way to decide on the products you want to sell is to visit your competition in distant locations. Check the layout of their operation, their merchandise and their traffic flow. Be open and above board. Introduce yourself and let the proprietor know that you are opening a similar store in another city (therefore you are not competition). You may gain a good ally and learn about some reliable suppliers.
Before You Open Your Business
Have a plan. Determine early on what sort of products you want to sell and do your homework to find honest and reliable suppliers. You can meet lots of good suppliers all in one place and see what they have to offer by visiting local trade shows. This can help you brainstorm about the products you wish to offer and help you establish some solid connections. Remember that trade shows are not public events, so you must bring your retail certificate along to prove that you are a business owner.
Another good way to decide on the products you want to sell is to visit your competition in distant locations. Check the layout of their operation, their merchandise and their traffic flow. Be open and above board. Introduce yourself and let the proprietor know that you are opening a similar store in another city (therefore you are not competition). You may gain a good ally and learn about some reliable suppliers.
After You Are Established
Once you have gotten some wholesale merchandise and opened your doors, you will find that it's easier to find suppliers. In fact, they will seek you out. It is also easier to know what merchandise you should carry because your customers will tell you!
Suppliers Are Many And Varied
As you become more established, you will have more choices in types of suppliers. Here are a few you may encounter:
1. Manufacturers often sell in large quantities, direct to retailers at wholesale prices.
2. Distributors are middlemen who purchase from a manufacturer and resell to retailers. The downside of this arrangement is that you pay a bit more. The upside is that you don't have to purchase in large quantities. This may be desirable for some types of goods. Examples include large items that would take up a lot of room or items that sell steadily but not quickly.
3. Importers are middlemen who purchase goods abroad and resell them to retailers. These days, with the power of the Internet you may want to save money by skipping the middleman and simply buy directly from foreign companies. When dealing internationally, be sure you understand all regulations, paperwork and potential hidden fees.
4. Liquidators are wholesalers who sell items that have been discontinued, returned or even damaged. You can get some very good deals, but be very careful. Be sure to examine the merchandise thoroughly before accepting it.
5. Auctions online and in real-life can offer some great deals. You can buy wholesale goods in lots at tremendous savings as long as you are able to control your impulses. If you tend to be very competitive and like to win at all costs, auction purchasing is not for you!
Once you have gotten some wholesale merchandise and opened your doors, you will find that it's easier to find suppliers. In fact, they will seek you out. It is also easier to know what merchandise you should carry because your customers will tell you!
Suppliers Are Many And Varied
As you become more established, you will have more choices in types of suppliers. Here are a few you may encounter:
1. Manufacturers often sell in large quantities, direct to retailers at wholesale prices.
2. Distributors are middlemen who purchase from a manufacturer and resell to retailers. The downside of this arrangement is that you pay a bit more. The upside is that you don't have to purchase in large quantities. This may be desirable for some types of goods. Examples include large items that would take up a lot of room or items that sell steadily but not quickly.
3. Importers are middlemen who purchase goods abroad and resell them to retailers. These days, with the power of the Internet you may want to save money by skipping the middleman and simply buy directly from foreign companies. When dealing internationally, be sure you understand all regulations, paperwork and potential hidden fees.
4. Liquidators are wholesalers who sell items that have been discontinued, returned or even damaged. You can get some very good deals, but be very careful. Be sure to examine the merchandise thoroughly before accepting it.
5. Auctions online and in real-life can offer some great deals. You can buy wholesale goods in lots at tremendous savings as long as you are able to control your impulses. If you tend to be very competitive and like to win at all costs, auction purchasing is not for you!
Make Sure Your Suppliers Are On The Up-And-Up!
When seeking good suppliers, be sure to check backgrounds, references and recommendations from entities such as the Better Business Bureau. You want to be certain of dealing with honest suppliers who deliver high quality goods reliably. Be sure you understand all the details, such as shipping methods.
Create a checklist to be sure you are clear on all aspects of suppliers you are considering. A good supplier should offer you the following qualities:
Don't deal with suppliers who have poor customer service. You want to develop a long term business relationship, and you shouldn't have to deal with poor service on an ongoing basis.
Remember It's A Business
There is a certain thrill in finding good deals and in offering them to happy and enthusiastic customers. Be that as it may, always remember to take your time and do your research when seeking suppliers of wholesale merchandise for your business. Making your purchases in a thoughtful and unhurried manner is a sure way to make wise decisions that will contribute positively to the success of your business.
When seeking good suppliers, be sure to check backgrounds, references and recommendations from entities such as the Better Business Bureau. You want to be certain of dealing with honest suppliers who deliver high quality goods reliably. Be sure you understand all the details, such as shipping methods.
Create a checklist to be sure you are clear on all aspects of suppliers you are considering. A good supplier should offer you the following qualities:
- Good customer service with convenient hours of operation
- Stable history and good reputation
- Convenient business hours
- Fair prices on merchandise
- Good shipping choices
- Fair shipping prices
- A convenient location
- Clear terms on each sale
- User-friendly website
Don't deal with suppliers who have poor customer service. You want to develop a long term business relationship, and you shouldn't have to deal with poor service on an ongoing basis.
Remember It's A Business
There is a certain thrill in finding good deals and in offering them to happy and enthusiastic customers. Be that as it may, always remember to take your time and do your research when seeking suppliers of wholesale merchandise for your business. Making your purchases in a thoughtful and unhurried manner is a sure way to make wise decisions that will contribute positively to the success of your business.