Six Things to Consider Before Becoming a Gemstone Bead Wholesaler

Entering into the gemstone wholesale market is a big challenge for the newcomers. Before making this move you must know what it takes to become a successful gemstone bead wholesaler.

You are going to sale products in a bulk which requires a bigger budget, an  inventory storage and a system to manage all your orders.

Here are the six things you must consider before becoming a gemstone bead wholesaler -

1. Start with Retail - Instead of starting a wholesale store, start small with a retail store. Through a retailing experience you will acquire the skills needed for running a successful business on a large scale.

A wholesaler needs to a master some basics such as -
a. Creating a business plan for your gemstone business.
b. Addressing the customer needs.
c. Tackling unsatisfied customers artfully.
d. Improving the sales of his products.

There is no magic potion for learning how to conduct a business. A retail experience will prepare you for a successful wholesaling journey.

2. Have a Staff  - Being a wholesaler you will be given large orders, you should have the people who help you complete all your orders in time. In case you don't have a budget to recruit a staff, ask your spouse and children to help you.  

3. Understanding of Business - Owning a gemstone bead wholesale firm requires you to possess a business mind. If you are not capable of handling the payment cycle, customer queries, complaints, follow ups, etc. you will fail miserably. Strong communication and the ability to understand the market are  crucial. Developing these qualities is important for  running a gemstone whole business.

4. Price Range - Most of your gemstone bead wholesale customer expect to buy the products at a price about 50 % of the retail price. Therefore, you should search for a manufacturer who is providing you a wider margin.

Further most of the your customers will pay you only half or less amount of money at the time of placing an order. Therefore, you should have a the financial resources to fill in the gaps.

5. Networking - As the jewellery trends change you will have to introduce new products in your collection. Your customers gemstone bead wholesale needs will change with time, so should your product. Networking with the industry experts inspire you and at the same time help in expanding your business. You might also get potential leads from gemstone trading networks.These consist of designers, retailer, gemstone blogger and other important players in the jewelry market.

6. Never do Retail & Wholesale Simultaneously - If you are listing your product in retail as well as wholesale on a jewelry site, the wholesale customers are likely to think you are an imposter. They will never order from your store.

Conclusion - To succeed as a gemstone bead wholesaler  you have to take the above six points into account. Though working in the wholesale market requires you to have an expertise, it's highly rewarding. You don't have to worry about attracting hundreds of customers. Getting a few bulk order everyday will increase your profits.

Author's Bio - The author is a gemstone bead wholesaler. He has been selling gemstone to retailers for a past few years.

Also Read: How to Buy Precious Stone For Jewelry Making?

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