How to Choose the Right Wholesalers that Earn You Decent Moneyby Ray Grant Wholesaler
One of the key tenants of business is "buy low and sell high." The clothing retail business is no different. If you want to start a clothing business, buying wholesale is the best way to buy at the lowest price, so you can add your markup, and then sell your goods for a decent profit. Buying wholesale is not difficult, once you find the right places with the inventory you seek.
1. Do the Business and Legal Work First
To operate a clothing business, you'll need to make sure you are legal to do business in your area. Secure all the required permits and licenses to run your business. For example, you might need a state and city business license to open your doors. Business insurance is also necessary because it protects your business in the event there is a problem.
Finding a suitable location for your business is also a step you need to take. You don't need to open your store in the ritziest location, but the building and your store should be clean and welcoming to your potential customers. You'll also want marketing materials and a marketing plan in place, so that when you do have your grand opening, people will be outside, waiting for your doors to open.
2. Determine Your Clothing Niche
Who is your target market? And what types of clothes do you want to sell? Do you want to specialize in children's clothes, the tween market, or ladies' clothing? If you don't have a preference, take a look around your area so that you can see which market is being under-served. Then, strive to fill that niche.
For example, if there aren't a lot of choices for big and tall teen males, if you open a clothing store targeting this group, you would be filling this niche. Or, maybe there aren't any high-end or formal fashion boutiques for teen girls or young women. Studying your market or lack thereof can help you shape the kind of business you should open. Another option is a mall kiosk, or you can store the merchandise and sell online on a site such as eBay.
Find Wholesalers Online
Once you have your business plan and legal structure in place, it's time to begin working with wholesale clothing vendors. Relationships are key in retail, so you'll want to invest both time and money in finding the best wholesalers and working with them closely.
There are a couple of ways to locate clothes wholesalers. One option is to find websites for companies that represent multiple clothing brands. The other is to visit the website of a clothing brand you would like to sell. You can typically find links to wholesale information on the top or bottom of these sites, though you shouldn't expect too much detail regarding qualifications, order minimums, pricing or terms. Instead, use the website to contact the brand or wholesaler.
In most cases, you can apply for a wholesale account directly on the site, though you may be instructed to phone or email a representative instead. The application process may be straightforward, though wholesalers of more elite brands could make it more difficult for you to qualify as a reseller, at least while your business is still new.
You'll be expected to provide proof that you are operating a legitimate business. This proof usually includes a copy of your business license, your resale permit, and, in some cases, copies of invoices from other wholesale accounts that you already have. Be sure to ask the wholesaler or brand representative about their terms, including pricing rules and how to establish credit terms.
Developing Supplier Relationships
Developing strong relationships with wholesale suppliers is essential to the success of your business. When you work well with a wholesale representative, you will likely be able to enjoy preferred pricing, access to in-demand merchandising, and accommodating payment terms. Be respectful of your representative's time, pay invoices by their due dates, and approach your rep about concerns before a small issue turns into a big problem.
Created on Aug 4th 2020 22:50. Viewed 106 times.