11 May 2012:- If you are thinking of buying merchandise for reselling purposes, you will be handling Wholesale merchandise or products from surplus. There is a large difference between these two types of merchandise, and if you want to run a wholesale business, your profitability chances will double if you learn how to buy wholesale correctly. If you are buying wholesale merchandise, you are no doubt marking up prices. This is the correct way to make a profit.
To have a successful retail business, you need to deal in the correct merchandise at the right prices, and most of all, correctly timed. This is one of the reasons that it is so important that you know where to source your products from. Once you know what you want to sell, that is the time to find the best wholesaler of that product.
One of the best ways to learn about this business is by visiting your competitors. Take a look at their selection and what different brands they specialize in. Look at what seems like it sells the best. Look at what items have been moved to the clearance racks. Items on the clearance racks are ones that have not sold well, so you want to stay away from those. By visiting a store that is far away from you, enough to not be considered a competitor, they may just give you some tips and tricks, and sometimes might even share where they obtain their products. Sometimes you can find your source by going online, joining a buying club, or researching at trade shows.
In fact, trade shows are one of the greatest places to buy your Wholesale merchandise. You will find many different suppliers and be able to see the product before you buy it. If you want to find an event nearest you, search online for industry trade shows. These shows are usually not opened to the public at large, so you need to show proof that you have an established business.
When your business is finally opened, it is then much easier to buy your merchandise because wholesale suppliers will then come to you for business and you will no longer have to hunt them down. You can also set up a customer comment box, as there is nothing more telltale of your business than what your customers think of you. Their suggestions are worth their weight in gold.
There are a few different types of suppliers; here we will focus on the manufacturers and importers.
Manufacturers sometimes will sell products to retailers without the middle man at wholesale prices. Normally, you will have to place at least a minimum order. If there happens to be a specific product you are wanting to carry, contact the manufacturer to see if they sell to dealers. If they won’t sell directly to retailers, find out who their distributor is so that you can still purchase the product.
Importers are foreign companies that sell to local merchants at wholesale prices. Due to the global economy, it is much easier now than ever before to deal with importers. Whichever route you choose, understand all the costs that may be involved.