Wholesale 101: Your First Step to Boosting Your Bottom Line
Most business owners are always looking for a way to bring in a new stream of revenue. If you are currently looking to increase revenue, look no further than wholesale! Wholesale can drastically transform your company.
If you’re not familiar with how you can use wholesale to your advantage, we’ll walk you through the first steps so you are well on your way to increasing your revenue.
A wholesale component essentially allows you to upsell new products alongside your pre-existing inventory and/or services. This can often be misconstrued as ‘nickel and diming,’ but what makes upselling an advantageous opportunity for your business and your client is their need for the product.
Not only do you get to make a bit more off a sale, your clients also get to enjoy the convenience of knocking out another to-do list item simply by working with you. If you can save your clients the extra shopping trip plus some money in the process, they will certainly be grateful!
How to start building a wholesale component into your business structure:
Do your research. Consider the types of products your clients frequently use. Pillar candles? White linens? Once you determine the best fit for your company, dig deep to find a wholesaler who sells those products for a reasonable price. Read into their bulk purchase rates, return policies, and shipping guidelines. If possible, ask around your industry to see if anyone has any experiences with certain companies that you’re interested in. Reviews are an important predictor of your wholesale experience! Check out the Better Business Bureau as they will list any complaints that were filed against a company and how it was resolved.
Once you’ve found the right fit, take the time to reach out and introduce yourself. This is also a good time to ask questions and request more information if necessary. A sales representative should be able to provide you with the most popular items as well as those that will get you the best bang for your buck. If you decide to work together, you’ll receive a contract to finalize the agreement but don’t sign your name until you give it a thorough read – and then read it again. Ask questions if you’re unclear about something and only sign when you’re comfortable with all of the details listed.
From there, your sales contact will be able to help you in choosing the right products and ordering the correct amounts. Then, it’s just up to you to start selling those products to your clients! Keep an eye on your bottom line and, if you start to notice that you aren’t getting the return you hoped for, it may be a sign that you need to adjust your pricing.
It’s a good idea to keep a good relationship with your wholesaler as you would with any other industry peer. They’ll clue you in on great sales and new products, and you can let your network do the work for you!
Audrey Isaac is the spokesperson of 100 Candles, a wholesale market for candles and lights. Since 2002, thousands of wedding and event professionals have entrusted 100 Candles with their wholesale candle accounts. For more information, please visit https://www.100candles.com/.