As the economy slows down many new people are entering our retailing industry wanting to open their own wholesale merchandise businesses. If you have had some experience in retailing it is a lot easier to start up a new business, as you have some knowledge about pricing and locating inventory.
For those newcomers to the business it is important to decide on what category of wholesale products you are wanting to sell. It’s always a good idea to pick merchandise that you have some familiarity with. You should also know the selling venue in which you will do business. Are you going to have a retail brick and mortar store, sell online or at a flea market. Not all merchandise sells at the same pace. For example, flea markets are great places to sell socks, apparel, costume jewelry and the like. Online stores are better venues for selling collectibles and items not readily found in stores. Regular neighborhood stores, depending on the area, are good for almost all merchandise.
The key to the success of your business is to locate wholesale merchandise. There are many trade publications to find wholesale products like Retailers Forum Magazine The trade magazines will give you helpful information on starting your business as well as sourcing the wholesale merhandise. Keep in mind that depending on what venue you are selling in you will need between a 50 and 100% markup on your products you buy for resale.
Another great way to find wholesale merchandise is to attend industry trade shows. At the merchandise trade shows you will find hundreds of wholesale merchandise vendors displaying their products. It is a good way to touch and see the merchandise before you buy. You can also make better deals at the shows, as wholesalers are anxious to turn inventory and often offer free shipping or other incentives for a quick sale.
When you have secured the merchandise you now need to scout your location to sell the goods. Those chosing online businesses many times set up with Ebay or similar online sites. Others will set up their own websites and retail the goods there. For those starting in a retail store it is important to scout the area, know the demographics of the neighborhood. If you are going to open up a diaper and baby goods store you want to be sure that there are a lot of young families in the area, and not just nursing homes (although your diaper sales could be OK). A good resource for finding out about specific areas is City-Data.com. And, the info is free! This is a valuable tool for finding out where to put your store.
For flea market vendors, the research is also easy. Just get into your car and head to prospective flea markets. Once there, scout out the market to see your competition and also watch the traffic during the day. Speak to other vendors. You will find that flea market vendors are always very opinionated and will assist you with information.
In closing, with more people unemployed or looking for extra income, the wholesale merchandise business is a great one to get started in and one that can make you a good deal of money when done carefully and correctly.
This article brought to you by the leadin trade magazine to find wholesale merchandise, Retailers Forum Magazine. Permission is given to reprint this article only if kept in its entirety.
