To buy or sell wholesale, you must have your resale tax identification number. Obtaining credentials to allow entrance into large scale trade shows often requires extensive paperwork proving business location, volume purchases and business licenses. Once at market, it takes several days to visit a number of wholesalers.
The first questions to ask of a wholesaler is what the amount of their minimum order is, and what amount is required for a re-order. This amount can vary from $100 to thousands of dollars. It is absolutely essential to have a budget and stick to it, as it’s easy to get caught up in the excitement of market and overspend.
Businesses that have developed their own line of products can easily become a wholesale retailer offering case size sales at wholesale prices. To sell wholesale, you must always be prepared to fill the order -don’t travel to Arkansas to pitch your product to Wal-Mart if you cannot deliver the size of the order they would require.
When starting to sell wholesale, you are most often in the position of salesman, either offering larger volumes to existing customers or hitting the pavement to find new volume-buying customers. If you can handle the volume, the same markets centers where you would purchase wholesale products may have temporary vendor spots for specialty market days.
The key to buying or selling wholesale is to remember that you are a small business and your purchases need to reflect your business size. Don’t forget your niche and target it carefully, offering a small number of items that will not become dated. Starting small is the best way to protect your investment and grow your business.
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