Ok, so I've been reading a lot of postings here, and I would like to help some of you get your game a little better. This isn't all inclusive, so if you have any questions, I'd be happy to help you.
1. Please, stop asking for a "catalog". Catalogs are for slow moving products. It's something that distributors have. Wholesalers, Jobbers, Liquidators, etc...don't have a catalog. Not even the big boys. I deal with many multi-billion dollar suppliers, and you're lucky if you can even get a manifest.
2. I know it's convenient to look at websites for information, but the best information you can find from a supplier is going to be by emailing or CALLING them! Prices are not always definite, and more importantly...many suppliers are too busy to be posting their new stock once it arrives. Chances are, you can CALL a supplier and ask, "Hello, I'm looking for XYZ, you wouldn't happen to have any in stock, would you?" Chances are, they might.
3. My little secret: The best thing to do with a lot of suppliers is to be added to their e-mail list. The best offers and lowest prices are going to be found this way. It's much easier to send out a 20 second email to your buyers than it is to post it on your website. I know many LEGIT companies that ONLY sell wholesale through email lists. These companies do millions in business a year.
4. Avoid the middlemen! Get an EIN number. Seriously, google "EIN number" and click on the IRS.gov link. It takes one minute, and then you can go direct with many companies. If a company does NOT ask for your tax id (EIN number), they are a middle man. End of story.
5. Stop hocking replicas! Word of mouth goes a LOOOOOONG way in online retail. After you get a few people to buy your AUTHENTIC merchandise, they will be back for more, and they'll spread your info to their friends. I guarantee it. Also, and more importantly...Some niches, you can find the authentic products even cheaper than the replicas. You just have to know where to look. I can source cosmetcs cheaper than the fakes by avoiding all the middle men. Then, since you built up your name by selling quality products, you can demand a higher price, and PEOPLE WILL PAY IT! The top-rated sellers in ANY niche that I do aren't the cheapest, but they can demand that premium because people trust them and their products.
6. Don't bother asking anyone for sources. Any profitable source is held very tightly to the chest. If I told you my suppliers, you'd undercut me. That's the way the business world works. I, like many sellers, have spent 100's of hours researching suppliers and business methods. It's something you must do if you want to be a successful entrepreneur.
One way I found a lot of the sources I was interested in was by sending them an email to their retail page. You can send something like this.
Hello,
My name is Mary Wxxxxxxx, I'm very interested in offering your products in my store. Can you please have someone contact me about wholesale opportunities? I have a tax id and would be happy to share it. I feel we can have a lucrative relationship. Thanks.
Or something to that effect. Most wholesalers get so many emails, that they don't even bother to answer the ones that don't sound professional.
Also, 7. You probably don't want wholesale like you think you do. You probably want "Jobouts" and liquidation of store stock. It will most generally still be new condition, just much cheaper than wholesale.
8. Stop chasing oversaturated niches. There are a lot of niches out there that have been beat to death so bad that there's no money to be made in them anymore. The ones I can think of off the top of my head are electronics and adult products. I like selling stuff that are hard to come by but have a great market for them. For instance, I deal in high end authentics. It's a lot harder to find maternity clothes, authentic MAC cosmetics, etc.
9. Stop chasing the latest and greatest. Unless you're an ebay seller, selling the hottest new product isn't really going to be good for business. I can understand getting some of the hottest christmas toys and selling them for 400% above cost, but other than that, the market will fade and you'll be stuck sitting on product.
My hands are getting tired. If anyone finds this post of interest and would like to learn more, let me know. I'd be happy to share.
I'm currently mentoring an investor, and she's called me a "wealth of knowledge". Once I get my business rolling and more profitable, I might start mentoring for a small price. I can also help you find suppliers for whatever you need (since I feel people will be asking.) Just don't expect it for free. Time=money.
Thanks,
Mary
1. Please, stop asking for a "catalog". Catalogs are for slow moving products. It's something that distributors have. Wholesalers, Jobbers, Liquidators, etc...don't have a catalog. Not even the big boys. I deal with many multi-billion dollar suppliers, and you're lucky if you can even get a manifest.
2. I know it's convenient to look at websites for information, but the best information you can find from a supplier is going to be by emailing or CALLING them! Prices are not always definite, and more importantly...many suppliers are too busy to be posting their new stock once it arrives. Chances are, you can CALL a supplier and ask, "Hello, I'm looking for XYZ, you wouldn't happen to have any in stock, would you?" Chances are, they might.
3. My little secret: The best thing to do with a lot of suppliers is to be added to their e-mail list. The best offers and lowest prices are going to be found this way. It's much easier to send out a 20 second email to your buyers than it is to post it on your website. I know many LEGIT companies that ONLY sell wholesale through email lists. These companies do millions in business a year.
4. Avoid the middlemen! Get an EIN number. Seriously, google "EIN number" and click on the IRS.gov link. It takes one minute, and then you can go direct with many companies. If a company does NOT ask for your tax id (EIN number), they are a middle man. End of story.
5. Stop hocking replicas! Word of mouth goes a LOOOOOONG way in online retail. After you get a few people to buy your AUTHENTIC merchandise, they will be back for more, and they'll spread your info to their friends. I guarantee it. Also, and more importantly...Some niches, you can find the authentic products even cheaper than the replicas. You just have to know where to look. I can source cosmetcs cheaper than the fakes by avoiding all the middle men. Then, since you built up your name by selling quality products, you can demand a higher price, and PEOPLE WILL PAY IT! The top-rated sellers in ANY niche that I do aren't the cheapest, but they can demand that premium because people trust them and their products.
6. Don't bother asking anyone for sources. Any profitable source is held very tightly to the chest. If I told you my suppliers, you'd undercut me. That's the way the business world works. I, like many sellers, have spent 100's of hours researching suppliers and business methods. It's something you must do if you want to be a successful entrepreneur.
One way I found a lot of the sources I was interested in was by sending them an email to their retail page. You can send something like this.
Hello,
My name is Mary Wxxxxxxx, I'm very interested in offering your products in my store. Can you please have someone contact me about wholesale opportunities? I have a tax id and would be happy to share it. I feel we can have a lucrative relationship. Thanks.
Or something to that effect. Most wholesalers get so many emails, that they don't even bother to answer the ones that don't sound professional.
Also, 7. You probably don't want wholesale like you think you do. You probably want "Jobouts" and liquidation of store stock. It will most generally still be new condition, just much cheaper than wholesale.
8. Stop chasing oversaturated niches. There are a lot of niches out there that have been beat to death so bad that there's no money to be made in them anymore. The ones I can think of off the top of my head are electronics and adult products. I like selling stuff that are hard to come by but have a great market for them. For instance, I deal in high end authentics. It's a lot harder to find maternity clothes, authentic MAC cosmetics, etc.
9. Stop chasing the latest and greatest. Unless you're an ebay seller, selling the hottest new product isn't really going to be good for business. I can understand getting some of the hottest christmas toys and selling them for 400% above cost, but other than that, the market will fade and you'll be stuck sitting on product.
My hands are getting tired. If anyone finds this post of interest and would like to learn more, let me know. I'd be happy to share.
I'm currently mentoring an investor, and she's called me a "wealth of knowledge". Once I get my business rolling and more profitable, I might start mentoring for a small price. I can also help you find suppliers for whatever you need (since I feel people will be asking.) Just don't expect it for free. Time=money.Thanks,
Mary
