You know that finding a wholesaler can increase your profits as your margins will be higher. However, finding good wholesalers nowadays could be quite the daunting task. This is why we decided to help you by providing our knowledge on the subject.
1. Why are wholesalers important
First of all, you have to understand that there are more than 300 000 wholesalers in the USA. This means that you have to do a good research yet it also means that you have a lot of potential. The thing with wholesalers is that the more stock you buy, the more you can lower its price. As a new business person in the industry, you might not be able to negotiate a good deal with the biggest wholesalers, however, you can surely forge one with those of your size. There are many advantages to this relationship and the main one, as you already know, is the higher profit.
2. How to find quality wholesalers.
First of all, you can begin by searching them online. A key thing to this is to search thoroughly. Most wholesalers are not SEO experts nor graphics designers so don’t get put off by the fact that they web page doesn’t look good or because they don’t appear on the first page of google. Simply, continue to search and be patient. You might dig a gold nugget.
Another thing you might want to consider are trade magazines and trade shows. While trade shows are a bit more expensive and effective as well, you can also buy trade magazines regularly as that is the most common place for a wholesaler to promote his business.
Look out for events. Often times you might spot to what event are your competitors going and attend it to see who they are meeting and maybe meet someone else on the event.
Don’t forget that you can contact Brand Manufacturers directly. Most of the times, since they sell in very high volume they might not be able to negotiate a deal with you. Nevertheless, they can guide you to other wholesalers which is what you are looking for.
3.Don’t forget to negotiate the deal properly
After you find a wholesaler, it is highly important that you do create something that will have a long-lasting result. This means you need to know everything from special discounts to return policies. Processing time, tracking minimum order quantities, delivery schedules, pricing terms. You must expect to negotiate all of these things. Make sure you add agreements to the term and also have an attorney review to make everything is all right.