To run a successful wholesale business you need to ensure you are budgeting correctly. If you buy too much stock that you can’t sell or spend too much on a purchase you could seriously be hindering the success of your business
Budgeting is essential. Knowing your limitations, revising them regularly and being prepared are all ways of improving your wholesale buying business.
Here are some tips on how to successfully budget;
Choose the right wholesale supplier. It takes time but looking around the internet to find a reliable, reasonably priced supplier is essential. While you don’t necessarily want to go for the cheapest (find out why here) you need to ensure you are choosing a wholesale supplier that offers competitive prices.
Product selection is crucial. Don’t jump straight in and buy a product in bulk unless you are certain it will sell. You do not want to be left with lots of un-sold stock in your inventory as this will slow your business down.
Keep an eye on the market. You need to be researching into products and how they sell. While wholesale fragrances sell comfortably all year round there are other products that are limited to seasons.
Ensure you know your own business and purchase history. Perhaps you made a bulk purchase last winter and it sold very well – maybe you should look into doing something similar this year?
Don’t get lazy. Above all research and preparation is key – ensure you spend time researching suppliers, products and the industry before making big purchases.
