Are you a product based business that is looking at ways to increase your sales or does your business rely on your ability to attend Markets as a stall holder, which often defeats the purpose for going into business in the first place which was to give you more time with your family or the freedom to choose your hours!
The solution is easy you just need to start Wholesaling to retailers which will increase your ability to reach your broader Target Market. The thought can seem over whelming but the reality is nothing more than a simple definition which is “The sale of goods, generally in large quantity, to a retailer for resale purposes.”
If you are seriously thinking about taking the step into becoming a wholesaler here are my 3 top tips to becoming an effective wholesaler.
1. Product readiness
- Is your product complete and ready for sale?
- Is packaging finalised including all relevant information, barcoding, swing tickets, gift wrapping etc?
- What are the lead times on production manufacturing, shipping etc.?
- Do you have merchandising materials?
- Have you finalised a sales pack and process including order forms?
2. Pricing strategy (COG’s, Margins and Mark-ups)
- Understand COG’s including, raw materials, manufacturing/ production and purchases.
- Knowing the differences between running costs, expenses and purchasing and ensuring you have allowed for all in your pricing.
- Knowing the industry mark-up and what margin who will make on your product sales per unit.
- Being aware of any hidden cost or charges that could be incurred by your business
3. Creating brand demand (and understanding the marketing cycle)
- The more hype you can create arounfd your products and brands before you take them to market will increase your chances of success
- Ideally you want retailers to want you because your products are good and your visibility on the market is high
Emma Goodwin is a changemaker and expert in wholesaling and merchandising. Contact Emma at emma@purplepyjamas.com.au for further information on how she can help you become a successful wholesaler.