If you’re thinking of opening a retail store, you have to consider everything that it entails. Retail means selling products and for each product sell you need to have a profit, and the only way to do this is to buy said product in wholesale.
It’s a matter of finding the right product at the right place and at the right time. You will need to do a little research, but here are some things to take into account.
What to buy
Starting a business requires a lot of market research as far as what people want. There are several ways of doing this, but one that not many people think of is actually going to the competitors yourself and investigate. Look at the products they sell, the brands, the prices, the top sellers and the least sold (usually on clearance or on sale).
If the store you go to is not a direct competitor (for example if it’s far away), the owners might even share with you where they get their products from.
Another way of finding out what the customers need is to attend Tradeshows. You can find out online where and when they happen near you. Know that they’re not open to the general public so they will ask you to prove your business (through tax id, permits, etc).
The customers themselves are a great source of information. If they can’t what they’re looking for, they’ll ask you for it to see if you’ll have it in the immediate future.
Where to buy it
There are several ways of acquiring wholesale products:
Straight from the factory: You need to do some research, but contacting a manufacturer is a great way of getting the best price for your product. However, they sometimes don’t sell to retailers but they will sell to distributors. If that’s the case, you can ask them for a list of distributors where you can find your product then.
Take into account that while manufacturers are a great choice, they will most of the time sell in large quantities. This may not be exactly what you want. Make sure you understand the shipping rates and estimated dates of arrival.
Go to the distributors: While through this option you will get a smaller profit on your product than if you bought directly from the manufacturer, it’s still a great way to buy wholesale. Think of the hassle you saved by going to someone that already went through it. Their prices will be a little higher since they need to make a profit as well, but it will be easier and faster because most likely you will be able to take home with you what you need, the same day. Chances are you will buy from them much less products than what they bought from the manufacturer.
Importing from another country: if the product you need comes from a foreign country that should not stop you. Imports are not so complicated, however, you should consider the shipping rates and dates and other factors before committing.
They will come to you: Once your store is already open, product sellers may come to you. They need to sell, you need to buy, simple as that.
Make sure to check out the Wholesale category at iNetGiant, you can find many products for your retail store.