When you start a retail business, one of the first things you need to figure out is where you’re going to find products to sell. This is where a wholesale supplier comes in. Although the search for a wholesaler may seem daunting and a little intimidating, we’re here to help.
In this guide, we will tell you everything you need to know about finding the right wholesaler and getting the best price for your merchandise.
If you’re ready to get started purchasing from an online wholesale marketplace, sign up for an account at WholesaleFury today.
Finding Wholesale Suppliers
The first step to buying from wholesalers is knowing where to find suppliers. Here are ways you can begin your search for a wholesaler:
Networking with other business owners is a great way to be connected with wholesale suppliers. Experienced business owners in your niche may be able to refer you to a few or give you recommendations.
One way you can grow your professional social network and gain insight about wholesalers is through the social media platform LinkedIn. Things like industry newsletters and networking groups will be helpful in your search.
Trade shows are an underrated way to meet wholesalers. The advantage to trade shows is that you get to speak face-to-face with suppliers and retailers. This eliminates any misinformation or communication difficulties.
To keep up with local trade shows in your area, visit Trade Show News Network. There, you can search for trade shows by industry and see which events will be hosted in your city.
Another way to search for distributors is through online marketplaces like WholesaleFury, which connects you with thousands of wholesalers and manufacturers. It even has a feature where you can message them directly to ask any questions about them or the products they are selling.
Choosing The Best Wholesaler
With thousands of wholesalers, it can be tricky to narrow down all of your choices to the right distributor. When making a decision about what wholesaler to work with, you want to keep your business in mind.
Not every wholesaler will serve every market. That’s why it’s important to know your industry and which wholesalers specialize in products in your niche.
Here are a few things to consider:
What Merchandise Will You Sell?
It’s essential to choose a wholesaler that delivers what you need. Oftentimes you may need to choose more than one wholesaler to meet the needs of your business.
We also recommend going with a wholesaler that has credibility in your industry. For example, if you want to sell personal care items, choose a wholesaler with experience in working with other businesses in the personal care sector. Essentially, you want to make sure the wholesaler has an understanding of the product you want to purchase.
What is Your Price Point?
The products you purchase from your wholesaler are what helps your business bring in money. That means that the amount of money you spend on the merchandise helps to determine how much you will profit.
So, when choosing a wholesaler, it’s vital to get the pricing that will allow you to hit your profit margins. Later, we’ll get into how to get the best price for your wholesale order.
Does the Wholesaler Have a Customer Service Team?
When looking for wholesalers, most business owners overlook this aspect.
You don’t want to work with a supplier that takes ages to answer your questions or is impossible to get in touch with. Not only is this frustrating but it wastes time and money.
Working with a wholesaler with a great customer service team makes all the difference.
Contacting a Wholesaler
Now that you’ve found a few wholesalers you’re interested in, it’s time to contact them. When you send the first message, you should inquire about the following:
- Minimum order requirements
- Wholesale unit prices
- Regions supply
- During this step, be sure to explain what your business is and what your expectations are. Doing this will allow you to find the best possible match.
Requesting Product Samples
You don’t want to purchase a large order without inspecting the quality of the products first. That’s why it’s important to get a sample of the merchandise.
To do this, contact the manufacturer directly and request samples of the products you want to purchase. Most manufacturers are willing to send you a few with no problem.
Getting the Best Price
After you’ve found a wholesaler you want to work with, the next step is to place your first order.
A roadblock that many business owners meet when ordering products from a wholesaler is the minimum order quantity (MOQ). An MOQ is the lowest set amount of products the wholesaler will sell.
What happens when the MOQ is more than the amount of units that you need? You could pay for a large order and risk overstocking, stick with the MOQ and sacrifice profit margins — or you could use WholesaleFury.com.
Participate in Group Wholesale Orders Through WholesaleFury
With WholesaleFury, we connect you with businesses that are looking to purchase the same products you are.
From there, we place a group order with you in it to get you the best unit prices while still only needing to order the MOQ. This not only saves money and helps with profit margins, but it eliminates the risk of overstock.
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