If you own a retail business, or are just used to buying items in bulk, you have to find a good source from where you can pick up products at wholesale prices. As a retailer, your business profits will come mainly from buying goods wholesale at low rates and then selling them to consumers at a marked-up price. If you're new to the retailing business; are looking for a good source where you can buy quality goods in large quantities and competitive prices, read through the instructions which follow. These talk about how you can buy goods wholesale.
Do your research. This is true of any business venture, look around and see what your closest competitors are doing in a similar line of business. Check out the quality, quantity and pricing of the stock they're maintaining. Figure out which product lines and/or brands are moving quickly and which are not. Next, try and find out from these retailers as to where they source their products from.
Finding sources of wholesale products. When you're ready to start buying goods in bulk, look for suppliers in those products you're interested in. Places you can look are on-line, local library resources, chambers of commerce or trade and industry organizations which specialize in your line of business. You can also look for material at various buyers' markets or at the various trade shows which are frequently organized.
Trade shows. These are often the best place for sourcing materials and for tying up with suppliers in long-term relationships, so that you have a constant supply of goods for your business. Trade shows are held at different times and places throughout the year, you can look either on-line or in trade papers, journals or other publications. You local chambers of commerce or trade groups are also good resources for finding out where relevant trade shows are being held.
Types of suppliers. If you'd rather choose and pick a steady supplier who is able to match your requirements perfectly, then you will need to decide the type of supplier you need. The different types of suppliers from which you can choose are discussed in brief below.
Manufacturers. Certain manufacturers will sell their products directly to retailers provided the quantity you order from them is huge or you are agreeable to certain minimum terms on price, etc. Some manufacturers however sell their goods only through their registered distributors, in which case you can buy goods only through such middlemen.
Importers. It may be cheaper to source goods from overseas markets, in which case, you should be looking for overseas companies that will ship their products directly to you, or importers who specialize in securing goods from foreign markets and then supply the same to you.
Auctions and other sources. Other than the traditional routes described above, you can also pick up your inventory from auctions, seconds' sales, companies going out of business and liquidating their stocks, online auctioneers and marts.
While choosing to buy stock wholesale and settling on a particular supplier over the long term, it is important to consider factors such as price, quality, location, shipping and transport costs, terms for sale or return of damaged goods, etc. Keep the guidelines listed above as a basic checklist when you begin your business and you can be rest assured you can't go wrong.