Xun Zi, a Chinese philosopher quoted in 300 BC – “A person is born with a liking for profit.” As far as civilization goes, wholesale business or trading has been globally practiced. But, the idea of starting your own business without appropriate knowledge can be intimidating. So, here are details of what a wholesale business is along with some tips on how you can start your own wholesale clothing sale business.
What is wholesale?
Wholesale refers to the practice of selling bulk or large quantities of goods directly to the distributors instead of selling to the consumers and earning profit. Wholesalers procure goods directly from the suppliers at a bulk price and resell them to retailers or drop ship them to the consumers for a higher price. Retailers in turn further sell products to the consumers at increased prices and earn their share of profit. So, by the time products reach consumers, the prices are often double the actual sale price. However, with increasing awareness, consumers now prefer purchasing products directly from the wholesalers at reduced prices instead of going to the retail stores, but this is still not that common a practice.
Why Wholesale Clothing Sale Business?
Selling clothes has always been the most important and unfailing business opportunity that guarantees huge profit margins. People always try to keep up with the latest fashion trends and help clothing business go on.
How to begin?
Here are a few guidelines for you to help you set up a wholesale clothes sale business.
Decide on what you want to sell: Determine the type of clothing that you want to sell. Study the various clothing styles and options available. Select your designer or style which can vary from specific brands to general kids’ clothing.
Calculate your profit: Study the retail prices of your clothing line. Next, calculate your profit margin after comparing your per article purchase cost to its retail cost. Though this may sound like a business jargon, it is actually just a bit of subtraction.
Select your supplier(s): Obtain a list of clothes suppliers or brands specializing in your type of clothing. Visit or study various clothes suppliers to compare their rates, minimum number of items to be picked up, and calculate your best profit margin before zeroing down on your suppliers.
Determine where you want to sell: Do you want approach the customers directly by drop shipping or supply your clothes to retailers? You may even begin selling your clothes online.
Go online: Be visible and exist in the global market by having a website. It helps you gain a competitive edge and increase your global reach. You can use your website to accept orders online or accepting newer suppliers.
Devise a delivery plan: Will you concentrate on a local market or want a global presence? Decide on how you want to ship your clothes to customers with respect to their location and calculate your shipping costs.
By following these simple steps, starting your own wholesale clothes sale business will never be problem and you will never go away without filling your pockets with handsome profits. So, don’t be afraid of getting a profit. Profit better in your pocket than in others’.