Buying accessories wholesale can give you access to a wide array of quality products at low prices that you can resell to customers at a profit. If you are thinking about buying wholesale, here are some things you should do.
Buying wholesale is usually reserved for businesses, but individuals can also benefit. If you want to buy wholesale as an individual, contact wholesalers to find out if they have any “open to the public” hours of operation. Ask others in your field where they buy wholesale. You can also buy from wholesale clubs, although the discounts likely won’t be as deep.
Before you can buy wholesale as an individual, you will need to get a Federal Tax Identification Number through the Internal Revenue Service. This will allow you to open a business bank account and do business with wholesalers who do not otherwise deal with the general public. If you want to sell your products anywhere other than online, you will also need a wholesale retail license. This will allow you buy the goods without paying tax and pay tax when they are resold.
Before you choose which items to buy, research the market and current trends. Find out how many competitors are selling similar items and the average wholesale prices for these items. You can research products and wholesalers online and through trade shows and publications.
In general, the larger the quantity you buy, the higher your profit margin will be. You should buy the largest quantity that you can afford and believe you could sell. Note the price measurement and whether prices are for individual items or sets.
When choosing accessories to buy wholesale, look at what you already have in your inventory and try to find items that will complement them. If you want to buy seasonal items, allow plenty of time for shipping.
If you are shopping at a physical location, you should be able to view the merchandise. If you are buying accessories online, there should be photos and descriptions.
There may be different policies and procedures depending on whether you are buying jewelry, handbags, shoes, or other accessories. Different wholesalers may also have different policies, procedures, and items for sale. Consider several wholesalers before deciding which products to buy.
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