How to Know if Your Products are Ready to Sell Wholesale
How to Know if Your Products are Ready to Sell Wholesale
5 Proven Steps to Know if You’re Ready
Word on the street is that you’re really considering leveling up in your business by selling your products wholesale. Maybe you’ve been doing your research, getting some questions answered, and really starting to consider taking this huge step. But if we’re being honest, there’s a lot of uncertainty and, dare I say, fear, around officially taking the plunge. At least there was for me when I decided to go from selling my jewelry strictly direct-to-consumer to opening the doors to wholesale.
After 30+ years in the business, I can truly (and candidly) say that I’ve experienced every fear, thought, question, hesitation, and emotion that you have felt or may someday feel - especially when it comes to taking what may feel like a risky next step in your business. But I’ve also overcome a SLEW of obstacles, and am now dedicated to helping powerful creatives like you experience success and fulfillment (no pun intended) in their businesses and lives!
It’s no secret that I really believe in selling wholesale. It truly changed the game for my business and gave me more profit and freedom than I anticipated being able to have. Generating strong revenue, working alongside great people, and creating products I truly love? SIGN. ME. UP.
But no matter how much I believe in selling wholesale, I believe even more in understanding if it’s the right choice for your business.
Here are 5 proven steps to know if you’re finally ready to start selling wholesale:
Take Inventory. Yes, taking inventory of your products is important, and something you’re likely already doing. Understanding how many products you have ready to sell and how many you can create at a given time is vital to understanding if you’re ready to sell wholesale! But there are other areas to take inventory of as well - your mind, your systems, your calendar, and more. This may seem time-consuming, but taking inventory and having a full grasp on the ins and outs of these different areas is time well spent. In order to take the next step in our businesses, we have to understand the foundation and where we will be building from.
Dream a Little: forecast what it could look like. If you’re anything like me, it can be easy to hit the ground running once we’ve made a decision to do something. That’s a good thing! But before you decide whether or not to begin selling wholesale, take some time to dream. Write out an actual forecast of what your profit could be if you had X number of store partners. How many stores would you need in order to match your current revenue from selling DTC? What could you do with the spare time created from streamlining your business with amazing, like-minded stores and buyers? Dreaming about the future and what our lives will look like as a result of a big decision isn’t silly. Rather, it’s a great way to gain clarity around whether or not a certain decision can help us reach the vision we have for our life and business.
Reach out to 3-5 local stores. If I had to guess you probably either love cold reach-outs and drumming up conversations with total strangers…or you absolutely hate it. Maybe the idea of calling on stores in your area and asking them to sell your products makes you feel all kinds of queezy. I have one piece of advice - push through and do it anyway. Connecting with local stores is a great way to not only test the waters of selling your products wholesale but also to begin building relationships in the industry. Many stores/buyers are connected within different communities, and if someone has a good experience working with you and selling your products, they’ll likely recommend you to a fellow store owner who is looking to expand their offerings or even looking for a product just like yours. Again, the ultimate purpose here is to simply take a step and get real experience selling your products in this capacity.
Connect with other Entrepreneurs. Simply put, community is everything in this business. It can be really easy to get so wrapped up in everything it takes to run a business, that we forget (or don’t make time) to connect with others like us. A great step to learn if you’re ready to begin selling wholesale is to talk to other entrepreneurs who are already successfully doing so. Insider Tip: I absolutely love building the community of creatives, and would love for you to join me in my monthly creative group, School for Creatives. Shoot me a DM or email (lucy@lucysinspired.com) and I will get you in the group asap!
Watch my FREE MASTERCLASS which goes live this month. Alright. So here it is. The ultimate step to understanding if you’re ready to sell wholesale. I mean REALLY understand. I am so passionate about this topic, and again - it is my mission to help creatives just like you avoid making the same mistakes I did. I’ve learned so many lessons, and am so fired up to share it all with you. The good, bad, and ugly - it’s ALL wrapped up in my FREE masterclass. Yes, it really is free…and yes, you WILL walk away with clarity on whether or not it’s time to take this step in your business. Plus, you’ll be able to participate in a live Q&A with me - so come with your questions and concerns!
It can be easy to find ourselves wandering around in circles, procrastinating on stepping into what’s next. Instead of staying wrapped up in your mind, take action! And remember - it doesn’t have to look perfect.
I have personally seen MANY entrepreneurs go through the 5 steps laid out above - and all of them really came to understand whether or not it was time to start selling wholesale.
CLICK HERE to register for the Masterclass - How to Know if Your Products are Ready to Sell Wholesale on September 15 at 12pm CT. I hope to see you there!
Got questions? Send me a DM, or email me at lucy@lucysinspired.com. I’d love to connect!