Wholesale 101: Everything you need to know
As we enter the “back to school” season and begin to feel that cool, crisp Fall air (in some states, at least), it’s the perfect time to imagine what could be possible for your small business in the months and years to come. Today’s blog, while short and sweet, is focused on one of my very favorite topics: selling wholesale.
If I hadn’t taken the leap years ago to begin selling my products wholesale, well, I’m not sure where I’d be! It was one of the best decisions I’ve ever made - on a professional level AND personal level (I’ve made some really incredible friends along the way)!
I’ll never forget the first time I called on shop owners…or the first time I had a booth at market in Atlanta. I’ll be honest, it has been quite the journey! I have learned so much along the way, and now I get to share that knowledge and experience with you as you consider how to grow your business like never before.
So I’d like to invite you to our very own “back to school” moment as we unpack the basics of wholesale. We’ll talk about what selling wholesale means, why it’s important, and how to learn the best next step for your specific business!
What IS wholesale?
Selling wholesale simply means selling products to other businesses/retailers at discounted prices, and typically in larger quantities. These businesses will then resell your products to end consumers at “retail price” (which is higher than wholesale price). It is different than selling directly to your customer as it involves allowing another business (like a boutique) to sell your products on your behalf.
Why should I consider selling wholesale?
Trust me, I asked myself this question a lot in the early days of Lucy’s Inspired. Like you, I wanted to make sure I was making a decision that would propel my business forward, not hold it back or add more stress to my plate. Here’s the truth: selling wholesale is an incredible way to grow your business because it allows you to have a more accurate forecast of what your overall revenue will be! Selling wholesale is essentially selling in bulk - so when your customers (aka the businesses/retailers you’re selling to) place their orders, you know you’ll be selling that much. This is in contrast to having an online shop or doing pop-ups and just hoping to sell a certain amount. For example, if I have 5 retailers who sell my Lucy’s Inspired jewelry, I know for sure that I can count that amount towards my bottom line. Further, if products sell well at a given business, they’ll likely reorder from you – meaning more recurring revenue you can count on. Imagine the power of this as you gain more and more customers!
Another immense benefit of selling wholesale is exposure to a potentially new customer base. For example, when someone finds my jewelry at a retailer, they’re now aware of my brand AND may even search for more of my products online. Selling wholesale is basically a marketing opportunity, too!
I’m clearly very passionate about this topic, and I could go on and on about the benefits and advantages of selling wholesale. If you want to chat more about the benefits and how they could apply specifically to your products/industry, click here to book a consult call with me!
How do I know if wholesale is a good fit for my business, and how do I take a next step?
Another great question, and one I am asked on a frequent basis! I’ve seen countless small businesses become pleasantly surprised when they finally considered taking the plunge into selling their products wholesale, and chances are, the same will be true for you if you choose to give it a try. The good news is that while the whole process may seem a bit overwhelming, it’s actually quite the opposite and you can begin as quickly OR slowly as you feel comfortable with! You can start with one store, see how it goes, and then go from there. Or you can dive right in with a full booth at market. The path and speed are totally up to you, but it does help to have someone to guide you through the process (that’s me)!
If you’re curious about whether this is a good fit for your business or not, click here to book a consult call with me. I’ll take you through my proven process to understand if this is a good decision or not. If we decide that it’s a step you’d like to take, I will guide you through “what’s next” including learning resources, VIP experiences at market so you can see what it’s really like, and more.
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When you say yes to selling wholesale, you’ll say goodbye to the unnecessary stress of carrying ALL the weight of sales on your shoulders alone. You’ll build relationships with store owners, obtain an entirely new customer base, and begin seeing your business thrive like never before.
What do you say? Will you give wholesale a try (just in time for the holiday season)?
Drop your questions in the comments below, or send me a DM on Instagram @lucysinspired !