6 Ways To Know If Your Business Is Ready For Wholesale

6 Ways To Know If Your Business Is Ready For Wholesale Feature | bulb and key

  • 24 Jul 2020
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    “Art is not just a thing; With every purchase, the buyer of the art receives a piece of your creative spirit”.

     

    That’s true for all the forms of arts and crafts. India is a country with a rich history of countless arts and crafts. Artists and craftsmen are respected for the fact that they can create something out of nothing!

     

    Every art and craft deserves to be in the right hands where it’ll be loved and honored. May it be your woodwork, embroidery, painting, or jewelry.

     

    Did you know that there is a broader channel available to reach your target audience without actually approaching them through direct mediums?

     

    Yes, you guessed it right. It’s Wholesaling! The wholesale market allows your art and in turn your brand to reach the mass audiences in practically lesser time.

     

    Read:- BIG IDEAS FOR SMALL STARTUPS

     

    Here are the 6 ways to know if your business is ready for wholesale:

     

    1. What’s your Storyline?

     

    What’s your Storyline | bulb and key

     

    Before you start mass selling your products through wholesale distributors, it is important to know the storyline of your brand. The storyline is basically the objective of starting the line of your products. Every brand has a storyline and it is the vital element of your sales pitch to the wholesale market. By having it in the right place and in the right form, your journey as a wholesale supplier becomes pretty easy and smooth.

     

    1. How do you rate your brand in terms of diversity?

     

    How do you rate your brand in terms of diversity | bulb and key

     

    While you own a brand, it is important that you have enough diversity in your products. By having a variety of products to offer your distributors, your wholesale business will surely flourish. Diversity in products also means bringing in product types that go well with your brand. For example: If you are a painter, are you looking forward to extending your art to painting fabrics and jewelry?

     

    Read:- WORK LIFE BALANCE CHALLENGES DURING THIS PANDEMIC

     

    1. Do you have the product pricing ready with its reasons?

     

    Do you have the product pricing ready with its reasons | bulb and key

     

    Say, you have a price tag of $90 on a necklace that you are willing to sell in the market. Are you ready with similar products with the same pricing? Also, are you in a position to justify the pricing of the necklace?

     

    Having this area worked out well helps you to set up wholesale prices of items in your brand. These prices can also make your life easy while you will be sending wholesale lots of supplies to your wholesale distributors spread across the country.

     

    1. Can you handle the volume?

     

    Can you handle the volume | bulb and key

     

    Once you are into wholesale trade, it happens very often that there is more demand than your capacity for production. If your products prove to be massive hits in the market, you may expect such a scenario. Sometimes, if your products are seasonal, then the wholesale shop that has your product may exhaust it completely. This creates urgency and high demand. For it, you need to be prepared along with your team. You need to have a concrete action plan that you can follow in the times of peak and excessive orders. 

     

    Read:- TYPES OF INSURANCE FOR BUSINESSES

     

    1. Have you done market research?

     

    Have you done market research | bulb and key

     

    Before you enter the wholesale business you must know the tastes of your end-users. With a large number of varieties available out there, without the right research, you may take a wrong route altogether and have unfortunate end-results. So as to know which product would be a big hit, you must explore not only your target customers but also a few small business wholesale suppliers. A small talk with them can help you in the long run.

     

    1. Are you Confident?

     

    Are you Confident | bulb and key

     

    Well, this is the most important one! Confidence is everything! Literally everything!! If you believe in yourself and your products with complete confidence, you manage to sell anything. It is the confidence that shall fuel you with innovative ideas to lead the wholesale market. So make sure you have it flowing in you forever.

     

    Ask these questions to yourself before you start to swim in the pool of wholesaling. If you get to hear a ‘Yes’ six times in a row, then why wait?

     

    Go, Go Jump in!

     

    Read:- REASONS WHY SMALL BUSINESSES FAIL

     

    Posted in Business