It doesn’t matter whether you’re coming off your best year yet or if you’re trying to recoup from a loss, chances are you wouldn’t say no to an extra stream of revenue. What if you were told it took very little effort after the initial setup?
If you’re not familiar with the idea of wholesale, then grab a notebook and prepare to take notes!
Essentially, the concept of building a wholesale component into your business involves upselling clients on things that they already need.
It’s important to discern the value of the items you want to sell, as there’s a fine line between upselling and nickel-and-diming. If you build the ability to offer items they want and need, then you’ll be saving them the additionally step while also increasing your bottom line.
Ultimately, you want to be their indispensable “go to” for their needs- be the one who already has access to great relationships and let that be a benefit for doing business with you.
However, part of creating this new set of offerings is anticipating the needs of your clients. Look at your past events, as well as your current events, to evaluate some of the aspects that are most often used. Candles? Classic white linens? Vases? Chalkboards? If you notice something that most of your clients have to purchase elsewhere, it makes sense to have the means to offer it to them yourself so that they can buy it from you instead.
When the time comes to purchase on behalf of a client, it’s imperative that you already have a relationship with the right place. If you opt for shopping at a brick and mortar store, you’ll miss out on all the savings and perks of developing a partnership with a wholesaler. Buying in bulk will certainly save you much more in the long run and your clients will be appreciative when those savings are relayed to them.
So how does one find the best wholesale companies to work with? Reach out to your industry peers as see if they have any recommendations and look at the latest trade magazines to get an idea of who’s the best in the business. Always check their reviews online and on the Better Business Bureau before getting involved – you’ll want to know that they’re reliable and trustworthy before choosing the right fit.
From there, you can reach out to those that interest you and let them know what exactly you’re looking for. Great wholesalers will be enthusiastic to work with you and helpful with guiding you in the right direction.
Throughout the process, keep an eye on your numbers to ensure your bottom line is going in the right direction. If things don’t seem right, you may need to adjust your pricing to meet your margins.
If you’re looking to increase your bottom line but aren’t sure how to get the ball rolling, developing a relationships with a wholesale company could be just the answer you’re looking for!
Audrey Isaac is the spokesperson for 100 Candles, a wholesale market for candles and lights. Since 2002, thousands of wedding and event professionals have entrusted 100 Candles with their wholesale candle accounts. For more information, please visit http://www.100candles.com/.