So, you’re thinking about starting a wholesale business? Don’t sweat it! It might sound daunting, but it’s actually a breeze if you follow these steps. Let’s break it down:
Step 1: Gather Your Docs
First things first, get your paperwork in order. You’ll need:
- LLC Registration: Make your business official and protect yourself from personal liability.
- Professional Website: Nothing says “I mean business” like a slick, professional-looking site.
- Dedicated Email Address: Ditch that old Hotmail account. Get a proper business email.
- EIN (Employer Identification Number): It’s like a Social Security number, but for your business.
- Reseller Certificate: This little gem lets you buy products without paying sales tax, which is kind of a big deal.
Step 2: Woo Those Brands
Next, it’s time to charm some brands. Shoot them an email or give them a ring and ask if you can sell their stuff. Be prepared to wait around a month for your first approval. Good things come to those who wait!
Step 3: Budget Like a Boss
You’ll need at least $6,000 to get started. Think of it as your ticket to the wholesale world. This cash will help you buy your initial stock and get the ball rolling.
Step 4: Launch and Sell, Baby!
With brand approvals in your pocket, it’s time to get down to business. Set up your operations and start selling those products. This is where the magic happens!
Step 5: Patience, Grasshopper
Rome wasn’t built in a day, and neither is a wholesale business. Give it 6 to 7 months to see consistent sales and for things to run smoothly. Patience is key.
Step 6: Count Your Pennies
In the wholesale game, profit margins usually sit between 10% and 20%. Not too shabby, right? Keep an eye on those margins and adjust as needed to keep your business in the green.
Final Thoughts
Don’t be scared to jump into the wholesale world. With the right steps and a bit of patience, you can build a successful business and have a lot of fun doing it. So, what are you waiting for? Go on, get started, and watch your business grow!
If you are an Amazon Seller looking for free help with any Amazon related issues from me or other sellers with whom you can network, don’t hesitate and join our discussion forum for Amazon Sellers.
To stay in touch on Facebook, feel free to join and post into my large Amazon Seller Performance – Friendly Advice – Worldwide Facebook group, where you will be very welcome too.
Additionally, here you can watch my YouTube video, where I am presenting you several secret tips about appealing Amazon Seller Account suspensions (don’t be confused by the opening of the video, where I am enjoying a vacation – it’s a part of the story):
Leave a Reply
You must be logged in to post a comment.