When you start a wholesale business one of the main things you need to think about is stock. Not only where you are going to source the stock from, but also what kind of stock you want to carry.
Many wholesalers carry different stock throughout the year and certain purchases are obviously based around supplier pricing. The team at Wholesale Scout have put together a few tips on how to stock up your inventory:
Look at Trends
Although trends often tend to push supplier pricing up, it is crucial to spot market trends and popular products. It could be a gadget or a movie – either way you should spot trends on the rise and source relevant products to take to market. Carrying just a portion of these popular products will make your inventory more attractive. Consumers and retailers often buy products like this in bulk too so you are more likely to move stock quickly.
Versatility
It depends if you want to specialise but generally stocking a variety of items is a good idea. The more variety your inventory has the more choices and selling options you have. Spend time researching and sourcing relevant wholesale suppliers to make sure you get the best deals.
Prices/Return on Investment
Look out for products that can provide a good return on investment. This will usually require you to purchase big orders so spend time finding the right wholesale supplier. Spend time on eBay too, looking at product prices to get an idea of how much different products sell for.
