The Lowdown on Buying Wholesale

Many people have the misconception that only big businesses can buy in bulk from wholesalers. In reality, as long as you are a trading company, you’re also completely eligible. In addition to this misconception, small businesses may feel apprehensive about approaching large wholesalers as they think they’re not big enough, legitimate enough, or don’t feel that they will be taken seriously. The good news for you, if you’re one of these people, is this isn’t true at all. Wholesalers are generally happy to trade with anyone who wants to make an offer.

The main thing that puts people off is when a wholesaler states that they are for ‘trade only.’ What this actually means, though, is they will only work with companies that are then looking to sell on this stock. If you’re selling stock in any form, be it on eBay or through your own website, you’re technically a ‘trader,’ so you don’t have to worry about eligibility.

The only potential issue may be if a wholesaler has a minimum order value. However, often, this won’t be an issue, and the minimum is regularly not more than a few hundred dollars at most. If you do find this to be an issue with one wholesaler, try to look around. You’ll most likely see an alternative fairly easily.

Once you’ve found a wholesaler such as wholesale for everyone that accepts a minimum order value that fits your budget, you’ll need to provide proof of trading. Again, while this may sound intimidating, it often isn’t. If you have a legal trading name on a business card, for example, this will be enough. An alternative may be a bank statement with several transactions on it or an invoice.

The next step is the payment. Often, wholesalers are based abroad. Paying these companies is another step that sounds more difficult than it generally is. The first thing to do is to see if you can use a service outside of your bank, as foreign transactions can often be difficult and costly. An excellent service to consider is TransferWise, which is an end-to-end solution that takes the headache out of international transactions and provides the mid-market rate rather than an inflated bank figure, as well as a reasonable upfront fee when compared with the alternatives.

As a small-time trader, you’ll most likely be interested in the minimum amounts you can buy, as you’re acquiring more cash flow. The best thing to do in this case is to speak to the wholesaler directly. Often, the amounts stated on the website are negotiable. Once you talk to someone over the phone or email with your requirements, many will be happy to deliver exactly the quantities you need. Most wholesalers also send samples of products in minimal quantities, so that you can review them for quality. This is a great option before you invest too much in stock that isn’t right for you.

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