Today’s Start Scale Succeed is a solo episode from Nicole where she tells you everything you need to know about wholesale. She’ll be discussing the four main questions you need to be asking yourself, the why, the where, the how, and the when. So if you’re looking to get into wholesale but have no idea what to expect when it comes to profit margins, trade fairs, and finding the right resellers, then this is the episode for you. 

KEY TAKEAWAYS

• A wider audience means increased sales and increased volume of orders and more exposure for your brand. So with that increased volume of orders, you could then hopefully renegotiate your cost prices from your supplier and make more margin. Increased exposure also leads to increased sales, but also you can leverage off new audiences who then may go directly to your own website to see what else you've got on offer rather than buying from that retailer.
• Some of the cons of wholesaling, you have less control of your stocks and your retail prices. You can give a suggested retail price, but if an item isn't working for a certain retailer and they need to mark it down, then they can do it. You'll make less margin.
• Another thing to be aware of is non-payment. Some smaller brands may have experienced in the past not being paid by a retailer. So if that retailer went into administration or liquidation, then they wouldn't have been paid. This was a big risk during the pandemic. 
• Make sure that you're partnering with those that you know are secure financially. Nobody has a crystal ball, but you need to make sure that you've done your own bit of research and due diligence in terms of what's their past behaviour.
• Before you decide to wholesale, one of the key things that you need to look at is how you're setting your prices and what kind of margin you make. Do your research and see where your competitors are setting their prices and who are their stockists. How in demand is your product? How unique is it to the market? And what makes you different?
• Take into consideration not just your cost of goods, but the time it takes you to do everything and pack the products. This is all time and money. If you are making the products yourself, what time does that take? As your business scales, you would need to pay someone to do that. Make sure that you're building in those kinds of costs from the beginning.
• If you’re considering selling at a trade fair, make sure you go to it beforehand to make sure it’s the right place for your brand.
• Keep a wholesale tracker of who you contacted when you contacted them, what the outcome was, and then, diarize when you're going to contact them again so that you can refer to that weekly and keep that updated.

BEST MOMENTS

‘Everyone needs to make a piece of the pie’ 

‘Buyers need choice and variety’

‘Photography is key’

ABOUT THE HOST

Buying & retail expert Nicole Higgins spent the last 18 years working for companies such as Primark, M&S, Debenhams and Asda, sourcing & developing products from all over the world, building strategies for blue chip businesses, and increasing bottom line sales and profit, adding over £40 million in incremental business to the bottom line. 

Nicole now uses that experience and works as a consultant and coach for entrepreneurs and small to medium sized business owners, helping them start and scale their product businesses as The Buyer And Retail Coach (TM) 

Join the Start Scale Succeed waitlist. How to start & scale a product business. A 12 Week programme:  thebuyerandretailcoach.com/startscalesucceedwaitlist

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