How to Get Into Wholesale: Tips for Newer Businesses Looking to Start

Wholesale is a market that often gets overlooked. Your business needs this to thrive. You can survive on single orders from customers, but you will grow beyond words with wholesale.

It opens up new revenue streams, expanding your market reach. Imagine seeing your products in retail stores…🤯

As for myself, I currently utilize Faire. “An online wholesale marketplace that connects independent brands with independent retailers.”

Now Faire is a great online marketplace. It’s also…FREE to join. The majority of small business owners use it because it’s is easy to get started, to connect with brands, track your orders, send marketing emails, and a lot more.

But you have to apply and get accepted. And this newsletter will help you do just that!

This will be broken up into two posts. First we will begin with how to get started, then we move into how to get more leads…aka get more orders.

If you are ready to go and want to get started, click here to set up your account. *Using a referral link gives you a better chance of getting accepted.

1. Understand the Basics of Wholesale

Wholesale involves selling your products in large quantities at a lower price per unit to retailers, distributors, or other businesses. This model can significantly boost your sales volume, but it requires careful planning and a solid strategy.

Ensure your profit margins are solid because you will be lowering your prices. Also, have enough inventory. Separate your wholesale inventory with your regular consumer based inventory.

2. How to Get Accepted with Faire

Mind you, there isn’t a guarantee to getting accepted. There have been businesses who applied and reapplied and still got a no. However, it is very easy to apply (takes 30 seconds) but here’s what can truly help you.

1. Have a website or a domain. When I joined it was before I had my own Shopify website. I did have a domain or url that was connected to my Etsy account. Having a website shows your credibility that you sell goods on your own site. (Things probably changed since this was 2 years ago, so having your own website is a non negotiable.) Godaddy.com is a perfect place to get started for cheap.

   
   Simply add your business name into their domain finder and pick a domain url that works for you.
   

   And make sure you are using high quality photos with bright lighting on your website. Nothing makes your products stand out more than beautiful product photography.
   

2. Be in a core market. This means you are in a highly profitable industry. For instance, Apparel, Stationery or Paper Goods, Candles, Pets, Home Decor, Jewelry or Accessories.

   
   They will look for your industry and if it’s too niche, it will be harder for you to get accepted. Also are your products either handmade, originally designed or unique? They love this and want to highlight it in their Marketplace.
   

3. Having a Business License or Sellers Permit. Once again are you an actual business? Having both is ideal. You may not need to show either when applying, but you shouldn’t count this out because they can look for them online as they review your application. Having an LLC, Sole Proprietorship, or owned enterprise is something you want as well.

   
   With these documents you have claims to a business, are collecting taxes, etc. It’s great to have on file.
   

4. How many products do you sell. This can show how long you have been in business, plus it’s great for getting noticed in their Marketplace (SEO). So the more products the better! Not to mention, this is a question asked when applying.
   

5. Social Media. As much as you want to avoid it, having an online social presence is a plus. They want to see your products in action versus just photos on a website. Especially if they’re unique or have unique qualities, these are the brands they want.

Once you’re approved, complete your profile and upload your product catalog right away! The quicker you open your shop the better. Always remember these best practices.

3. Best Practices for Entering Wholesale

To ensure success in the wholesale market, consider the following best practices:

• Know Your Market: Research your target wholesale market. Understand the needs and preferences of potential buyers and tailor your products. Plan for seasonal products or holidays.

• Set Clear Terms and Conditions: Clearly outline your wholesale terms and conditions, including pricing, minimum order quantities, payment terms, and return policies.

• Offer Incentives: Consider offering incentives to attract wholesale buyers, such as discounts on bulk orders, free samples, or flexible payment terms.

• Build Strong Relationships: Focus on building and maintaining strong relationships with your wholesale buyers. Provide excellent customer service, communicate regularly, and be responsive to their needs.

I think you and your business have what it takes. It’s time to get started and apply right here!

Conclusion

Getting into wholesale through Faire can significantly expand your business's reach and growth potential. By understanding the platform's benefits, setting up a compelling profile, actively promoting your products, and following best practices, you can effectively attract new leads and grow your wholesale business.

Don’t worry, you will learn how to get more leads in next week’s topic, because you gotta get your name out there.

Therefore, you will then learn how to source retailers, get an email pitch template, and learn more tips to get you going!

P.S. Thank you for being here. I can’t wait to grow this community and keep sharing. There is so much more to come and you are in the right spot. I can’t wait to see God grow your business!

Share the love and send this newsletter to a business bestie.

As always, you can refer to this post on our Hustle Hub website.

Next Week’s Topic: How to get more Wholesale Orders…