WHOLESALE VENDORS BUYING PROCESS
I'm noticing that a lot of you guys have two different dilemmas when it comes to purchasing from wholesale vendors. You're either skipping a few steps before you purchase a wholesale vendors list or you are ordering wholesale but the problem is your vendors aren't legitimate. So even though you are buying things at a discounted rate you're actually paying way more than you really should because you're not working with a legitimate vendor.
Problem #1: Once you go to these specific wholesale websites you notice the websites are either asking you to create an account with information that you just don't have, or you're noticing when you're looking at the inventory, the products don't have prices on them.
Fact: That particular website is a legit wholesale vendor so if you ever go to a site where they're asking you for things like your resellers license, ein number, your business number
or maybe your tax id number before you purchase, it’s legit.
Solution: It's time to register your business. You can go to www.irs.gov, now there are a bunch of other sites (I recommend legalzoom.com or resellerspermit.com) this is where you are going to do three different things:
- first thing you're going to register your business name
- they're going to provide a ein number (this is basically like your business social security number so in the future you can use business credit)
- Get your wholesale license (the website may use the terms wholesale license, reseller's permit, resale certificate or seller's permit)
TIP: If you want to work with a legitimate vendor they need to make sure you’re running a legitimate
business with proper documentation to buy products and resell.
Q. Is it better to get a local wholesaler or to do it overseas?
A. So this really depends on your patience, the amount of money that you're willing to spend and your actual preference. I have my reasons why I prefer U.S vendors
- language barrier
- being able to pull up at the actual warehouse
- avoid paying more for shipping
- Time difference
Q. Do vendors usually require business paperwork prior to ordering?
A. Yes don't forget if they are legitimate they're going to ask you for your paperwork and you should be proud and ready and prepared to provide the information.
TIP: You should be asking wholesale vendors certain questions while you are working with them. Here are a few questions I recommend:
- How many clients in my local area are purchasing from you?
- How much of the inventory of this product do you have available?
- Do they have a private Facebook group or newsletter to stay up to date?
Q. How do you deal with large mqo when just starting out?
A. MQO = minimum quality order, this is all depending on your audience. I always recommend pre-selling products before you actually order or showing the products before you order, maybe creating a wait list so you can see what's hot and what's not.
Q. I'm having a hard time finding vendors for my yoni products please help!
A. Your dilemma when you guys are looking for vendors on your own, you need to keep in mind google keywords. The different type of keywords I can use instead of actual “yoni products right first thing i'm going to think and look up are keywords like um feminine products” are feminine wellness, natural healing for women or natural remedies for women.
TIP: I encourage you all to sit down and write down a bunch of synonyms for the product that you're looking for and then be specific on the demographic. Also, when you are searching on google a lot of these wholesale vendors especially if they're overseas aren't paying for google ads. This means that they may not show up on the first three pages on google so you may want to be a little more patient and take the time out to look through more pages on google.
Q. How do I find vendors that actually dropship?
A. Once you find a wholesaler I recommend asking questions outside of using the terms “dropshipping”. If your vendor is overseas they may not understand. So ask questions like:
- Are you guys able to offer packages and labeling?
- Are you guys able to ship off the products for my customers yourselves?
- Are able to cut out the middleman and instead of getting all of the products shipped specifically to you if you can order the products in bulk and then ask if they can ship it off for you
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