3 Ways to Get Started with Wholesale
Getting started with wholesale can be intimidating - I know, I’ve been there! Even just 2 years ago I had no idea where to start, or how to take that first step. The important thing is to just start! I’m sharing 3 ways you can get started with selling your products to a wholesale market.
So, what is wholesale? Wholesale refers to a type of business where you sell your products or goods at a discounted rate to other retailers or businesses who then sell them at their full retail price. In order to obtain this discounted rate, retailers purchase the products in larger quantities, and it is common to see “MOQs” or minimum order quantities for wholesale items. Getting started in the wholesale business as an artist can be a great way to expand your reach to new audiences and increase your sales. Here are 3 ways to begin:
Create a Strong Portfolio: Before approaching wholesale opportunities, make sure you have a well-rounded and cohesive portfolio of goods that showcase your brand. For stationery designers, this often means having a good range and quantity of greeting cards, art prints, or whatever item it is that you sell. My top sellers in wholesale have always been greeting cards, so that is where I put most of my focus. You will want to have high-quality images of your work, detailed descriptions, and information about your artistic process. This will help potential buyers understand your brand and the value of your products! This doesn’t mean you have to go out and hire a photographer – most of my images are done with mockups in Photoshop! Next, you’ll need to determine your wholesale terms. Wholesale buyers expect competitive pricing and terms that will allow them to make a profit while selling your products. Determine your wholesale pricing by considering your production costs, time invested, and desired profit margin. It is common to offer a discounted price of 50% off your retail price, but this amount should be based on what works for you and your business.
Research and Reach Out to Retailers: Researching potential retailers that align with your style and target audience is key! Visit local boutiques, get to work on googling gift shops, and even shop stockist pages of other brands that compliment your work! We keep a running list of shops we reach out to, where they are located, and contact info for their buyers. Once you identify some shops, start reaching out! Put together an email template that explains your brand/product, target audience, and why your products would be a great fit for the retailer’s offerings. Keep it short and sweet!
Make it Easy: The last thing retailers want to do is jump through the hoops of a complicated ordering process. While you can certainly build a wholesale system on your own, you can also partner with platforms like Faire to offer a simple streamlined way for retailers to shop your products. When you email shops directly with your Faire link, you don’t have to pay a commission fee (even more incentive to do that outreach!!) You do have to pay a commission to Faire for every retailer that finds you through their search platform, but it’s still a great way to reach more shops! Faire also makes it easy to establish clear terms regarding minimum order quantities, payment methods, shipping costs, and return policies. Being transparent and easy to work with can make your products even more appealing to potential buyers. Interested in signing up to sell on Faire? Use this referral link!
Building relationships in the wholesale business takes time - be patient, persistent, and just go for it! If these tips helped you, let us know in the comments! What topic do you want to hear more about next??