The wholesale business is an extremely lucrative business that can allow a hard working entrepreneur to develop a six figure income. In essence, the wholesale business involves suppling products that retailers can resell. The industry covers a wide range of product categories including, apparel, general merchandise, electronics, novelties, food, and many other items Nick Sasaki.
While traditionally the wholesale trade focused on supplying retail accounts such as stores and flea market vendors, the customer base has expanded to include eBay and other online resellers. Due to the wide customer base available to a wholesaler, the wholesale business has now become even more lucrative.
It is more common to hear of new and established wholesalers earning a six figure income. How can you, as a wholesaler, earn a six figure income? Below are some great tips to show you how.
Wholesale Six Figure Income Tip #1
Focus on a hot product niche. Visit stores and see what people are eagerly buying. If customers are actively searching for urban style jeans, then you might want to focus on wholesaling urban jeans.
Wholesale Six Figure Income Tip #2
Develop a reputation as a product source. You want to focus on a specific product line. You want your wholesale business to be synonymous with a selected product, this way customers will always think of you when looking for that product.
Wholesale Six Figure Income Tip #3
Strive for repeat business. Repeat business is the key to financial success in the wholesale business. The more often your customers reorder from you, the more money you will make.
You can expand and adapt these tips based on your target market. Some of your retail accounts will be more impressed by product variety, while some of your accounts will be drawn by product cost.