Are you looking to start a boutique? The best way to drive costs down and increase your profit margin is to buy wholesale. This guide will take you through the process of buying wholesale clothing for resale and what business matters to take care of as you prepare to launch your shop.
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Those who are considering starting a business to resell clothing that has been purchased from wholesalers should be enthusiastic but also cautious when choosing their source. For your brand to succeed, you need to have a thorough plan of action. Priorities to have before starting your business include the following:
acquiring a keen sense of fashion apparel
keeping up with the most recent fashion trends
studying key business principles including sourcing, marketing, retailing, etc.
pricing comparison between several wholesalers
locating the ideal area for audience targeting
Make sure it's legal to launch a clothing business in your location before you do anything else. Get the necessary licenses and permits to conduct business as a legitimate entity. For instance, you might need a city and state company license. For additional information on the legal prerequisites for launching a business, go to the Small Business Administration website.
Choosing whether you want your wholesale clothing suppliers to be domestic or foreign should be everyone's first decision. Naturally, each has advantages and drawbacks. It will come down to your personal preference, the goods you're selling, or your personal principles. To determine which is the best alternative for your business, carefully examine the quality standards for wholesale clothing vendors both domestically and internationally.
For instance, using a domestic wholesale clothing supplier makes more sense if you want shorter lead times. The shipment time will be considerably reduced because they are domestically located. As there won't be a language barrier between you and the vendor, communication will be easier. This might result in fewer mistakes and errors. A better level of manufacturing quality is also likely to be expected.
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It's time to research suppliers so you can buy wholesale clothing in quantity for your store now that you know where to acquire it. To decide which wholesale clothes vendor to work with, you will typically need to ask for a price and begin to establish a connection.
A request for quotes will probably be your initial exchange with the supplier. The only way to obtain pricing information from a wholesale supplier is through a Request for Quotation (RFQ).
In essence, you're sending an asking for a price quote based on the quantity you wish to purchase. Instead of treating it as an IM between you and the provider, you should take it as a serious business inquiry to establish a long-term connection. Subsequently, make sure to work out a minimum order quantity (MOQ) and shipping arrangement! When buying wholesale, make sure to do your due diligence to get a trustable and reliable supplier.
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One of the key tenants of business is "buy low and sell high." The clothing retail clothing business is no different. If you want to start a clothing business, buying wholesale is the best way to buy at the lowest price, so you can add your markup, and then sell your goods for a decent profit. Buying wholesale is not difficult, once you find the right places with the inventory you seek.
To operate a clothing business, you'll need to make sure you are legal to do business in your area. Secure all the required permits and licenses to run your business. For example, you might need a state and city business license to open your doors. Business insurance is also necessary because it protects your business in the event there is a problem.
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Finding a suitable location for your business is also a step you need to take. You don't need to open your store in the ritziest location, but the building and your store should be clean and welcoming to your potential customers. You'll also want marketing materials and a marketing plan in place, so that when you do have your grand opening, people will be outside, waiting for your doors to open.
Who is your target market? And what types of clothes do you want to sell? Do you want to specialize in children's clothes, the tween market, or ladies clothing? If you don't have a preference, take a look around your area so that you can see which market is being under-served. Then, strive to fill that niche.
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For example, if there aren't a lot of choices for big and tall teen males, if you open a clothing store targeting this group, you would be filling this niche. Or, maybe there aren't any high-end or formal fashion boutiques for teen girls or young women. Studying your market or lack thereof can help you shape the kind of business you should open. Another option is a mall kiosk, or you can store the merchandise and sell online on a site such as eBay.
Once you have your business plan and legal structure in place, it's time to begin working with wholesale suppliers. Relationships are key in retail, so you'll want to invest both time and money in finding the best wholesalers and working with them closely.
Finding Wholesalers
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There are a couple of ways to locate clothing wholesalers. One option is to find websites for companies that represent multiple clothing brands. The other is to visit the website of a clothing brand you would like to sell. You can typically find links to wholesale information on the top or bottom of these sites, though you shouldn't expect too much detail regarding qualifications, order minimums, pricing or terms. Instead, use the website to contact the brand or wholesaler.
Contacting Wholesalers
In most cases, you can apply for a wholesale account directly on the site, though you may be instructed to or a representative instead. The application process may be straightforward, though wholesalers of more elite brands could make it more difficult for you to qualify as a reseller, at least while your business is still new.
You'll be expected to provide proof that you are operating a legitimate business. This proof usually includes a copy of your business license, your resale permit and, in some cases, copies of invoices from other wholesale accounts that you already have. Be sure to ask the wholesaler or brand representative about their terms, including pricing rules and how to establish credit terms.
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Developing Supplier Relationships
Developing strong relationships with wholesale suppliers is essential to the success of your business. When you work well with a wholesale representative, you will likely be able to enjoy preferred pricing, access to in-demand merchandising and accommodating payment terms. Be respectful of your representative's time, pay invoices by their due dates and approach your rep about concerns before a small issue turns into a big problem.
Other options for developing inventory include:
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