You probably might know by now that selling products in bulk is where you can actually become profitable. That’s why starting a wholesale business comes into the picture. These existing customers when they turn into your wholesale customers you’ll be able to create a recurring revenue source. So the first thing you’ll have to figure out is how to turn these customers into a wholesale customer.
In this blog post, I’ll cover how to start a wholesale business using Wholesale Suite Plugin. So just by turning your business or adding to your existing retail business, you can increase your business growth.
Most people don’t have a process on how they can start a wholesale business or an effective way to turn their existing retail business into a wholesale business. If you follow the process and steps I give you in this tutorial, you’ll be able to turn or start a wholesale business that can bring you success.
Before we get into the steps on how to start a wholesale business, let me give you some benefits.
Benefits Of Starting A Wholesale Business.
Let me share with you some of the benefits of starting a wholesale business so that you can make up your mind well and be ready to follow along the steps it takes to start a wholesale business or turn your existing retail business into a wholesale business.
What it means to sell wholesale is you’re selling in bulk. There will always be some customers who purchase from your business in larger quantities or in bulk. These customers can be turned into a wholesale customer. These kind of customers a essential to the survival and longevity of your business.
There are all these retailers who always need your products in bulk, they keep purchasing to keep up enough stock to supply their customers. So if you can build a strong relationship with them then your business is going to flourish. You’ll be able to create a reliable and a secure source of revenue.
Here are the benefits of starting a wholesale business:
- Secure source of revenue.
- Increased revenue.
- More people know that you also do wholesale.
- More products can be shipped out from your business.
Now you can start selling wholesale and now your products will start getting into the shelves of all these stores. This creates more awareness of your brands when customers pick your products. This can then help you get more sales if those individual people want to order directly from you.
Note: Install the Wholesale Suite Plugin to build a wholesale business.
How To Start A Wholesale Business?
Now let’s get into how to start a wholesale business. Essentially there are about 4 steps that you can follow and turn your existing business into a wholesale business.
Step 1: Target Market Research.
So the first thing you need to do is to find out if there’s a market for the product(s) you’re bringing into the market. There are so many retailers out there, and you don’t want your time or effort getting into the market with the wrong product. That’s why conducting market research is the first step to starting a wholesale business.
Conducting market research for your wholesale business is going to be a bit different because you’ve to follow a different approach.
There are two things you’ll have to consider while conducting market research, because they have different audiences in the equation:
- Retailers who’ll want to sell your products in their stores.
- End customers who will end up purchasing your products from these retailers.
What this means is that if you can see that your retailers will be selling your products then it’s a great indicator for demand because they have done the market research. And also, the end consumers are also picking up those products that you can possibly launch.
So if there’s already an existing business out there, then that business would have already done customer research or target market research. You’ll be able to trace back to what their products are out in the market, that way you’ll be able to find whom they’re targeting. You can also check out how to conduct market research for wholesale products online. There also might be videos explaining it all.
If you can figure out where a group of audience likes to shop, you’ll probably figure out the target market research data – the interests, the problems, the product fit, etc.
Now you’ve gotten so much information on how to do it, you should start compiling a list of potential retailers that you can ask if they’d like to sell your products. Some of the basic questions that should ask are:
- Do you sell similar products? (like the ones you’re planning to sell).
- If you do sell them? How well are they doing?
- Where are your brick and mortar stores located? (If you have any)
- Are your end consumer familiar with you and your business?
- What size or scale at which you run your business? (single location, chain, big-box store, etc.)
- What do you think about my brand in relation with your products that are in the market?
Just by gathering the answers to the questions above you’ll be able to determine which retailer would be willing to sell your products and then you can decide how profitable it’s going to be.
Step 2: Get Your Website Setup To Sell Wholesale To Retailers.
Once you’ve decided who you’d like to work with, that’s based on if you see them as a good fit, most people will want to get into the market and start selling their products, but it would be better if you go and fix the backend or your website first, as most of the orders would come on your store.
Most likely you’ll have to ensure that your website and all your systems are ready for a smooth experience with your customer.
Please check for the following things:
- Check for wholesale discounts options and settings to see it will work for different retailers.
- Create new retailer accounts on your WooCommerce store so that your customers can login and restock them.
- Setup registration form so that retailers can signup on your website.
- Create a wholesale order form so that retailers can quickly order products from your store.
- Add the products you want to start selling and set specific conditions.
- Any other extra process related settings that needs to happen on the backend, etc.
If you’re organized and have all your accounts ready to go with the forms and functions working on the backend, you’ll be ready to go start selling.
Note: You must install Wholesale Suite Plugin to carry out any of the backend work in your website.
Step 3: Approach Interested Retailers To Start Selling Your Products.
Now that your backend and front end is ready you can now approach those interested retailers who are going to sell your products.
Now once you reach out to them they’ll be able to come stock orders and then you can begin selling.
This post on how to approach retailers to sell your products can help you immensely. Here’s what you’re going to do with the retailers.
- a) Schedule an in-person demo of your products.
- b)If they’re larger chains contact the head office.
- c)Write & send introduction letters to retail buyers.
It’s always a good idea to know your product both inside and outside so that when anyone especially retailers may ask you. You can also have a summary report or a PDF so that they can review it and make faster decisions.
Step 4: Follow Up To Nurture Better Relationships With Retailers.
Once you’ve gotten your retailers and you can see orders coming in, please don’t relax, it’s super important to focus on following up and nurturing the relationships with the retailers.
Because there are plenty other wholesales who are targeting and trying to get your retail customer, you’ve got to give them a reason to stick with you. There are so many things that come into play there.
So take a note of these two things going on:
- The customer experience of the retailer with your brand.
- How well your products are selling.
To build good relationships with your retailers, if you keep sending them regular emails so that you can improve their buying experience and also show them new products, you’ll do well. Customer service and resolving issues are huge to making business grow here.
Sometimes you can’t control how well your products are going to sell to the end customers. Here you can focus on improving the packaging and advertising. People buy and decide based on what they see on the packages. If you also give marketing materials for them to promote your products it could work.
Think long term relationships that is going work for you and your retailers. That’s how your wholesale business will take off.
So this concludes the four important steps you need to consider when you’re trying to start a wholesale business.
Install, Wholesale Suite Plugin and grow your wholesale business the right way in WooCommerce.
As you’ve read above that in order to start a wholesale business you need to focus on selling to your retailers so that it can turn into revenue that grows your business. There are a lot of people who might work with you when you choose to go wholesale.
So the four steps you need to consider are the following:
- Step 1: Target Market Research.
- Step 2: Get Your Website Setup To Sell Wholesale To Retailers.
- Step 3: Approach Interested Retailers To Start Selling Your Products.
- Step 4: Follow Up To Nurture Better Relationships With Retailers.
If you follow the above steps, you’ll be able to start a wholesale business. But if you can need more customizations you can install Wholesale Suite Plugin and it’s going to help you a lot more than what your regular WooCommerce plugin can.
To install, Wholesale Suite Plugin, click here.