Buying wholesale is an excellent way to kick start your first retail store. Learn how to buy wholesale clothing with these industry tips and tricks.
You have finally taken the plunge and opened your very first retail shop. Congratulations, the adventure of a lifetime starts now.
In 2018 the clothing industry was worth around $500 billion, and the trend showed that it was set to show continued growth through into 2022 and beyond.
What does that mean? Simply put, it means that retail clothing stores are a booming business. In order to get your business off the ground, you are going to need a good level of stock in order to be able to have enough to sell, while at the same time juggling the cost-saving requirements that come with being a startup.
One great way to do both is to buy wholesale clothing to help give you a good stock level without breaking the bank, leaving you free to invest in other vital areas of your business, such as marketing and branding.
Buy Low Sell High
It is a classic saying in all areas of business, and no less true for clothing retail. You want o buy your stock for an as low price as possible and sell it for maximum profit. The trick is to do this within the boundaries of what your target audience find acceptable. You don't want to price them out of the market, or under what they would want to spend.
Your market research will have undoubtedly already confirm both your target audience and their average spend.
Buying wholesale clothing is a great way to play with the buy low sell high mentality. Giving you a quality stock in terms of products and numbers, and give you freedom with your pricing to maximize both your returns and customer satisfaction.
How do you go about buying the right wholesale clothing for resale?
Understand Your Business Model and Niche
Before you can start to buy wholesale clothing it is important to understand two different things. Both of which are crucial to your business beyond the stock room.
Brick and Mortar or Online Store
The decision to go for either a brick and mortar store or an online-only business will impact the amount of stock you can carry. Similarly, if you have a smaller area for storage it means you might be looking at a different range of wholesale clothing.
There is no right or wrong choice in this matter. It is more based around your end goal and what you want your business to be. Both have an impact on your stock levels and price point.
A brick and mortar store carries increased overheads and other costs that must be recouped from somewhere else in the business if you intend to survive. While on the reverse, an online store means that you need to consider a number of other costs and factors. Shipping and handling fees are for the customer and will need to be weighed off against the cost of their purchase.
Similarly, you need to consider the costs incurred by you during the shipping and handling, from the time it takes you or the cost and hassle of organizing it through a third party.
What Niche do You Want to Serve?
While deciding how to buy wholesale clothing you need to ask yourself the second vital question. What niche is it that you want to serve? What brand of fashion do you want to cater to?
It is all too easy to become a general store that tries to see something for everybody, but you will invariably run yourself too thin. Nobody, especially in the early days, can be the master of all avenues. You need to know your niche and after boiling it down to as specific as possible, focus on becoming the best in that area before looking to branch out.
This impacts the style and quantity of wholesale clothes you will need to buy. Going into things with a clear idea of what you want is vital to ensuring you don't end up sitting there with stock taking up valuable storage space with no chance of being sold.
Start Networking and Relationship Building With Wholesalers
Relationships are crucial in business, and in no area is this more so than in retail. From the moment you start your business you will want to connect with different clothing wholesalers. Network, talk and build up relationships with them because even if you are not planning on buying wholesale clothing from them just now, you never know what the future will bring.
There are two core ways to make contact with the wholesalers that you have identified.
Reach Out Online
As a young business, you want to make sure you gain a positive reputation. By reaching out online you can introduce yourself to various different wholesalers.
If you are at a loss of where to start, trying checking out the websites of some of your preferred labels. Their wholesaler information should be available on their site somewhere. Dig around, do your research, and before you know it, you will be sniffing out contact information before you know it.
Don't expect to come away from your first attempt with a killer deal. You will most likely need to go through several different channels and fill in a few applications before you start to make the progress you need.
Don't be discouraged. Relationships in all walks of life take time to develop. Put in the time, work hard, and things will come to fruition.
Buy Wholesale Clothing to Maximize Your Business Performance
The success of your business is based on making more than you spend. Sure, there's more science to it, but at the end of the day, if you earn more than you spend then you are on the right track. Making the decision to buy wholesale clothing is a great way to put you on the road to great profits.
There's no better choice than going with wholesale clothes and we've got your back. Get in touch or register today and let's see how we can help you, and your business hit the ground running.