By Audrey Isaac, 100Candles.com
If you’ve been seeking that elusive additional stream of revenue, look no further than wholesale partnerships. Wholesalers offer bulk goods—from candy to candles—at discounted rates, allowing wedding professionals to buy more of what they need for their clients for less.
While many wedding professionals have worked with wholesalers before, most don’t take it any further once the invoice has been paid and the shipment has arrived.
Believe it or not, building a strong relationship with wholesalers can not only generate revenue but can also build upon your professional network and open up new opportunities.
Perhaps you’re wondering how a wholesaler could fit into your pre-packaged services. While it may take a bit of reorganizing, there is no doubt a way to start working in products as a way to upsell your clients.
You generate additional revenue while your clients can get all of their event needs in one space – talk about a win-win situation! Whether you’re selling candles or cloth napkins, it’s important to understand the process of growing your wholesale network.
Research, Research, Research
Since the days of school projects, we’ve always heard that research is the first step to take before doing anything. Well, finding and building wholesale relationships is no different.
Don’t waste your precious time on getting to know people who don’t share your values or who aren’t trustworthy business people. Do your due diligence and reach out to fellow industry professionals to garner recommendations.
Read online reviews to ensure you’re going in the right direction. Check out trade magazines and attend networking events.
Do whatever it takes to build the right kinds of relationships with the right wholesalers.
Signing the Dotted Line
Read: DON’T. At least, not until you’ve really taken a good hard look at your own company to ensure that this is the right step for you.
Get in touch with your sales representative and ask questions – don’t agree to anything until you understand the details, like what the return policies are or how long you can expect to wait to receive your items. Once everything is in place, it’s time to get to business.
Don’t Jump Ahead
We get it – you’re excited to expand your inventory and you just can’t wait to show all of your clients those stunning new vases that you’re offering, so you order the biggest bulk order possible.
They will, of course, sell like hotcakes! Unless they don’t.
Be realistic when making your orders and don’t go overboard. Discuss the potential of placing a sample order to not only test the waters with clients, but also to test the quality of the items.
It’s better to have one box of unsatisfactory items than a whole garage’s worth!
Plus, you’ll find it easier to adjust pricing if you start to notice decreasing sales margins. If the products are up to your standards and your clients couldn’t get enough of them, then it’s as simple as placing a larger order the next time.
Not Just Paperwork
If you’re looking to build a long-lasting wholesale relationship, it’s important to treat them the way you would your other industry peers–with respect and friendliness. Business is always the priority, but don’t let it get in the way of a genuine relationship.
Remember that your wholesalers are people with families and friends too – get to know them and allow them to get to know you for a mutually beneficial relationship!
At the end of the day, creating and nurturing wholesale relationships is about abiding by proper business etiquette as well as simply being yourself.
If you’re looking to build upon your current revenue, consider taking the first steps to expanding your inventory and bringing on additional products and services with the help of wholesalers.
What do you think of wedding wholesale?
Audrey Isaac is the spokesperson for 100Candles.com, an online market that pairs high quality candles with unmatched customer service. From weddings and birthdays to holiday parties and fundraisers, 100Candles.com has enjoyed celebrating life’s biggest moments along with their customers since 2002.