If you’re a stay-at-home parent or you’ve been out of work due to COVID, you may be looking for a way to make money from home. Online retail stores are booming in the current economy due to their vast audience accessibility. When you open an online store, you can sell your products to anyone in the world without having to leave your couch.
While this can be a lucrative business, you’ll find that the internet is riddled with dishonest sellers and overpriced items. When buying bulk wholesale, it’s important to pick a supplier that you can trust since you will be buying such a large quantity. Supplied is a wholesale vendor that sets its customers up for success in running their own stores and we’ve compiled a short guide on how to start your wholesale business from home.
Get Your Licenses
If you’re going to start a wholesale business from home, you need to make sure that you are doing it legally. You’ll need to research business ownership laws for your state and city.
For starters, you will need to register your business with the IRS, and they will give you an Employer Identification Number (EIN). This will allow you to legally have employees and pay taxes on your profits.
Before you start stocking up for your store, you will also need to obtain a resale license. When you buy products from a distributor, you will be prompted to give your resale license number. This identification allows you to resell your products to consumers, and it also exempts you fromsales tax on items you buy for your shop.
Find a Good Wholesale Distributor
Finding reliable and trustworthy wholesale suppliers is essential to running your business. You’ll find that your suppliers greatly impact your finances and business operations.
There are plenty of wholesale distributors on the internet, but overpriced, dishonest, or unresponsive distributors can impede your business operations. Finding a good vendor can be difficult when you’re basically bound to online activity. However, you’ll find that reviews on third-party review sites like Better Business Bureau and Trustpilot can provide a helpful insight into stores you may be interested in buying from. Luckily, Supplied has a score of 4.7 on the consumer review website Trustpilot!
Start Your Initial Order
With your EIN and resale license, you can now buy items to stock your store. Most websites will have an order minimum to get you to buy wholesale, but as a new business, you may be apprehensive about purchasing mass quantities of stock without knowing how they’ll sell.
This is an understandable concern. If possible, see the wholesaler will allow you to buy a quantity you are comfortable with. For example, Supplied has no order minimums. While you pay less per piece when you order in bulk, you can still only order a handful if you are unsure you can sell or afford the larger amount.
When selling your items, make sure that you price them high enough so that you can make a profit, but reasonable enough to your customers. Marketing your store also helps your sales, since more people knowing about your stores opens up the possibility of more consumers. If you can’t afford print or online advertising, marketing through an active social media account is a great free way to attract customers.
When you sell out of your first items, be sure to restock quickly. This is where a fast-moving supplier with responsive customer service comes in handy. Supplied’s customer service is open Monday through Friday from 9:00 a.m. to 5:00 p.n. PST to help you with any concerns you may have. Starting your own wholesale business at home can be overwhelming, but you’ll find that having reliable connections in the industry pays off. To see a variety of items sold at factory direct pricing, visit Supplied’s website https://suppliedshop.com/.