Retail Business Tips : Retail Business: Buying Wholesale

In 2006 over forty-three billion dollars were
spent in the pet industry. I’m Mike Campbell with Doggie Styles from Beverly Hills, California.
I’m here to talk a little bit about buying wholesale to resell retail. There are a lot
of different ways to find merchandise, there are trade shows for every different industry
that you can attend, meet a multitude of vendors in that industry and find out all of the different
products that are available. There are also trade magazines, I personally subscribe to
four different trade magazines in the pet industry, so I can see articles about different
trends in the pet industry, I can see articles about new products in the pet industry, and
it’s very easy for me to stay on top of that and know what’s available to the marketplace.
You always want to be bringing in something new for your customers, so you want to be
able to find wholesalers who have all the different types of products that you need.
I’m very lucky in my business because I’ve been able to build it and have a certain reputation
and so a lot of the vendors actually come to me, the wholesalers actually come to Doggie
Styles to show me their products. I’ve got a calendar that’s just full of appointments
with different vendors who want to come in and show me their new products. So I get a
first look at things before any other retailers in this industry, in certain instances, so,
for me that’s great. I can get first dibs on something new that nobody else has. As
far as buying from wholesalers, there are a lot of different payment terms that you
can also have. With my retailer, with my vendors I’ve got a lot of them on net thirty terms
which means I can order a product and I don’t have to pay until thirty days after that product
is shipped to me. This is really beneficial because it also shows me what products are
selling, so for instance I want to put in a small order with a vendor, I can try a new
product, if I see that customers are responding well to it, it’s already paid for so by the
time I have to pay the vendor off, and that allows me to buy more of it. On the other
hand, if I see it’s not something that’s selling well, I still have to pay them after thirty
days, but I also know that I don’t need to buy any more of that product, so I don’t have
to buy a large quantity to start out and take a risk on that. A lot of vendors will ask
for payment upfront especially with a new retailer. They’re looking to be paid, they
want to make sure that they’re going to get their money, so a lot of times with a new
business starting out, it’s going to be payment in advance or at least C.O.D. I’m Mike Campbell
with Doggie Styles in Beverly Hills.

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