Sourcing inventory is a task
new storeowners often find frustrating. With experience,
you can become a pro at finding great merchandise to
sell. Here are a few tips and resources to help get you
started.
~A reseller's permit can open
doors for you. Many legitimate suppliers will request
that you have one, and if you plan on attending
wholesale trade shows, you will likely need one. A
reseller's permit is relatively easy and inexpensive to
get. Contact your state's revenue department for
information on how to obtain one.
~Attending trade and wholesale
shows is a great way to see a wide variety of
merchandise up close, and to meet contacts. Many
trade show companies also post their information,
including exhibitor lists, online.
~Consider working directly with
manufacturers. It may mean higher minimums, but in many
cases it is also a way to avoid paying middlemen.
~Combing animal-related
magazines on a regular basis is a great way to get ideas
for new products. Some trade magazines, like Pet
Product News, offer free subscriptions to qualified
buyers, as well as wholesale buying guides.
~If you are selling online,
contact area retail stores about their discontinued
merchandise. Would they be willing to sell it to you at
a discounted price?
~Do your research. Before
investing money in merchandise that may or may not sell,
make sure it stands a chance in the marketplace. If you
sell on eBay, Terapeak offers a robust research tool
that allows you to see how well a product you are
considering has sold in the past.
~Ask suppliers you are working
with if they have a mailing list, or if they could
contact you when closeout and discontinued merchandise
becomes available.
~Some manufacturers will offer
drop ship services for their customers. When you receive an order, relay this to your supplier,
and they will ship the
merchandise directly to your customer. There is often an
additional fee associated with this type of service, so
make sure you calculate this cost into your retail
price.
~If you are hesitant to invest a
large sum of money on a product, purchase just one or
two, even at full retail cost. This allows you to test the waters first
to make sure the item will sell.
~The more exclusive your
merchandise, the less competition there will be. If you
could work out an exclusivity arrangement with a vendor,
that would be ideal. The best way to assure exclusivity
is to create your own products. Say you would like to
create dog breed totes but don't have any artistic
skills. Look for artists who would be willing to sign a
licensing agreement with you.
~Be prepared for rejections from
some vendors if you sell online and on eBay. Many
vendors will welcome your business, but some are adverse
to these venues. If this is the case, don't take it
personally. Be polite, and ask if they would notify you
if their policy should change.
eBay expert Skip McGrath puts out a Top-Twenty Wholesale Sources For eBay Sellers.
It is not pet-industry targeted, but more of a general
directory. Still, for $2.99, it is an excellent value
and can help you with your inventory research. Skip
consistently creates top-notch products.
