Wholesaling, jobbing, or distributing is the sale of goods or merchandise to retailers; to industrial, commercial, institutional, or other professional business users; or to other wholesalers and related subordinated services. In general, it is the sale of goods to anyone other than a standard consumer. In the United Kingdom, the Cash and Carry is a term used to describe a wholesale warehouse, particularly those that are open to the general public on payment of a subscription. Traditionally, wholesalers were closer to the markets they supplied than the source from which they got the products. However, with the advent of the internet and e-procurement there are an increasing number of wholesalers located nearer to the manufacturers in China,Taiwan, and Southeast Asia.
Business in today's society is like the game of Monopoly. The more you have, the more you can sell, and the more money you can make. Wholesaling is an age-old fundamental business. It is also a very competitive market, but with the right scheme and resources, one can do exceptionally well.
Things Needed
- DBA (doing business as)
- TIN
- Resell license
- Internet
- Phone
Wholesale Business Instruction:
Step 1
Register your business with your local municipality. File the necessary paperwork to receive your DBA (doing business as), which is one of the key documents you will need to open a business bank account.
Step 2
Apply for a resell license. This is mandatory to legally sell goods. Lastly, apply for your TIN (tax identification number). You can get all these documents on the same day. Prices may very by city and state.
Step 3
Decide what will be your initial approach. There are three different ways to start out: Buying an existing franchise, starting from scratch and buying into an existing wholesale company. Your choice will mainly depend on your financial situation.
Step 4
Choose the product or products you want to sell. Do market research on relevant products that are moving in the current economy. Go to http://www.entrepreneur.com to get good market insight.
Step 5
Find a distributor. There are many websites, such as Wholesale Central, that distribute a number of products you might be interested in selling.
Step 7
Order your initial inventory. Set your mark-up prices and begin selling.
Tip
- Start out by selling common goods verses rare and unknown items.
Warning
- Avoid joining pyramid wholesale concepts. They're designed to limit your success.
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