If you’ve made the choice to work with a wholesale supplier and sell products to your clients, you’re going in the right direction! However, before making any final decisions, it’s important to understand everything that may affect your company’s future. Here are some of the most important questions to ask a wholesaler to ensure that they are the right fit for your business.
Is there a minimum order?
This is something you’ll need to know before working with them to ensure that they fit within your business structure. For example, if you only need to order a handful of products per client but the minimum order exceeds what you’ll need in a six-month period, is it worth stocking up? You might want to find another supplier who provides smaller orders.
What are the payment terms?
Every wholesale provider will have its own payment terms, and it’s up to you to stick to these requirements and make your payment on time. Some may require cash on delivery whereas others may require pre-payment; other companies will offer a credit limit. Be sure to discuss your payment options before signing.
What are your return policies?
If a product doesn’t sell, you don’t want to be stuck with cases of it in your office. Check with your supplier to see what the policies are and how flexible they are with returns. Ask about return policies and a guaranteed sell-through, which would provide you with cash or store credit for returned products.
Do you have liability insurance?
The answer to this question should always be yes. This is insurance that helps to protect your company should any issues arise with the products themselves (i.e., a faulty item or a full recall). Request proof of insurance before ordering anything—it’s one of the best things you can do for your business.
I’m interested in _____. What would you recommend?
If you know you’re ready to start selling more products but aren’t fully sure about the direction to take, don’t be afraid to ask your wholesaler for advice. An experienced supplier will be able to provide information about what products are most popular in your industry and can help find the very best items to fit your need.
What is the total cost for my order?
This is essential to know, as it has a major effect on the pricing you list for your products and your overall bottom line. While you may have initial product prices, you’ll need to factor in any bulk discounts, as well as shipping and handling fees and any other fees that come with the order like packaging or labeling. Check on the total cost before placing your order so you won’t be caught off-guard.
Once you’re armed with all of this new knowledge, you’ll be on your way to boosting your bottom line in no time!
Audrey Isaac is the spokesperson of 100 Candles, a wholesale market for candles and lights. Since 2002, thousands of wedding and event professionals have entrusted 100 Candles with their wholesale candle accounts. For more information, please visit https://www.100candles.com/.