As you grow your event business, it’s clear that one of the biggest steps with growth is to find additional revenue streams, whether it’s from expanding on pre-existing services or taking on new ventures. However, many event professionals don’t realize that forging quality wholesale relationships can be one of the very first steps to welcoming that extra line of income. For those of you unfamiliar with the wholesale process, be sure to read on for some of the basics to get you in the right direction.
Wholesalers provide products at discounted rates, as they are able to skip the costs of working through a middleman or having a brick-and-mortar store. If you’re looking to increase your offerings to upsell clients, wholesale relationships are certainly the way to go. In addition to saving big and growing your revenue, clients will be grateful to be able to check off several to-dos while receiving your services – and we all know there’s nothing better than happy clients!
The key to upselling is to offer products that your clients actually need – that way, everybody benefits from the sale. Today’s customers are after convenience, so be sure to anticipate what they may need to make their event a success.
Once you decide what kinds of products are best suited for your clientele, it’s time to do some research and start building those wholesale relationships. It’s not just about buying products in bulk; if this new venture is something you plan to last (and you should!), then you’ll need to build formidable relationships with companies that sell your products in bulk. Whether it’s linens, candles, or vases, there’s a wholesaler out there for you – you just have to know where to look!
There are a number of ways to go about finding the right fit. First and foremost, reach out to your fellow industry friends and ask about their experiences with wholesale. Whether it’s at the next networking event or through your local industry’s Facebook group, who knows better than your most trusted peers? Still, be sure to qualify any recommendations by checking testimonials on review sites like Reseller Ratings or the Better Business Bureau, which will alert you to any ongoing issues about the company.
Now, keep in mind that buying from wholesalers is not simply about picking a product and placing an order. Since you’ll be working with this person regularly, you’ll surely want to build a lasting relationship that is mutually beneficial for both parties – beyond the business, of course. Just as you nurture your bonds with industry buddies, you should be doing the same with your wholesalers. In addition to expert recommendations, discounts, and quick feedback, you’ll also be gaining a new friend and connection.
If you haven’t tried wholesale already, it’s certainly time to consider the benefits that offering new products could bring to your business. There’s no time like the present to build your company, so take a venture and try something new!
Audrey Isaac is the spokesperson for 100Candles.com, 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 http://www.100candles.com/.