If you are hoping to start out with a retail fashion brand, one of the first questions you need to ask yourself is where you will find your products from. The majority of retailers don’t make their own merchandise, but instead buy from reputable wholesalers who specialise in their sector.
Finding where to source your products can sometimes feel like one of your first challenges. After all, striking up a relationship with the right wholesaler is crucial to the success of your business.
Why work with a wholesaler?
For industries such as fashion, working with a wholesaler can provide you with a huge range of merchandise and can become a great source for new products. Fashion wholesalers can often provide the flexibility you need as your business grows, essentially becoming your partner as your retail business flourishes.
However, it is important to find the right wholesaler who will work together with you to create the right partnership. Finding a wholesaler can feel like a minefield, with so many options and avenues to explore.
Do your research and understand whether it would be beneficial to find a wholesaler in your local area. For instance, if you are located in the North West, Manchester fashion wholesalers are in a great position to offer a local service.
Choosing the right wholesaler to work with
When it comes to working with a fashion wholesaler, it is key to find one that understands and serves your market. The relationship between the retailer and the wholesaler needs to be a productive one. Choose a wholesaler based on important factors, including reliability, knowledge and price points.
Think about your business; do you want to release new styles quickly? Are you including a combination of basic styles and high fashion? The wholesaler you choose to work with should be able to accommodate the variety and speed that you’re looking for.
Once that you have narrowed down your options of potential wholesale partners, there are other factors to consider.
Understanding your wholesaler
The relationship with your wholesaler needs to work both ways. While you are looking for certain criteria from them, they will also have some basic requirements for you as the retailer.
Wholesale purchases are often made in bulk, so it is in your best interest to think about how much you will buy for your business, and how often you need to make an order. These bulk purchases can often be made at a discount, which then allows you to create a retail price.
It is important to understand the supply and demand of your fashion retail business, and how quickly you might run out of stock. This is because wholesalers may have a minimum order requirement before you can go into business together.
Remember, the wholesaler also needs to hit their own targets and profits just as much as you do.
Your success as a retailer is dependent on being able to sell the right products at the right price, and at the right time. By choosing the right wholesaler, you can achieve this much more realistically.