Great post below from Amy, our Biz Tuesday guest blogger!
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You have your tax license. You know how to file your taxes. You are nearly ready for Horseshoe Craft and Flea this coming Saturday.
But are you ready for wholesale?
“But Amy!” you cry, “Vending outdoors is retail! It’s real human interaction, and people are paying full price. Why would I think about wholesaling my stuff?”
Well. Let me tell you.
Last year I started vending at a new market. It was a risk, as it’s about an hour to drive there, and the show goes all day. I had no idea if it was well-attended, if the weather would hold, if I would fit in.
On that first day, at that first show, one of the other vendors came over, looked at my things, and immediately said, “I love your soaps. I want to carry them in my shop.”
Just like that.
And if I had not previously started figuring out my pricing sheet for wholesale clients, I would not have been able to strike a deal with her right then and there.
But I had. And I did. And she’s my largest wholesale client right now–she’s got the cutest gift shop in that town.
Listen, there are no guarantees. I cannot say that everyone’s experience is just like mine, writing up a contract on a brown-paper lunch bag, because that’s what I had handy. (I am so very fancy.) I sort of wish I had brought some printed-out wholesale sheets with me. Hey–nobody’s perfect.
If you sit down right now and think about your pricing and write up even a rudimentary list of wholesale prices for your products, you will be one step ahead of those who haven’t. You will also become very aware of your expenses, and might start working on your prices with a finer point on your pencil.
More on that next time. Right now, figure out your wholesale prices (start with 4x your materials cost, or half your retail cost), so when the smartest shop owners attend the most fashionable outdoor crafty market in Denver this weekend, you will be ready to talk to them. Trust me–they will be there. Have something to say.
Amy Kalinchuk really did write that contract on a brown-paper lunch bag. Srsly. That’s how she rolls. Want to read more of her thoughts on business? Subscribe to her blog.
