If there’s a gap in the market for a certain product in your local area, being the first to tend to the demand for this product can prove to be highly profitable. For aspiring entrepreneurs, retailing is a great way to go as you can decide how big you want your business to be from the beginning. There’s always room to scale up as profits increase.
Wholesale retailing in particular is a successful business plan for a number of reasons. For one, you’ll be able to purchase large quantities of stock for dirt cheap and undercut competitors when you sell that stock due to the volume of each sale.
This type of business is also highly flexible. If you notice that there’s a demand for another type of product, you can always add it to your inventory, be it tech, food, fashion or cosmetics. On the other hand, if a certain product isn’t selling, you can drop it and move on to something more profitable.
Groceries
Food is the number one need, so there’s always a demand for it. Depending on where you choose to set up shop, there may likely be a lack of grocery stores in close proximity to the locals living in that area.
Be sure to conduct a market survey in order to determine whether your location is suitable. Profit depends on quantity more than markup, as people are only willing to pay so much for food. This is why choosing an ideal location is so important.
Jewelry
Opening up a luxury jewelry business is extremely expensive. The exuberant prices that you can charge may be enticing, but this isn’t a viable business model for entrepreneurs who are just starting off.
Wholesale jewelry that tends to the masses, on the other hand, is highly affordable and if you find the right supplier, it is also highly profitable.
Obtaining your stock in the East from a reliable and affordable supplier such as Thailand wholesale jewelry allows you to choose how much product to acquire depending on demand.
Beer
Beer is widely consumed and always in demand. Pubs and chain stores tend to charge high prices for their products, which is why a wholesale beer business is a great idea. Customers will value being able to purchase their favorite brands for significantly lower prices.
Beer is also bought in large quantities for events and functions, allowing you to sell more than just single cans and bottles. Here you can offer bulk discounts for large orders, creating a steady stream of repeat customers.
Footwear
While residents in more upmarket locations will prefer brand name footwear from well-known stores, less wealthy people will value being able to purchase footwear for significantly cheaper.
After all, shoes don’t come cheap, and this is namely due to the significant markups charged by popular brands. If you can acquire affordable footwear and sell it at significantly lower prices in the right area, a steady demand will arise.
As you can see, the success of a wholesale retail business largely depends on where you choose to set up shop. Find a demand and tend to it – it’s that simple.
