Friday, 30 November 2012

How to Buy Wholesale Merchandise

Having a successful retail business depends greatly on offering the right product, at the right price, at the right time. Therefore, it is paramount to the success of your business to be able to locate the best sources for those products. Once you know what products or product lines you would like to sell, it's time to find places to buy wholesale merchandise.
Buying Wholesale Merchandise

Before you buy wholesale merchandise for your store, try to visit a competitor or a store selling a product line similar to what you plan to sell. Browse the store's product selection, making a mental note of the brands they carry. What products seem to be selling well? Which items are in the clearance bin? If you visit a similar store too far away to be a competitor, that retailer may be willing to share with you the source of his wholesale merchandise.

Retailers can often find products to sell in their stores by searching online, joining buying groups, using library resources and attending trade shows or buyers' markets.
Once your store is open and doing business, it will be easier to find wholesale merchandise to sell because the suppliers will be coming to you, instead of you looking for them. Customers can also play a large role in finding suppliers as they recommend products they would like to see in the store.

Types of Suppliers

Manufacturer - Some manufacturers will sell their products at wholesale prices directly to the retailer. If they do, they may sell their products at large quantities or at a high minimum order. If you have a particular product you want to sell, contact the manufacturer and ask if they sell directly to dealers. If not, ask what distributors they sell their products through so you will know where to buy the items.
Importers - Due to globalization, importing products has become much easier than it used to be. Retailers can purchase from importers or buy the products directly from a foreign company. Before using this type of supplier, do your homework. It is important to understand all the aspects of the paperwork, shipping time, product life cycle and all costs involved.

Distributors - A distributor generally sells a large variety of a certain classification of products. They must make a profit too, so their prices may be slightly higher than if the item was purchased directly from the manufacturer. Retailers can buy lower quantities with little or no minimum order. Some even offer free freight on orders over a certain amount.

Other Wholesalers and Liquidators - In searching for products at wholesale prices, you may find wholesalers that don't sell just one type of merchandise but many, many kinds of products. Some will sell closeouts, truckloads and pallets of merchandise and even damaged goods. Before buying wholesale merchandise from this type of supplier, be sure you completely understand the condition, price and terms of the sale.

Auctions - Retailers can find many bargains on eBay, the world's largest auction site. Just browse the Wholesale Lots category of the type of store you have and you'll find tons of merchandise. Not all product prices on eBay are truly wholesale but if you spend time watching the auctions and learn how to buy effectively, you're sure to find a deal. Don't miss out on live auctions for bargains on merchandise for resale.

Choosing a Vendor

Once you've located several sources of products, evaluate each vendor on a variety of factors. In order to bring the best merchandise to your customers, you'll need to buy from someone offering quality products, reliable delivery and superior customer service. This information can be gathered through references, marketing material or by simply asking the sales representative how they conduct business.

Other Factors to Consider

Shipping Options
Shipping Costs
Customer Service
Terms of Sale
Business Hours
Returned Merchandise
Website and Online Purchasing
Don't get discouraged. It may take some time, research and several vendor negotiations to find the best merchandise to sell in your retail store.
Wondering what all those new products will cost? Find out how to calculate inventory startup costs.

Wholesale Maryland is a known and established retailer of value-priced apparel and accessories. Wholesale Maryland provides exciting, daily use general merchandise products which appeals to a broad range of customers. Wholesale Maryland serves over 500 retail locations and stores across Washington DC, Maryland, Virginia, Baltimore, New Jersey and Pennsylvania. Call us today and help us grow your business.
For more information about our huge pool of wholesale products please visit us @ or call at 240-965-6006

Friday, 9 November 2012

Maryland Business - License Requirements

There are so many types of businesses in Maryland are not required to have a business license – a few  certain numbers of business regulated by state law need to have a business license.
Here are the explanation of businesses that usually need to obtain licenses from their local Clerk of the Court if they are physically located in Maryland include: construction firms; hawkers and peddlers; junk dealers; laundry establishments; music box (juke box), vending machine, auctioneer; billiard table; chain store; cigarette sales; commercial garage; console machines; and pinball machine owners/vendors; plumber and gas fitters; restaurants; storage warehouses; trader's and trader's show; and wholesale dealer-farm machinery.
Nonprofit organizations that obtain tax exempt status from the IRS do not require a business license in Maryland.
The statute of limitations on licensing investigation and penalties in Maryland for failure to obtain and file a business license is four years.
To find out if your business needs to be licensed, contact your local Clerk of the Court or call the State License Bureau at 410-260-6240. You can also search by your industry for licensing information on Maryland's Business License Information System online.
The Maryland Department of Labor, Licensing, and Regulation details additional requirements for employers.
If you need a professional or occupational license, call the Division of Occupational and Professional Licensing toll-free at (888) 218-5925.
If you are planning to operate a bank, credit union, consumer Loan Company, Mortgage Company, sales finance company, or a collection agency, you will need special licensing. For licensing information call the Division of Financial Regulation at (410) 230-6100.
To find your local chamber of commerce to help you with local business questions and support, visit List of Chambers of Commerce in Maryland.