Wholesale Minimums Defined
Wholesale Minimums Defined
11. Wholesale Minimums Defined
Introduction to Wholesale08:50 2
Wholesale vs. Retail - How are they Different?06:31 3
Create SKUs That Meet Industry Standards06:36 4
Size Matters - How Large Should Your Line Be?08:44 5
New Product Releases Drive Sales13:27 6
Can You Have 100 Pieces Ready By Next Week?15:21 7
How to Calculate Your Product Cost03:45 8
How to Find Your Wholesale Pricing Sweet Spot04:05
Get Your Wholesale and Retail Pricing in Sync05:31 10
How to Field Wholesale Orders10:50 11
Wholesale Minimums Defined05:01 12
Turnaround Times: How Fast Are You Shipping?08:17 13
When and How to Get Paid12:13 14
Be Empowered To Sell Wholesale17:27 15
How to Buy This Conference01:23
Wholesale Minimums Defined
There's two minimums that you really need to have in place before you start wholesaling one is your minimum order amount and that's the dollar amount that a retail store needs to spend um to place an order with you and most people will do a dollar amount that's for an initial order of their very first order with you and then a slightly lower amount for reorders the second item that's you need to be familiar with is minimum order quantity and that's often abbreviated as m o que in catalogs and other things like that so and that's the lowest quantity of a certain skew that a retailer must order so if you think back to example about the candle company there was a minimum skews of three so they had to buy three of the same item in each order so they could buy whatever assortment they want a bit with each skew they had to buy at least three sam nixon's. Yeah, would you ever recommend having a m o que of only one? Or is it really customary that it's above one I am in the industries that I wo...
rk with? I've never had anyone that had a m o que of one um that being said, I think that there's a lot of value to having more than one skew, which I'll get to in one minute but there's it's going to merchandise better on the store shelves if there's a few of the same piece there. The other thing is too you want to deter stores from placing personal orders on def, you have an m o que of one. Maybe they'll pick this and that no answer love that necklace. And you know, I it happens. It doesn't happen that often. But you know, if you have an m o que of, you know, two, three, four whatever is appropriate for your industry and your product line that will deter some of those types of personal orders. There are some have minimum quantities of two. You know those are higher priced items. I'm not familiar with the industry that has one, though he is a question online from smurfy about minimum orders. Okay, they say, can you put him higher minimum order to bigger stores? Or do you have to keep the same m o que for everyone? Also, can you call a store to find out their market policy? Is there a lot of good questions? Let's, start with one. Give me the give me the first one again. Can you put a higher minimum order for larger stores, or should you have the same m o que for everybody? No, the larger stores, like big box stores, will typically negotiate other types of discounts, primarily volume discounts. S so you wouldn't necessarily adjust your minimums, but you might agree tio or not agree teo, you know, a slightly lower wholesale price for peace, so I frankly, at most minimums, are easy to reach. They have to you know, they're only looking to get twenty percent of your product line like we talked about at the beginning, so they should be able to find, you know, enough pieces to choose from at the mineral order quantities to get to that minimum. You will. You want your minimums, and I was going to talk about this in a minute, but I'll talk about it right now. You want your minimum order amount to be high enough that it's worth your time to process the order and that you are ensuring that the retailer is invested in you and your products in your business. But you want it low enough that if they could take a chance on you without having too much risk. So you know again and also dries back to what we talked about earlier with the lighted, the breath of your life. What was the third part of that question? Oh, the second part was, can you call a store to find a way to find out about their markup policy? I mean, you can do anything you want to, but I wouldn't recommend that you call a store to find out about that. I think that it would be bothersome to the customer more so than it would be helpful to you. Um, I think they might take offense from that, um, but so I wouldn't recommend that you call the store for that kind of information, but you run your business and you're allowed to do whatever you want. So was there another part to ladder? Did a catchup? Thanks. Just making sure. Um, ok. So some sample m accuse the's air some that I pulled from some clients I work with again. Do your due diligence. Look at your own industry. Look at the whether products is in luxury goods or whatever, but some memo keys. Just for kind of rough estimates. Jewelries were two to three quantity from the folks I talked to candles or three greeting cards are always holding sixes or twelves rescue. And then till bags were about five and those refer like larger, more like duffel type tote bags. Not like a smaller gift bag take to beg. But again, do your homework researcher industry look around the others are doing, too.
Ratings and Reviews
AMAZING, amazing course and fabulous instructor. Katie knows so much and does a fantastic job sharing specific, actionable insight in this course and the entire bundle. I can already tell that it's a resource I'll reference again and again as I grow my product line and I'm so happy I invested the time in it.
Katie is a very straight-forward and encouraging teacher. I was fortunate to be in the studio audience for this group of classes and have learned so much! I have had some help from friends in the industry on setting up wholesaling, however I was missing a set structure and strategy to get it off the ground professionally and timely. She makes the steps very clear, with ideas and references on how to do it or outsource what you need done. Katie ads her own experience to all of these steps, which is so helpful to hear. If you want clear, specific, strategic steps to take next to develop your own successful wholesale business, these are the classes! Katie is awesome! Thank you!!
I've taken 14 pages of notes with great guidelines and best practices for pricing, SKUS, releases and more. I'm feeling much more confident knowing the standards after taking this course. Katie is amazing!