The global wholesale market grew 8.2% from 2021 to 2022. Wholesale businesses buy goods from manufacturers and sell them to retailers. Starting a wholesale business can be lucrative but takes hard work.
Fashion is popular for aspiring entrepreneurs. The US fashion market will reach $148.7 billion by 2023, 16.3% of total US ecommerce. Selling clothing wholesale is lucrative as the apparel market exceeds $800 billion. Retailers buy garments in bulk and resell at boutiques.
The US wholesale trade market is over $46 billion with 9.1% annual growth expected through 2026. Apparel, food, toys, and electronics are great wholesale business ideas. Focusing on one set of goods rather than many is best. Research your target customers’ needs and build an effective marketing plan to reach them.
Use platforms to promote and maximize sales.
Kitchen utensils are a growing market. Decide which to focus on and find quality manufacturers.
Steps to start a wholesale business:
- Identify a target market and research its needs.
- Choose a location and brand name.
- Obtain required licenses and permits.
- Select product suppliers and negotiate terms.
- Set up an online system for orders and inventory.
- Find retailers to sell to.
- Market to retailers and end consumers.
- Manage finances and growth.