The fashion industry is always evolving -as fashion trends, seasons, and new styles come out and the fashions that we see in stores change and become “must-haves.” This makes running a fashion store in a retail setting an exciting and lucrative venture. To make money from your products, you need to purchase the clothing that you sell wholesale. Wholesalers offer products at a lower cost to retailers, who then, in turn, mark up the merchandise and then resell the item to customers. Prior to purchasing from an online wholesaler, get a wholesale or reseller’s license through the state secretary in the state in which your business is situated.
Choose the kind of clothing the store is carrying.
The most common categories are women’s, men’s and children’s clothing. Additional categories and specialties could include accessories, footwear such as sportswear, formal wear or formal attire.
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Find a supplier.
As a retailer, you can sign up to catalogue services from companies like The National Register. Subscribers receive the print or online catalogue of clothing companies selling wholesale products. Catalogues provide prices along with the description and quality of the products available. Also, you’ll find the minimum order details. Instead of an annual catalogue membership, you may also use the Internet for wholesale clothing sellers.
Complete your purchase.
Utilize the demographics of the product that you have completed in Step 1 to choose the items you would like to purchase. Be aware of the minimum order specifications when you create your order.
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Receive your products and apply your price markup.
After your wholesale purchase comes in, you need to mark up the price of items for retail sales before placing the product on the floor for sale.
The markup you charge should be equal to the cost of the item you purchased wholesale, as well as the cost of shipping and make sure you have profit from the sale.
Wholesalers mark their products by 50-70 percent to cover purchasing wholesale and running expenses for their store and also to increase the overall profit.
