Create and sell your own product: Wholesaling

Light bulb Once you have plans for product manufacturing in place, how will you sell your product? You may want to set up your own website or store and sell direct to consumers, but most people also end up selling an invention wholesale. The advantages are that you can shift larger volumes, and distribution costs come down if you send several hundred or thousand products to one destination. Think about the packaging for each item, and how to distribute large quantities without the products getting damaged.

Wholesale buyers
Start by working out which retailers might sell your product. Draw up a target list. Think how you will present your product to them in a persuasive way. You need samples in professional packaging, promotional materials, and a list of reasons why the shop will be able to sell your items. Include favourable reviews, press cuttings and customer comments if you have them. Mention if you have advertising and PR planned. Think carefully about how much to charge for wholesale orders. Retailers will mark up the price you charge by 30 to 50 percent, and the more profit they can make, the more likely they are to consider stocking your item. The more you discount the wholesale price, the less profit you make yourself. Why not work out a sliding scale of discounts depending on order size? These, and other factors such as delivery terms, should all be part of your wholesale terms and conditions.

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