We have a guest article from Meghan Ely, owner of OFD Consulting, a PR and marketing firm. Meghan shares her thoughts on how wedding professionals can expand their revenue streams by the resale of products. We’re so accustomed to selling services that we don’t often think of opportunities selling products that are in line with the services we offer. Read on to learn more…
For many wedding professionals, purchases from wholesalers are few and far between. But what many people don’t realize is partnering with wholesale companies can provide revenue-generating opportunities to add to your bottom line. In addition, it could expand your professional network in new ways while also allowing you to better serve your clients.
Think providing additional goods is out of the realm of your services? Think again. Couples these days are looking to customize every inch of their wedding day. The sky is the limit- from silk ribbon and candles as décor, to vintage candy or muslin bags for the favors.
So where to start?
Finding the Right Wholesaler
When it comes to selecting the ideal wholesaler for you, you just need to remember one word: reviews. Your best bet is to reach out to industry peers to see if they’re willing to share any meaningful connections that they’ve made through their own trial and error.
Other ways to gauge the market include networking through professional groups, reading trade magazines, and attending trade events for face-to-face interaction. Another useful resource is the Better Business Bureau, which provides detailed information on complaints filed against companies and whether they were resolved.
Entering a Wholesale Agreement
Before signing any contracts, it’s prudent to run a ‘state of the union’ on your own company to ensure that everything is up to standards. After all, wholesalers can choose not to do business with a company that isn’t legally sound.
Additionally, be sure to discuss details with the sales representative in order to better understand the agreement – return policies, expected processing time, and other factors you’ll need to consider.
Getting Down to Business
First and foremost, discuss the possibility of starting with a sample order. Before committing to boxes upon boxes of good, you’ll want to be sure it’s exactly what you’re looking for.
If the product is not up to your standards, be comfortable reaching out to the sales representative to see if there are other products that may suit the needs better. On the other hand, if you determine that the products fit your needs, it’s time to place your first bulk order. Be sure to track your total costs along the way – if your margins start to shrink, you may want to consider adjusting the price of your products.
Creating and nurturing meaningful relationships with wholesalers is just as important as it is with industry peers, so be sure to cultivate the connections after the paperwork is all said and done. Whether it’s regular friendly communication or referring other trusted professionals, relationships are more successful when both parties appreciate the benefits of it.
Looking to work stronger and not harder in 2016? Then consider exploring partnerships with wholesalers. The journey to a strong, positive relationship can take time, but will certainly be rewarding as you start to see it pay in dividends.
Meghan Ely is the owner of wedding PR and wedding marketing firm OFD Consulting,. Ely is a sought-after speaker, adjunct professor in the field of public relations, and self-professed royal wedding enthusiast.