Hi everyone! I’m very excited that I received my wholesale order yesterday of these fun journals. I expect them to sell right away because they are in the top 1% of its category and have less than 10 Sellers on the listings. As a bonus, they’re small, easy to prep and don’t expire!
My next wholesale order from a different company should arrive soon. These products aren’t journals, but they’re similar to them as they’re also fast selling, low-competition items that are small and easy to prep.
In this post, I’ll tell you how The Wholesale Formula helped me with my wholesale accounts!
Getting Started with Wholesale
In my last post, I discussed how I got started with wholesale and introduced you to Dan Meadors and Eric Lambert’s free video series, The Wholesale Workshop. The workshop is available for a very limited time.
Purchasing the Wholesale Formula (June 2016)
I purchased The Wholesale Formula in June 2016 because I wanted to move into wholesale and I liked Dan & Eric’s method of reverse sourcing.
A Brief Course Overview
The main course sections are:
- Pre-Course Content
- Wholesale Product Sourcing
- Getting Approved to Buy Manufacturer Direct
- Streamlining Your Wholesale Business
- In-Depth Training Webinars
- Bonus Archived Webinars
I started the course by binge-watching the “Product Sourcing” videos and then I moved on to the “Getting Approved” section. This is where I learned about the importance of having a business email address and website.
At this point I stopped watching the videos and began working on my websites.
The Websites (June 2016)
I created two websites. One is a value proposition website that tells the product manufacturers why they would benefit from selling their products to me. The other one is an online store that I created on WIX. I actually have products listed on it and can take customer orders.
Believe me, there’s nothing fancy or complex about my websites. My value proposition website is a simple, one-page site. For my online store, I’m just listing the extra textbooks that I haven’t sent in to Amazon.
** Don’t worry, you don’t need to create two websites right away. Just one is fine and The Wholesale Formula discusses different website strategies.
Product Sourcing & Contacting the Manufacturers (June 2016)
Once I finished my websites, I spent time each day using Dan & Eric’s method of finding products. Once I had a list of products, I did the next steps of finding and contacting the product manufacturers.
First Account with a Bra Manufacturer (June 2016)
It didn’t take me long to get approved for my first wholesale account with a bra company.
It didn’t turn out well though because right after I ordered and shipped my bras to the Amazon warehouse, Amazon came on the listings and lowered the prices. Then all of the other FBA Sellers lowered their prices too and this turned into an unprofitable product.
*** This company did not have a MAP (minimum advertised price) policy in place. Therefore, everyone was allowed to race-to-the-bottom.
Wholesale Pause (July – December, 2016)
After I found that first wholesale account, I lost my wholesale focus (what’s new) and concentrated on books, back-to-school, shoes and Q4 toy shopping.
Wholesale Restart (January 2017)
After I sent in my final Q4 shipment, I did some 2017 planning and decided to focus on shoes and wholesale in January, February and March. I made specific goals for each and got started!
*** I have a hard time with staying focused. Writing down my goals and tasks in my new planner has really helped me stay on track.
The Wholesale Formula List
At the end of December, I learned about the Wholesale Formula List where you order a list of potential wholesale products. In other words, the wholesale product sourcing is done for you which is a time-saver.
I ordered a Home and Kitchen and an Office Products list and they were emailed to me on January 1, 2017. Between the two lists, I received over 1200 wholesale product leads! This totally floored me as I was expecting a much smaller number.
Going Through the Lists and Contacting Manufacturers (Jan 1 – 4, 2017)
I started with the Office Products list and made notes about the first set of 50 products:
- Interested in selling, contact manufacturer.
- Not interested in selling.
- Unable to sell due to brand restrictions.
- Somewhat interested, but concentrate on better products first.
- Interested in the product, but getting approved with the manufacturer looks extra challenging. Use the reverse sourcing method to find similar products by a different manufacturer.
Once I had a list of products that I wanted to sell, I was ready to contact the manufacturers.
*** When you buy a Wholesale Formula List, you are receiving a list of good products. However, you still need to determine which products meet your criteria and it’s up to you to find the manufacturers and get approved for a wholesale account with them. The Wholesale Formula teaches you how to do this.
Contacting Manufacturers (Jan 5, 2017)
On January 5th, I contacted 3 manufacturers either by using their web contact form or by email.
I try to present a good first impression to them by using my business email address, writing a friendly note telling them that I want to sell their products and by not scaring them off by asking them to sell exclusively to me.
Getting Approved (Jan 5, 2017 and Jan 12, 2017)
To my surprise, one of them approved me for a new account within the first hour! This company does not have products on the Wholesale Formula Lists. I used the Office Products list as a starting point and found this company on my own. This company required that I sign a MAP agreement.
Another one approved me on January 12th! This company does have a product on the Office Products list. However, I didn’t purchase that specific product but bought other products from that company.
Check out the end of my Wholesale Workshop blog post to read my approval emails.
The last one didn’t reach out to me and I’m not going to pursue them since I still have over 1100 products on my Wholesale Formula Lists to go through.
I think that getting approved by two of the three manufacturers that I contacted is pretty good!
Staying Focused and Taking Action
As I’m sitting here writing this blog post, I’m very committed to staying focused on both shoes and wholesale. In doing so, I slowed down on retail arbitrage and online book arbitrage. Also I have been sending all of my online shoe orders to Pacific Prep Services in Oregon.
These actions have given me additional time to focus on my first quarter goals.
What are your 2017 goals? Let me know in the contact form below or by visiting my Facebook Page!
** Affiliate Disclosure: The video series is FREE and contains information that I believe will be incredibly beneficial to you. However, I do want to disclose this is an affiliate link. I am an affiliate of The Wholesale Formula and do receive a commission should you purchase a product from them. Please understand I have reviewed their products and take great care in any recommendations that I make.