It's wonderful owning my own business, but I feel like my income is capped by the number of workable hours in a day. Sure it would be wonderful to take on more clients, but that would mean having to somehow miraculously change a 24 hour day into a 30 hour day (anyone know how?). Yes, I could also increase my prices to increase my revenue, but finding that price "sweetspot" is just a challenge in and of itself. Much thought (and lots and lots of math) goes into my pricing. So what is an event professional to do if one wishes to bring in more income (that is of course taking into account that I'm using EventCompass to save time planning all my events)? Answer: Partner with a wholesaler and resell products most often used at your events! To walk us through this four step process is marketing, public relations, and business master Meghan Ely, owner of OFD Consulting:
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?
1. 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.
2. 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.
Click here to continue reading about the two remaining steps! For other great business tips, we have numerous posts discussing networking, growing your client base, and tips to improve your overall business! Also, please pass along this helpful information by clicking on the "share button" below to share this post to your social media accounts.
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