Starting a clothing business takes time and passion. The goal is to make a profit while providing your customers with quality items you know they’ll love and want to keep coming back for. But where do you buy clothes at a price point that enables you to make a profit?
You’ll want to know where your stuff is coming from, how it’s made, and who are the best suppliers to meet your needs. Here are five tips to help you to learn how to buy wholesale clothing for your boutique quickly and efficiently.
1. Find a Quality Wholesaler You Trust
You want the best pieces at the best prices possible so that you can deliver quality products to your shoppers. Make the process easy for you by finding a wholesaler who can provide quality clothes, accessories, makeup, and trendy pieces at a reasonable cost. Do your research so you know how long it will take for your purchase to arrive and know what quantities you’ll need to commit to.
For example, Wholesale Fashion Square allows you to purchase small bundles so you can test if customers will shop your stock before you buy a larger order. By buying in items in small quantities, you can make sure you aren’t overloading your inventory with a product that doesn’t sell.
2. Know Where Your Clothing is Coming From
If you want to maximize profits, you’ll need to cut buying costs. If you want to make sure you are getting quality products, it’s essential to know where your clothes are coming from.
To keep costs low, consider the price of shipping and how long it will take for each item to arrive. Do you want to buy from manufacturers and importers from the U.S. or China? Also consider, what types of fees will be associated with purchasing from international wholesalers?
When you source products in the U.S, communicating with the wholesaler can be easier than dealing with an international vendor. You won’t have to worry about managing time zones, and can pick up the phone and call when you need to. Also, make sure to ask the company if they will keep you up-to-date with your order, and how easy it is to report any issues.
3. Understanding Costs of Goods Sold
You’ll need to add up all the costs associated with getting your product, so you know exactly how much you’ll profit from each item sold. Cost of Goods Sold or COGS can include the price for the unit, shipping costs, and customs costs if you are buying from an international wholesaler. Understanding COGS will help you with your bottom line so that you can factor in all these costs in the price. It’s a business expense, and as COGS increases, it reduces your profit.
Keep track of all your expenses and keep a COGS budget to help you figure out your net cost so you can see how you can save money.
4. Master your Niche
What types of clothes do you want to sell? Who is your target market? Is there a market that isn’t being served in your community?
It’s important to ask yourself these questions so you can have a leg up on your competition. Strive to fill that niche so customers will keep coming to you to find what they need. Pay attention to what brands are being sold at your favorite stores and boutiques.
Mastering your niche will help you learn how to shape your business, so your boutique sales also grow.
5. Purchase Only What You Need
While you will get a better price by buying items in bulk, you’ll end up losing money if you don’t sell the clothing you have. Consider what your customers are looking for and purchase only what you need. The last thing you want is too much unsold inventory.
Choose a variety of styles and sizes and always keep the customer in mind. Have a wide range of tastes available so you can cater to the demands of your customers.
Remember, just because you wouldn’t wear it, doesn’t mean it might not appeal one of your shoppers.
Interested in where to buy wholesale clothing for your boutique? Wholesale Fashion Square offers a one-of-a-kind shopping experience with everything necessary to make your boutique as successful as possible.
Leave a comment if you found any of these tips helpful and share your favorite tips for buying wholesale clothing for your boutique.