Bargain Buys for You in the Wholesale Market
By James Lowe | Wed, 25 Oct 2006
Check out the wholesale market for low prices and great deals. Do you own a business? Do you buy for large groups like boy or girl scouts, students or family?
Are you putting out more money than you should by paying retail? If you are then any of these reasons is good enough for you to explore the world of buying wholesale. Are you a big money buyer or merely a casual shopper? If you frequently buy large quantities of merchandise, it would be a good idea to obtain a business and reseller license. Some wholesalers will not sell to you without these permits. Additionally, the licenses can get you into trade shows that are not open to the public. Here, you can find many items priced below retail. You can also get on mailing lists for major trade shows. These events sell everything from furniture to the latest fashions at wholesale prices. When applying for a business or reseller license, make sure you understand what fees, taxes, and regulatory red tape are required to keep you out of trouble with various authorities. Depending on the state you live in, you may be able to get a resellers license for free.
You are responsible for collecting sales tax on products sold within the state. Assess the cost versus expected savings from buying wholesale to determine if it is worth the trouble to obtain licenses. To get a business license, you must be in business or be planning to start one. You can legitimize your business status by turning a hobby or talent into a business venture. For example, a weekend furniture maker sells a few pieces to friends and a business is born. Even the casual shopper may benefit from obtaining business and a reseller license. You get access to nonpublic wholesale events and wholesalers that do not sell to the general public. In addition, you can make a little money off the deals you find.
Buying wholesale usually means purchasing large quantities. While you do not need three dozen cashmere sweaters, you can keep a few and sell the rest to friends, or, online auctions and at flea markets. Sometimes you do not have to have a license and there is no problem. Although business permits give you more access to buying wholesale, you do not have to have a license to get wholesale prices.
Wholesale businesses often have special times that they are open to the public. Prices will be a little more, but you still pay less than retail. You can search through the Yellow Pages to find local wholesalers and ask if they have public sale hours.
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