In order to determine which merchandise your retail business will offer, you will want to determine what percentage of your capital investment will be allocated to buying wholesale sunglasses. It will help you to see your overall inventory plan if you divide your inventory into broad classifications, then into sub-classifications, allocating a certain percentage of your capital to each sub-classification.
Next, locate resources for purchasing your wholesale sunglasses by contacting the manufacturer, importer or distributor. Ask for their prices, and quantity breakdowns. Armed with this information you can then make decisions about what items you wish to stock and the quantities to purchase, keeping within the guidelines of your budget.
Prepare a buying plan for your first shopping trip for wholesale sunglasses. A challenge you might be faced with is an unexpected and attractive sale on imitation wholesale sunglasses of an outdated style when you specialize in the trendiest styles. No matter how great the deal looks, if it is not on your list or your market focus, resist the temptation to buy it. Remember to stick to your buying plan. Overstocking in one area at the expense of another is a bad management decision.
Pricing for profit is vital to your business, but not at the risk of violating fair, ethical tactics and competition. Profits should be the result of smart business, not a means to an end. With good business relationships and retail products priced correctly, your business will generate sufficient sales to cover the costs of your wholesale sunglasses and other expenses you need to stay in business and enjoy some profits.
Another consideration is your return on investment from buying wholesale sunglasses and selling them for retail. Establish prices that will yield a specific return-of-profit percentage on your investment. For maximum profit, calculate the best possible markup for each item (wholesale sunglasses), setting prices to produce the highest possible profit percentage you can expect to earn on the goods you sell. To increase sales, work up prices to produce a specified percentage increase in overall store sales. Usually this involves reducing prices to sell more merchandise.
To improve cash flow, establish short-term prices to bring more sales dollars into your retail business. Some price specialists claim that most consumers with limited discretionary income often have guilt feelings about buying certain items, especially non-necessities, but replica designer sunglasses are usually under $10 so these are affordable. And since you pay $2 or less for the wholesale sunglasses, you can make up to a 500% profit.
This concludes Part 5 of wholesale sunglasses. Please see Part 6 for hiring for wholesale sunglasses.