Have you thought about dipping your toes into the wholesale sector? This industry provides an assortment of goods and products for customers at competitive prices. The secret rests in partnering with the right kind of stores to keep your supply steady and costs low.
Before you get started with the process, you should know a few tips on how to get started. Depending on the state, the process is fairly standard. This article will go over how to become a licensed wholesaler.
Why Get A Wholesale License?
One of the steps that you’ll need to complete before you can open your business is to procure a wholesale license. If you’re wondering whether or not the license is necessary, it certainly doesn’t hurt to have it. A wholesale license allows you to buy products without having to pay the sales tax on it.
As long as those products are items you intend to resell at your business, the license allows you to pay at list price without the sales tax included. While this may only be a few dollars, it’s dollars that can add up and save you in the long-run. It also ensures that you receive some profit when you resell the item yourself.
Applying For An EIN Number
Initially, you’ll need to register your business. Before you can receive a license, you have to contact the IRS in order to receive your EIN or Employee Identification Number. This is also known as a Federal Tax Identification Number. Luckily, doing so is free of charge.
It will take anywhere from four to five weeks for you to receive your EIN. Once you have that number, you’re able to start selling your products as well as hiring employees.
The application process for an EIN number is relatively easy. Just go through the sheet and submit it at the end. If you have any questions, you can always contact support to help you.
Buying At Wholesale Price
With the wholesale license in hand, you’re able to buy products at their list value without sales tax. This, in turn, allows you to sell them at a lower price for your customers. That way you can reduce costs to your small business.
To continue to pass the savings onto your customers, something that often inspires customer loyalty, you’ll want to partner with other wholesalers that offer competitive prices for their products.
Top Products For Resale
When you’re looking for items to resell at a wholesale price, you want to invest in something that you know is going to fly off the shelves. You need to earn profit quickly, so you can continue to expand the line of products that you sell.
A good starting point is with phone accessories. Whether it be charging cables, waterproof cases, phone fans, or any other little phone accessory, people want them. Smartphones have become far more than simple devices to call or text people on. Each accessory has given them new ways to be used.
Shop Wholesale Goods for Resale at Mila Wholesale
For competitive prices and a huge list of various products, you should consider shopping at Mila Wholesale. We also provide fast shipping on novelty items and practical pieces.
Contact us today to get started with your wholesale retail venture. We are very dedicated to helping you get your feet off the ground and receive the right type of license.