A softball accessories wholesale business can be pretty lucrative in 2022.
Study shows that wholesale sales of softball bats totaled $270 million last year. Gloves and mitts came second in this segment, generating more than $137 million.
So, the money is there.
But starting a wholesale business isn’t just a walk in the park.
Even top entrepreneurs face a lot of competition and hardships when starting a wholesale business.
So as your B2B experts, we’ve gathered the best tips and strategies to start your successful softball accessories wholesale business.
Without further ado, let’s get started!
Finding manufacturers or distributors is the most crucial part of starting a wholesale business.
Wholesalers source their goods from distributors or directly from manufacturers and earn money selling products to retailers at prices higher than they bought for.
To find a reliable manufacturer for product supply, it is essential to first look at the quality control and whether you will be able to restock on time.
Additionally, it would help if you considered choosing a bit more popular suppliers to collaborate with, as they have already made a name for themselves in the market.
You can also search online for softball goods manufacturers or distributors.
Have an adequate budget
To start a wholesale softball accessories business, you must have a good capital to meet demands.
Buying inventory takes up most of your cash, particularly when you don’t have customers in advance.
Store necessities also incur a few expenses for a new wholesaler, including equipment shelves, telephones, cashier equipment, employee salary, etc.
Rent takes up a sizeable portion of your expenses and will differ based on your chosen location. Although rent may become an issue for the first several months, it will not make a huge difference once you start selling.
Choose a store location
If you are selling wholesale, you have two options: online and offline.
You can sell your products offline by opening a store.
One concern about the sporting goods stores is that they must be located at a prominent spot.
Wholesale markets are always great because they draw a huge number of customers daily.
However, if you can’t pay the monthly rent of a shop in a wholesale market, you could pick a place near the gym, school, or softball field to find relevant buyers.
Find a place that is easily accessible and draws many pedestrians.
A store with a parking space is also a plus, since the wholesale equipment, when bought in bulk, can be big and heavy to carry.
When selling online, you must find an appropriate online marketplace or develop an online store where you can sell your softball items.
And online, you have the advantage of targeting more people who are interested in your products.
Purchase/rent a warehouse
A warehouse will be a significant expense and should be given proper thought.
Having a big warehouse to store all your merchandise is essential. But it shouldn’t be so big that you’ll be paying for space that’s never been used.
You’ll also need to choose between buying and renting a place.
This depends on how much capital you’re willing to put into this business.
Purchasing a warehouse is ideal if you can afford it.
There’s no monthly rent, no worries about being kicked out, and you’ll have total control over your place’s security and usage.
Also, keep in mind that your operations shouldn’t begin until you’ve established proper inventory management.
You could use inventory management software or another device that checks incoming and outgoing inventory.
Focus on your store layout
A great store layout is one of the keys to running a successful wholesale softball equipment business.
Wholesale stores selling sports equipment don’t need much space to display their products. One or two storefronts are sufficient; you just need to have enough space to display your items.
The store layout for a softball accessories wholesale business would be simple.
All you need is a front desk, merchandise display area, and enough maintenance area.
These things can significantly impact your business as an excellent product display can generate a flow of customer traffic, boosting your business’s sales if positioned properly.
Your customers should be able to view every product in your shop easily.
So, when planning the layout of your store, you should be mindful of how you merchandise your products and what steps you could take to provide the best customer experience.
Put your management skills to work
Good management is the key to operating a wholesale store.
Wholesalers have to deal with large amounts of inventory, meaning their needs differ from those of B2C retailers.
Careful inventory management system at a larger scale plays as much of a role as dealing with customers.
So, as a wholesaler, you cannot simply look at sales and think you’re doing fine.
You will experience issues like inventory leakage, overstocking, and under-stocking without proper management. Long story short, your business will eventually die.
Here’s a tip: In addition to analyzing and locating sales data, analyze the direct communication between shop assistants and consumers to understand the customer’s needs.
Grasp sales hotspots and development trends to prepare for your next product’s launch.