The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

NOTABLE! You’re not selling wholesale?

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

Valor

Gold Contributor
FASTLANE INSIDER
Speedway Pass
Jan 1, 2014
354
1,360
421
25
Pennsylvania
Bump.

I just wanted to say, if there's only one thing that you take from this thread, it should be this: follow up.

Received a wholesale inquiry a year ago. Talks died out several times. Kept following up, and just received my first PO from them.

Received another wholesale inquiry last month from someone with 2 locations, exchanged a few emails, and then never heard back after I sent them my wholesale application. Just followed up with them and offered some free "test" units, and they were more than happy to take me up on the offer.

I haven't even actively sought out wholesale accounts yet.

For sure. I will be posting a new progress thread on the Inside soon.
Looking forward to this.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

exclusives88

Silver Contributor
FASTLANE INSIDER
Summit Attendee
Speedway Pass
May 28, 2014
521
843
343
33
Hey guys, I got my first large order but I'm worried that it's a scam @Valor @amp0193 @Scot

The buyer wants to buy 200 units, pick up and ship it to Argentina. He provided an address which does not lead to an address but a house. His name is very generic - Paul Smith. What type of payments should I take to ensure that I do not get scammed? He said he can pay by credit card. Can this be a stolen credit card and later, charges be reversed?
 

Lucious

Lucious
FASTLANE INSIDER
Speedway Pass
Oct 13, 2016
49
79
126
Australia
Hey guys, I got my first large order but I'm worried that it's a scam @Valor @amp0193 @Scot

The buyer wants to buy 200 units, pick up and ship it to Argentina. He provided an address which does not lead to an address but a house. His name is very generic - Paul Smith. What type of payments should I take to ensure that I do not get scammed? He said he can pay by credit card. Can this be a stolen credit card and later, charges be reversed?
Does he have a registered business number? Registered Business name?
 
OP
OP
Scot

Scot

Salad Dressing Empire
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 10, 2016
2,975
13,752
2,796
Florida
Hey guys, I got my first large order but I'm worried that it's a scam @Valor @amp0193 @Scot

The buyer wants to buy 200 units, pick up and ship it to Argentina. He provided an address which does not lead to an address but a house. His name is very generic - Paul Smith. What type of payments should I take to ensure that I do not get scammed? He said he can pay by credit card. Can this be a stolen credit card and later, charges be reversed?

Just like @Lucious said, does he have a business name, LLC?

If you’re concerned about it, I’d say for new customers that can’t provide a credit report from D&B, they must pay with a cashiers check/certified check. (Maybe wire transfer)

Also, why does he want to ship them international?


If not a scam.. congrats!!
 

Valor

Gold Contributor
FASTLANE INSIDER
Speedway Pass
Jan 1, 2014
354
1,360
421
25
Pennsylvania
Hey guys, I got my first large order but I'm worried that it's a scam @Valor @amp0193 @Scot

The buyer wants to buy 200 units, pick up and ship it to Argentina. He provided an address which does not lead to an address but a house. His name is very generic - Paul Smith. What type of payments should I take to ensure that I do not get scammed? He said he can pay by credit card. Can this be a stolen credit card and later, charges be reversed?
Don't be afraid to ask questions about where they plan to sell, why the order is shipped overseas, etc.

Wholesale accounts aren't just a simple transaction like customer purchases. They are an ongoing relationship, and the more you guys are on the same page, the better (if it is indeed legit). If he is hesitant to provide more info, I'd be very cautious.

Maybe ask which payment method he prefers. This could be a tell-tale sign too.

This all reminds me of another question I wanted to ask everyone here. What are your application processes like for opening a wholesale account? Old-school PDF, digital forms, something else? What info do you require?

I don't really have a specific process for this at the moment. I want to appear as professional, while making it as easy and fast as possible for someone to complete, and at the same time gather enough info to weed out all the deadbeats.
 
OP
OP
Scot

Scot

Salad Dressing Empire
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 10, 2016
2,975
13,752
2,796
Florida
This all reminds me of another question I wanted to ask everyone here. What are your application processes like for opening a wholesale account? Old-school PDF, digital forms, something else? What info do you require?

I don't really have a specific process for this at the moment. I want to appear as professional, while making it as easy and fast as possible for someone to complete, and at the same time gather enough info to weed out all the deadbeats.
It really depends on who you customer is. If its a large retail chain, they're going to have their own very detailed and involved process, that you will have to conform to.

If you're selling to independent retailers... @AllenCrawley or @amp0193 you guys have more experience here.
 

Wolfman

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2017
205
179
96
60
Pittsfield, MA
Hey guys, I got my first large order but I'm worried that it's a scam @Valor @amp0193 @Scot

The buyer wants to buy 200 units, pick up and ship it to Argentina. He provided an address which does not lead to an address but a house. His name is very generic - Paul Smith. What type of payments should I take to ensure that I do not get scammed? He said he can pay by credit card. Can this be a stolen credit card and later, charges be reversed?
Hi,
Old school...call the guy or have him call you and follow your instincts after asking a couple of questions.
Greg
 

Determined2012

Silver Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jun 22, 2012
747
801
342
Chicago, IL
Certified funds only. Copy of valid ID card. Signature receipt, and only HE can sign for it.
 

Wolfman

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Nov 12, 2017
205
179
96
60
Pittsfield, MA
Certified funds only. Copy of valid ID card. Signature receipt, and only HE can sign for it.
How about both? Get all that good stuff and still talk to him. I told you I'm old school. There are guys a lot smarter than me and you that can probably figure out how to forge a "valid ID card." I believe, yes, you're instincts are correct and you'll get paid. By the way, congratulations on the big step in the right direction.
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
Sep 13, 2014
2,661
10,951
2,453
World citizen
If the total value is worth $2,000 or more you could get him to pay via escrow.
Escrow.com have reduced their fees on small transactions.

I like escrow because the buyer has to pay before you deliver, and provide you precisely meet the terms of his order, the escrow company will pay you when you have proof of deleivery or if to Argentina, proof of shipment.

Just beware of the risks in relying on a requirement to get his signature on a delivery document. Styluses used to sign delivery gadgets could well result in a signature so distorted that it would not stand up.

Not only that, but most delivery people couldn't care less if Mickey Mouse signed.

Walter
 
Last edited:

sparechange

Platinum Contributor
Speedway Pass
Nov 11, 2016
1,881
2,544
665
Canada (Vancouver)
To commemorate my 50th thread on the Fastlane Forum, I wanted to share a topic that is very core to my business.

It’s a simple concept.

If you sell on Amazon, but not wholesale to other retailers, you’re throwing away millions of dollars.

Let’s look at this.

View attachment 19709

On this pallet is 900 units. This sale took about an hour worth of work. To date, I’ve sold 800 units on Amazon.

Let that sink in for a minute. In about 2 weeks time, with about an hour of actual work, and 37 short emails back and forth, I sold more unit than I did on amazon over 3 months time.

We talk about how Amazon is killing Brick & Mortar, but that’s simply not true. Wal-Mart, Target, Auto parts stores, grocery stores, clothing stores, and many others are not going anywhere anytime soon. And hundreds of millions of people shop at them daily.

Would you rather sell on 1 Amazon site or 5,000 Walmart stores?

Wholesale is the Scale part of the equation and if you’re not using that multiplier, you’re missing out.

Lastly, amazon businesses for sale on business broker websites are a dime a dozen. And multiples aren’t all that healthy. But one thing that does improve a multiple and more money on an exit, is a wholesale channel to your business.


Evaluate how your products can be sold to B&M. If you think your product is too generic to be sold in a store, it’s probably too generic to be sold on Amazon. Think of who your customer is, then think of where they shop. Those stores are your customer too.

If this thread shows enough interest, I’ll dig in deep to how to enter wholesale, get customers, get distribution.

Pick up the phone and start dialing.
Just remembered about this thread! I'm looking into wholesaling my own products atm, right now just doing direct to customer but one of the goals is definitely wholesaling off to big box stores.

Thanks for the post!
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE Fox's Web Design Guide: Earn $100K this year (Yes, 2020!) and Go Fastlane
I want to make sure before I dive in Absolutely, do your due diligence. Also check it’s a good...
  • Sticky
FEATURED! Introducing... WEALTH EXPO$ED, A Short Story By MJ DeMarco
Ah, I should've checked here to find out that it was free! Although, Amazon only charged $2 for...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Pick the one you need most. Some just buy them all. :D Loving your email sequence.
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Dropping a quick note in here to say... if you are on TFL, you are part of an elite group of...
  • Sticky
MARKETPLACE Kill Bigger Incubator
I joined @Kak's business incubator in the first week of May. During our daily chats we uncovered...


Visit A Forum Sponsor
sponsor

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom
AdBlock Detected - Please Disable

Yes, ads can be annoying. But please...

...to support the Unscripted/Fastlane mission (and to respect the immense amount of time needed to manage this forum) please DISABLE your ad-block. Thank you.

I've Disabled AdBlock