The first question that comes to every retailer’s mind is – how to get designer clothes wholesale? When you do bulk clothing purchases so you can resell them, you are utilizing an old approach that has worked for ages. If done correctly, this business approach will definitely earn you profits. You can run a retail clothing boutique from essentially anywhere, using any business approach. As an e-commerce business owner, you’ll do it online and if not you’ll do it offline. On the other hand, you could combine the two and have both a web store and a brick-and-mortar store. However, in order to succeed, you ought to be able to buy your products at wholesale prices.
Do Bulk Purchases for Resale
Ordinarily, distributors or wholesalers will only enter into an agreement to sell you their merchandise if you can prove that you’re running an established business that has an excellent reputation. Therefore, in the beginning, you’ll need to take the necessary steps that will help you to create a reputable business.
Make an Application for an EIN Number
Getting a federal tax identification number is the first step towards creating a reputable business. This number is also the Employer Identification Number (EIN), and you can get it via the Internal Revenue Service (IRS). You can file your EIN application online. After you have submitted the application, the EIN should be issued instantly. Thereafter, use it to open your business bank account and sign up for accounts with the various wholesalers that you’re looking to work with.
Procure a State Tax License
Getting a sales tax license is the next step in establishing your business. The application for this license can be done in your state of residence. For example, in Texas, USA, the license is called the Texas Sales and Use Tax Permit. And the good thing is that you can make this application online. If you live in a different state, a simple online search for the tax or revenue department of your state will help you know where you’ll make the application.
Business Name Registration
The next step is to register your business name. The type of business that you intend to establish determines the type of business you’ll register. It can be either a sole proprietorship, limited liability company (LLC), or a partnership. Say you’re starting a sole proprietorship under an assumed name, you’ll need to complete and file a Doing Business As (DBA) form with your state of residence. However, if you’ll be conducting business in your own name and not an assumed name, this step isn’t necessary.
Open a Checking Account
You should now visit your local bank and open a checking account for your business with a local bank. To this end, you’ll require your registered business name and EIN. This isn’t mandatory; however, it will be challenging to do any designer clothes wholesale without it. This is because a majority of clothing wholesale suppliers are very likely to be uncompromising about their requirements when you make your application. So just cover all your bases, including getting a business bank account, in order for them to open a buyer’s account for you.
Acquire a Debit Card
You also need a business debit or credit card, so make sure to apply for one. The card will be linked with your business’ checking account and it’s the payment method that you’ll use to buy wholesale clothing from your suppliers.
How to buy designer clothes wholesale for my business? Look for Wholesalers
At this point, you should search in your local area for clothing wholesalers who supply your intended products and would be willing to sell to you. You can either do this search online or offline. Also, try comparing the U.S. vs Europe wholesale clothing suppliers for prices before making your move.
Make Applications for Buyer Accounts
Ordinarily, wholesalers should have application forms for their buyer accounts. Complete and submit these forms to the various clothing wholesalers that you’d like to work with. Depending on the wholesaler, you’ll either complete these applications online or physically/via postal mail.