Reflections on selling wholesale

A few months ago I entered into the world of wholesale. And yes, it is a whole new world. It's been a learning experience for me, and as my business continues to grow, I'm sure I'll continue to learn more along the way.

Many artists approach wholesale as if it were a four letter word. Why? They fear losing the integrity of creating a unique piece with every artistic effort. Now, I realize there is a difference between the business of selling jewelry, photography, or ceramics and selling candles, but there is also a strong similarity: the word BUSINESS.

If you're not in business to make money, why are you in business? It's certainly ok to have a hobby and a talent from which you can earn additional revenue. But if your goal is to earn a living from your craft, you need to approach your work as a job, and as a business.

And to do so, all business models should be considered, from online selling, to craft shows, to consignment, and to wholesale.

As each of your items is handmade, each item will be slightly different from the next, even if using the same style and materials. You lose no artistic integrity in the process! In fact, you can gain from quantities of time as you mind becomes trained in repetitive tasks, and more importantly, quantities of scale as you are able to purchase supplies in greater quantities and lower costs.

Another fear artists vocalize is pricing. An elementary formula for your pricing should be Cost x 2 = Wholesale Price, and Cost x 4 = Retail Price. The fear here is that you're only earning twice your costs in wholeselling, versus the perceived "100%" in retailing. But the part that is overlooked is volume. Not only can you buy in larger quantities and reduce the per item cost, but you're able to generate more sales. And more sales begets more sales. And more sales drives people to your website, perhaps to place a custom order. And more sales begets more sales.

And if you're not trying to generate sales, why are you in business? I'm not trying to discourage anyone, but I am trying to suggest we all review why we spend the time doing what we do.

A good friend and mentor asked me, "Are you in business to make candles or to make money?" It's a question I've repeated to myself many times. If my answer, if your answer is, "to make _____", that's ok!!!! If this is the answer, I encourage you to reflect on how you are using your time and what the return on that investment of time is. If my answer, if your answer is, "to make money," then I encourage you to review what you are doing to make money. Ask yourself, what is the return on my time?

Selling wholesale may help answer this question. My next series of blog postings will address my experiences of selling wholesale. While not an expert, I've learned many lessons, which I hope to share with you and help you grow.

Please leave some comments. Please ask some questions. Please share some experiences and lessons you've learned. I truly enjoyed the dialogue we shared in my newsletter series and hope we can have the same with the topic of selling wholesale.

So until next week,

Happy sales!

Dorene

Treasury Sunday! November 4, 2012

Every other Sunday I give thanks to those curators who have featured my products in their gorgeous treasuries.  I hope you enjoy these wonderful collections, visit the curators and their featured finds!

November fragrance of the month - Cranberry Pomegranate

November is the month to give thanks. While we should always give thanks, whether because we are not in a path of destruction, or whether we've survived the path of destruction, there is always a reason to give thanks.

In the spirit of Thanksgiving, the Fragrance of the Month for November is Cranberry Pomegranate.

Bowing to my love of trivia, here is some background information on cranberries:

The name cranberry derives from "craneberry", first named by early European settlers in America who felt the expanding flower, stem, calyx, and petals resembled the neck, head, and bill of a crane. Another name used in northeastern Canada is mossberry. The traditional English name for Vaccinium oxycoccos, fenberry, originated from plants found growing in fen (marsh) lands. In 17th century New England cranberries were sometimes called "bearberries" as bears were often seen feeding on them.

Native Americans had been using cranberries long before the Europeans arrived. In addition to eating the berries as fruit, they used the fruit to preserve meat, dye fabrics and to treat wounds. Cranberries away have been part of the foods Native Americans introduced to the Pilgrims which helped the,survive their first winter in North America.  

Here is some additional trivia about the cranberry:

• The cranberry is one of three fruits native to North America. The other two are the Concord grape and the blueberry.
• There are approximately 333 cranberries in a pound, 3,333 cranberries in one gallon of juice, 33,333 cranberries in a 100-pound barrel
• Cranberry juice contains a chemical that blocks pathogens that cause tooth decay
• John Lennon repeated the words Cranberry sauce at the end of the song Strawberry Fields Forever, a fact that Lennon confirmed in a 1980 interview. He stated it was a kind of icing on the cake of the weirdness of song, where anything he might have imagined saying would have been appropriate.
• Cranberries have been named the official state fruit in Wisconsin, which is a leader in the business of cranberry production.

Cranberry Pomegranate fragrance tarts

For my candles, I have chosen the blend of Cranberry Pomegranate as the November Fragrance of the Month. I would describe this fragrance as citrusy with a hint of bubbly. Juicy pomegranate combined with tart cranberry create a unique and fresh alternative to cinnamon based fall fragrances. 

Cranberry Pomegranate is available in all candle and home fragrance products: 12 oz and 7 oz candles, wickless candles, tea lights, votives, fragrance tarts and diffuser oils and fragrance sprays.

Also try Cranberry Pomegranate in body fragrance products such as lotion, body spray, and soaps.

Throughout the entire month of November, all Cranberry Pomegranate products are 10% off.  Please see my Fragrance of the Month section of my Etsy shop for more details.