Friday, June 20, 2008

Why try Vending?

Through the trials and learning processes of running a small artist/crafters business I have recognized the value of hitting the buyers market on all fronts. In fact this is one of the reasons I started my etsy store. The buyers market includes all potential buyers which include your customers, wholesalers, store owners, galleries, and web shoppers. A lot of the work I do vending is actually marketing.
Selling your items at retail prices is the best way to make money. To sell at retail you must have some type of storefront, or vending booth. Craft fairs and festivals are a great way to get your products directly into the hands of your customers. People love buying things at these events because they get to actually meet the person who created the special thing they are spending their hard earned monies on. They see the value in buying something handmade from the artist or crafter. Getting retail or full value for your art or craft gives you the most profit.

Sore Owners and Wholesalers always enjoy visiting craft shows and festivals, because they know these are great places to meet (in person) crafters and artists, they might like to commission for wholesale orders. Store owners and wholesalers are the best people to meet because a good percentage of your potential earnings will come from these two sources. By wholesaling you will be able to transcend your craft or hobbies into a small business. (Most manufacturing businesses primarily utilize wholesaling practices.) You will not make as much money per item, but you will be able to sell in volume, creating long term earnings and job security.
Remember you set the price that the final customer pays when you set up your wholesale pricing list. Store owners will double whatever they pay for your items, insuring them a profit. Keep that in mind while you make up a wholesale pricing list. If you know that your item sells to the final customer best at $10, you should sell those items to wholesalers and shop owners at $5. If you price it to high then the wholesalers and store owners might still buy them, but they won’t be able to sell them as quickly. And, that hurts your potential earnings, because you won’t be selling to them as much as you probably could. Wholesalers are selling to stores also, that they have accounts with so they are marking up your price a little and making their money off of the sheer volume of their sales. You might like to give your wholesalers a better price than store owners making it easier for them to sell your items.

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