Should I try it ? Becoming a Wholesaler?

Question

I'm thinking of becoming a wholesaler. I found a great product. I spoke to the inventor/maker of the product and she wants me aboard as a wholesaler. The product is unique and there is no such thing in my market and there is a demand for it. On the other hand, I don't have a wholesale ID nor a Tax ID? How hard is it to be a wholesaler? I heard those who have on-line store also apply for wholesaled ID and tax ID in order to function their on line store, is that true? I already tested the waters with local retailers and there is an big interest for the product. Should I do? Also how do I handle the acct? I know income tax wise i should declare my full time job and declare my wholesaler as a self employment/contractor job..correct?

Answer 1

I need to know a lot more about the retailer's requirements.

Are they willing to pay on an invoice of 2/10, net 30 or

just accept on consignment?

One becomes a wholesaler when one finds what you have found;

a maker of something in demand and retailers ready to

buy in quantity.

THE rest of your question is fair but you are going way overboard.

Wholesaling is simply one component of the distribution

model in capitalism,  not more and not less.

The retailer does not care one whit about you unless you

suggest that they do need to care.

forget for now, about federal tax or Id numbers.  Get the

product into retailer's hands, help them sell it.

Get paid,

after you are netting 50k a mo, then apply to

the state and fed for those tax an ID numbers.

too many people, when starting off, wish logically to

comply with the municipalities first, when they should

be dealt with last.

Available to help further