How to Buy Wholesale Webinar

The Boutique Hub. So welcome in. My name is Samantha Connor. We'll get started in just a minute. If you're not on mute, if you could just go ahead and mute, we will have lots of Q and A so you can unmute, but just during the presentation time, we'll kind of keep that down so everybody can hear. I appreciate you taking time out of your day. You know, it's interesting. When we were thinking of what are we going to call this webinar? What's it going to cover? The how to Buy Wholesale name is going to cover a lot. And if you see the fine print, Build a profitable boutique in 2025. We are going to talk about tariffs because that's going to change how you're buying wholesale. So I want to let you know you'll get some of that information too. And then we will take all of the great information in here. We will have it recorded, and then we'll also put in a blog post so that I know you guys are taking notes. I see a lot of you with notebooks, but that'll also give you some. Some follow up there. So. So we'll wait about one more minute. I still see people coming in. This is a popular topic of how do I make my store profitable with the things that I'm buying? So I'm excited that you guys are here. All right, Samantha.

Yeah, you're muted. Sorry.

There we go. Okay, I do want to take a minute and introduce Shannon Gordon. Shannon Gordon is going to be answering the questions and helping me do all those things. She's our social media queen of the Boutique hub. All right, so we will get started. It's 1002. Welcome to the how to Buy Wholesale webinar presented by the Boutique Hub. We're going to be talking about building a profitable boutique in 2025. And the elephant in the room is the T word, the tariffs. We're going to touch on that too, because that's going to be part of your wholesale buy as we go. I encourage you to drop questions in the chat. Like I introduced Shannon. She's going to help with you guys in terms of making sure we get those questions answered. And this webinar is for people that have bought wholesale before but are looking for strategies to improve how they buy. This webinar is for people that are new to the business and you haven't had a chance to fully build out your inventory sourcing process and you need help with that. And so whether you're young or old or new or existing, this webinar Will provide something that you can take home, be an actionable takeaway. So I encourage you to drop questions. We like lots of engagement here at the Boutique Hub. If you're not part of our community already today, you're an honorary member and we're happy that you're here. And we are going to deep dive into the smart buying process so that you guys can be more profitable in 2025. Alright, so let's get going. A few things to get started with. My name is Samantha Connor. I'm the director of wholesale at the Boutique Hub and I have been with the Hub almost five years. I am really passionate about connecting people with resources and tools that they need to be successful. Whether it's a wholesale brand or someone in the industry that can help you build out your website or help you run paid ads. That's what we do in the Hub. We connect people to give you a little bit of information about the data that I'm going to be sharing with you. These are the proven processes that the Boutique Hub teaches the members of Retail Bootcamp and our community to be successful. So we've taken thousands of boutiques from that maybe side hustle level or I'm doing this for fun and see where it goes to multimillion dollar boutiques. So you're going to get a taste of that today. So, so this is gonna be 11 years worth of data, proven research. We've taken it all and we baked it together in this presentation for you. So I'm excited to share it with you. Last year I hit up 21 as a team, 21 trade shows. So I've talked to thousands of retailers and thousands and hundreds of brands and service providers and I'm gonna bring all that to you today and I'm excited to do that. I think this is gonna be really helpful for you. This year specifically 2025 is turning out to be a little different than 2024 and it's okay, we can make it through but we've got to change our strategy. We've really got to hone in on our business. So I'm going to share with you that process that we've seen work for these retailers to be successful. So really quick, if you're not familiar with the Boutique Hub, this is your chance to join. We want you to be part of our community. We do things like this all the time. We believe in community over competition. We've got 11 years of data and research on building independent research retail and wholesale brands and getting them to be successful. So if you are At a part where you're like, I need a little help, you're in the right place. We're going to do this together. So let's get started. Just kind of a, how are you feeling? Right, how are you feeling? And I know a lot of you can probably relate to some of these things and, and wondering, you know, what am I going to be doing next? So if you are in a spot with your business right now where you're struggling to find really great wholesale vendors, so that could look like maybe the size runs that you're searching for aren't available, the styles aren't resonating with your customers, or maybe the. The customer service that you're getting from the brands you're working with is not what you're expecting. We're going to cover that today and help you find a connection to brands that will serve you in the way that you need to be served. Because you guys should be partners in the wholesale buying process if you feel like your profit margins are too low. So you're. You're looking at, I'm working really hard, but at the end of the day, I'm not bringing home much money. I'm not paying myself. We've got to talk about that. And especially with these increased tariffs that are coming. And we've got to have a strategy for making sure that you are setting your prices at a point where you're going to be able to take money home in the bank. And I want to make sure that you understand that you are working hard, you are doing a great job. It's not you that's not doing it right. It's just, you need a little help. And that's where the boutique up is going to come in, and we'll help you with that. And then if you feel like you're kind of unclear on what to do next, this photo that I've got on the slide is of my team in LA. We take 100 buyers every year to San Pedro to that fashion market. And sometimes when you're walking on the fashion market and navigating those streets and you'll get to a point, you're like, which way do we go next? And so I always look at Sarah Burks or I look at Ashley Elderson, and I'm like, which way do I go? And together we figure it out. And that's the perfect analogy for what we're going to do today. If you're at a spot in the road and you think, I don't know where to go next, both of these Alleys look a little scary. We're going to. We're going to link arms with you and show you where to go and make sure that you have a path, and this is the proven path to succeed. You don't have to do it alone. We'll help you find that next step because you're working too hard to have nothing work. All right, so a few things as we get started to make sure everybody feels welcome, Drop where your store is located. And if you want to say your name, too, we would love to hear from you. Your store name. The best part about being in this space is having other people to do business with you. And so if you're doing it alone right now, this is going to give you a good 35 minutes of doing it together. So drop. Drop your store name and where you're coming from. And we're happy to have you guys all here. Okay, now for the thing that we all came for, right? We're all looking for that, that silver bullet, that magic bullet. And the boutique hub has taken 11 years worth of research and data. We've served over 76,000 businesses, and we've compiled all that information. You know, we put it in the chat GPT oven and baked it and said, well, what is the number one with all of this data? What is the number one thing that makes some boutiques succeed and some not? And the secret to that, really, and the code that we've cracked is it all comes down to smart buying. What is your process for buying wholesale? And if you don't have a process, this is going to be interesting to you. If you have a process but it's not quite working, this is definitely going to be for you, too. So what does it mean to buy wholesale in a smart, smart way? And what we're going to do is I come from an education background, so I always like to break things down in a way that's digestible. My dad always said it's like eating an elephant. You just do it one bite at a time. So this is the strategy that we teach in the boutique hub, and we've put it together in an acronym to help it be digestible for you and then to help you pick one thing to work on. There's a lot of things we can do in our business, but if we pick one thing and. And we really focus on it, that's where we're going to start to make a difference. So this smart buying strategy that I'm going to present to you today is really about buying right, selling more, getting Your cash flow tracking inventory. And what we really want to do is replace guessing with knowing. And so, like I said, this is the strategy that we pulled together in the Boutique Hub. We share information like this all the time through our coaching programs. And our goal is for you to see increased profitability and increase customer satisfaction. And we can really be thriving in this competitive market when we have a strategy and a system. And we always say a goal helps you win once, a system helps you win repeatedly. And that's what we're going to do today. So let's get started. Some of the things that I like to share with that is I will be referencing four different tools in this presentation as I break down each layer of a smart buying process. One thing we talk about in the Boutique Hub is what are the tools I need to be successful? You should have a toolkit basically on your desk that you can open at any time and you can use in your retail business. And it's a virtual toolkit. But if I had to describe mine, mine's pink. It's a nice pink hard metal box. And I can open it up and I can pull out the tools that I need to do my job. And I want to make sure you have those same tools. So resources that I'm going to mentioning the Boutique Hub, like we said, you're going to have to have a community. You got to have people help you. We've worked over 76,000 people. We're going to get people to help you. The next thing is you got to have a place to buy all this wholesale product. We're going to show you the process, we're going to connect you with the vendors. But where do you go do that? You can do that in person at market and we've got the resources for that. And then you can also use Hubventory, which is the wholesale platform created by the Boutique Hub for retailers like you. The next two pieces are what happens after I get all this great wholesale product like Samantha, you're going to show me how to get wholesale goods. You're going to show me how to price them, right? But then how do I sell them? And so that's where our next level programs, the Boutique Hub Black and Retail Bootcamp, come in and I'll share that information with you guys too. But we really want you to have all the pieces of the puzzle to fit together. And it all starts with the smart buying strategy on the side. Over here. You guys can see I've got some terminology, you know, something that really was brought to my Attention from going to markets was was we assume that everybody knows the same amount of information. And I want you to know if there's something that you don't know or you have a question or someone's talking about something you don't know, it's okay to ask. And so I broke down some terms here and we continue to have these, like we said, in the boutique hub too, where you guys can access those. I'll have my email address at the end. But these are some of the terms that the wholesale vendors that you work with are gonna be using. And so I wanted you to be aware of them. Wholesale, obviously we're buying these goods to resell. And moq is minimum order quantity. TAT is turnaround time. Net terms, buying now and then paying for it later. Drop shipping is where the product does not come directly to you. It goes from the manufacturer to your customer. And then we've got things about pre order and immediate ship. So whether we're getting the goods later or we're getting them right now, and then something that really is going to be helpful for you during this tariff time is going to be private labeling. And we can touch on that as well. And then of course, words I'm going to use brands and vendors, that's who we're buying the product from. Trade shows is when we can buy in person. And online platforms is when we're shopping from the comfort of our own home. So sometimes on the couch with a glass of wine. So those are some of the terms I'm going to be using today. Like I said, there's no question is a dumb question. So feel free to ask as needed. So wholesale is more than just buying. It's curating your customer's next favorite thing. Those of you that have been in this business for a while know that you can go and buy product all day long, but how can you make sure it is the favorite thing of the customer and they'll buy it? Because one thing to get the product and then it's another thing to sell it. So we've got to go with our smart buying process to the very beginning. And we're going to start with step one. So step one, and if you're taking notes, this is the S in the smart buying process is start with the customer. So in the boutique hub, we always teach who is your target customer. If you have been to a wholesale trade show recently and you go in and there's hundreds and hundreds of vendors in all of those booths, and this is cute, this is cute, this is cute, but who's going to buy it? And so what we like to teach is when you pick up a product, can you name three customers of yours that would buy that, that would want that product? And if you are an existing boutique, this is a little bit easier because we have some data to pull from. If you're new to the business, that's okay. The only way to get going is to start. And so you're going to have to collect some data and to really build up that customer. So I wanted to give you an example of what it looks like to create a customer avatar. Because before I can even say this is how you should buy wholesale, you have to know who you're shopping for. And so that's what we really do is we break down what is our avatar. So typically, most stores have three ideal customers. We've got gradients, but we can kind of lump them into those three groups. So what I did today was I actually reached out to one of our members of the boutique hub and I said, can you share with me? I'm going to do a presentation. Can you share with me what your ideal customer is like? I wanted to share that with you guys to help you as you're brainstorming and working on this process for your store. And to me, the motivating factor is stores that set up their ideal customer and they can target that are seeing increased revenue of at least 10 to 15%. So we're not doing this in vain. We're doing this to be profitable. So what I would start with is one. What is her name? So we are using this cute blonde lady in the turquoise T shirt as our example today, like I said, I borrowed her from one of our real boutiques, one of our customers. And so her name is Sarah. And Sarah falls into the age range of 35 to 45. And as you can see with the whole example here, she's a marketing manager. Now, the interesting thing about Sarah, and this is how you got to get with your customers, you gotta get pretty deep. Sarah works part time on Zoom. She's a marketing manager, but she gets to kind of balance that life. And so she's got to take her kids to school in the morning and then hop on a bunch of Zoom calls, and then pick her kids up and then take them to a bunch of sports. And then she's got to turn around and go meet some girlfriends for drinks. And she's got to do all that in one outfit. So what do you have in your closet? What do you have in your store that could end up in her closet. That would solve that problem. Because, see, guys, you guys aren't just selling clothes. You're solving problems. And so she's going to come to you because she needs you to solve that problem. And we could even get deeper with this of she's into health and wellness, she likes sustainable fashion. Maybe she likes to do a high low. I do want to point out she loves the basic. And if you're not carrying basics, she's going to go to Target and get them. We don't want her to do that. We want her to come to your store and you're the one solution. And so when you think about your customer, break her down, give her a name, talk about who she is, where she's going, what she's doing, and what are her problems that you can solve with your products. And if you've got customer data, pull those sales reports and let's look at what does she buy. So if I'm building out Jessica or I'm billing out Sarah, and I'm like, this is my customer. And then I go and pull my reports and I see that I'm just selling a bunch of mini skirts and crop tops. That doesn't make sense. My target customer person that's buying from me is not Sarah. So I need to go back to the drawing board and look at that again. Or maybe it's that I have multiple customers. And so really use those reports, use the data, tell the story, and figure out who she is and how you can talk to her in a way that your products are going to solve the problem. And all of this is going to help you when you go to market. So when you walk into that booth and you hold up that cute dress, can you look at that and say, sarah would definitely buy this? This would be great for Sarah because she could wear to school and then she can jump on that zoom meeting and look so polished and then be easy to go out for drinks afterwards. This is for Sarah. I'm going to get the next thing with that smart buying process is we started with the customer and we identified who she was, but we have to figure out who we are too, because how will she be attracted to us and know to come to us? So you can go to market, you can buy all these clothes, but how are we going to talk to her in a way that she's like, yes, this is the store for me. And one thing that I hear some of our retailers say is, I'm a cute, affordable, trendy boutique, and I Have to tell you that that's not going to get us through the tariff time in 2025. Being cute and affordable is not going to do it. We have to sell something with more value. So this is where we've reflected on the customer. Now we have to reflect on ourselves. What is it that makes our store unique and stand out? Are we the place to go for curated items? Is the merchandising always fresh and new? And it tells me as a customer, when I look at it, I know how to wear that. So all the products that you're buying at market, I can look and I can see them, and I'm like, I know exactly how I can wear that. And I can style it three different ways. Like my denim vest. Could I put this with a skirt? Could I put it over a white blouse? What are all the ways that I could wear this? You have to display that for your customer. So she knows, and she knows that she can count on you, and that's why she's going to come in and see you, because you're going to help her with all that. Maybe you offer personal styling. Maybe you offer all her favorite brands. You've got those booted girl bracelets she's been looking for. And then what is unique about your store? Do you have loyalty programs? Do you offer gift wrapping? Are you a retail therapist? And then that takeaway tariff tip is we've got to focus on all building out all these values and messaging and not sell on price. They're not coming in to get something cheap. They're coming in for an experience to be with you. You've done all this work of sourcing the product. Let's make sure that we're communicating that to them. We're. They come in the store. All right, so that was our. Our first step. We got through one. Start with the customer. Shannon, how are we doing on questions?

So far, so good. If you have questions, be sure to drop them in the chat. I do have a question, though. How do you. After you know your customer, Samantha, how do you decide which brands to purchase from?

That's a really good one. Okay, so we know the customer. We know what she likes. When we look at those brands, we've got to look at a couple things of is it a name that she recognizes? Because some of those customers, Shannon, are going to want the name brand, right? Like they want the hidden denim, they want the mother jeans. And so we have to do is a little bit more research on that. Is. Is the brand name important to her or is she like, does she like the trend? And so that's. That's the deciding piece there, is what is going to resonate with her. The smart way to do it is to get a mix, put it in the store, see what sells, and then use that data to go back and buy again. And, you know, that comes down to finding really good vetted brands. And so we're going to talk about that in just a minute. But really, a lot of things you're just going to have to test and then look at the data. That's why it's so important to run your reports and know your numbers. Good question. All right, so we've got our customer identified, and before we can really have fun and just go crazy buying product and buying wholesale, we know who we're going to buy, but we've got to talk about the math piece. And so that math piece for us is, is how much money do I want to make? And to know how much money we want to make, we really have to break down how much are we going to spend and invest in? And so this part for some people is this is not the fun part. But guess what? It can be fun when it leads to money coming into your. Your account. So, you know, I told you I was going to share with you tools that make it easier. So we have a.