If you are brand new to wholesaling, I suggest you sign up for my newsletter and get your free copy of my report: Wholesaling Quick Start Guide. In this guide, I outline the basic systems to start your business that will help you avoid common wholesaling mistakes.
Along this same line, I read an excellent Q & A article featured on the Aeolida website: 17 Smart Wholesale Tips. One of the questions addresses some of the biggest mistakes when starting in wholesaling. Here is the excerpt from the article:
I am curious about what you mentioned in your post as a possible Q&A topic: “the biggest mistakes makers make when jumping into wholesale.”
Oh, yes! Ok, there are a few. On one hand, one thing we see folks do is to try to get EVERYTHING PERFECT before they jump in to connecting with stores. While it’s important to put together professional materials and represent yourself well, many makers err on the side of waiting too long. You learn SO MUCH by jumping in, getting feedback, and changing as you go. So we always say: “start with good enough, then make it better.”
Which brings me to the second big mistakes makers make — not taking the long view. Often folks get discouraged a few weeks in, if they haven’t gotten an onslaught of orders. But the folks who are most successful take a deep breath, improve on what they’ve been doing, and keep their focus on the gains they’re building towards 6 and 12 months down the line.
The tip above is right on the money! Starting and building a wholesale business takes time and dedication. Sales, too, is just a numbers game: More presentations increase the greater your chance for making a sale. Why? Here are a few reasons:
- The more you give your presentation to buyers, the better your presentation will be. You know, practice makes perfect!!
- Also, sometimes it takes several contacts and/or presentation before you land that first sale. Don’t give up before that happens!
- After giving several presentations, you will develop a good working knowledge of what works and what does not (keeping in mind that different techniques work differently on buyers, but some approaches will work on every buyer.)
- With each presentation, you will gain more and more confidence which ensures a greater amount of sales!
Sign up for my 1-on-1 Wholesale sessions and we’ll talk!