Gift baskets are ideal welcome presents.
A gift basket is an elegant way to say thank you, happy birthday or just let someone know she's missed, for instance. If you operate a gift basket store, you will need supplies to fill the baskets. One way to save money and make a profit is to buy the gift basket items wholesale.
Instructions
1. Become a wholesaler. Many businesses sell only to those who are licensed as wholesalers. To buy their goods, you will need to become a wholesaler yourself. To do so, apply to the IRS to get a Federal Tax Identification Number (FTIN). The application does not cost anything. An FTIN allows you to separate your business from your personal expenses. You will be asked for this number by wholesale merchants before they will sell to you. Once you have the FTIN, you can shop from a variety of wholesale merchants including those who sell food, beverages and materials to line the gift baskets.
2. Work with distributors. A distributor is a company that offers products made by other wholesalers. The distributor often stocks products from dozens of other companies. You can buy one or two items from the distributor, or you can buy hundreds of a single item if you have a particularly large order. You will need an FTIN to buy from a distributor, as well.
3. Buy from low-cost sellers. Wholesale retailers are not the only places to purchase items that you can use in your gift baskets. A local dollar store may have the exact shade of ribbon that you want to trim the basket for much less than a wholesaler. Look for close-out items, that you can use creatively in small orders, in regular stores.
4. Buy loss leaders. A loss leader is an item that is sold for below cost to the public to entice visitors to a store. Supermarkets will often display such items right in the front of the store. Buy these items and stock for later use.
