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Old 11-09-2007, 11:54 AM
 
Location: Deep in the heart of Texas
1,917 posts, read 6,642,611 times
Reputation: 1966

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I really want to start my own online business selling gifts (home decor, jewelry, etc) and have been looking into wholesalers. I found one in a small business magazine it's called worldwide merchandise dot com. They charge a $200 fee to get their catalogs, etc. Has anyone heard of them? Is this a good way to go? I found another wholesaler in the Dallas area but they are asking for trade references. Also, should I become an LLC? I don't want to shell out so much at the beginning just in case it doesn't pan out. I have background in sales and marketing. Should I just register my business as a DBA then turn it into an LLC?
I also am thinking of leasing out a space in a local antiques/collectible market.
Any info/advise would be greatly appreciated.

Last edited by CTR36; 11-09-2007 at 11:55 AM.. Reason: Add more comments
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Old 11-09-2007, 04:42 PM
 
Location: NJ/SC
4,312 posts, read 13,782,160 times
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No, don't pay someone to buy wholesale!

Choose a name for your company, go to city hall and get a tax id and attend trade shows for wholesale companies. You will need a tax id and a business card to register for the shows. Don't get them over the internet because some claim to be wholesale but they are not. I have been doing this for years and you really need to do more research before starting your venture. DON'T GIVE ANYONE MONEY!!!

Also, you made a statement "just in case it doesn't pan out", never start a business thinking that. You need to feel like you are going to do whatever it takes and it will work out. I've had doubts in the past about business ideas and it got me nowhere. It wasn't until I took the attitude that whatever I do is going to work because I won't give up, that things started to change for me.

If you have never worked in a store, placed orders, dealt with vendors etc...I would suggest doing that first for at least six months. It's not hard but it would help clear up a lot of your questions to start. If you are going to especially open a store, you should know how to do all of that, plus inventory, p&l statements. Maybe you can take a class in retail management before you begin?

As far as the LLC etc...there are several threads on this forum explaning LLC, DBA's, S-Corps etc... I would read them and speak with an accountant.

Good luck with your new venture and again, don't pay for wholesale contacts.
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Old 11-09-2007, 05:48 PM
 
Location: Deep in the heart of Texas
1,917 posts, read 6,642,611 times
Reputation: 1966
Thanks for the advice. But to get a tax id I would go to the IRS website and I would go to the comptroller to get the sales tax permit. I want to do mostly web sales and ebay with a small booth at a local antique store. I have 13 years in sales experience. i just don't know where to go for the wholesale contact.
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Old 11-09-2007, 05:55 PM
 
Location: Tennessee
4,739 posts, read 7,763,320 times
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I agree don't pay to get a wholesalers list, I had contacts in the Pigion Forge Gatlinburge area for wholesale jewlery, lots of them with good prices, black hills gold too, i'll see if I can round them up.
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Old 11-10-2007, 12:35 AM
 
69,360 posts, read 58,131,007 times
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Quote:
Originally Posted by CTR36 View Post
Thanks for the advice. But to get a tax id I would go to the IRS website and I would go to the comptroller to get the sales tax permit. I want to do mostly web sales and ebay with a small booth at a local antique store. I have 13 years in sales experience. i just don't know where to go for the wholesale contact.
If your going to mostly do ebay stuff to start off with, just get a resellers license, which you can get easily online, and use your own tax number when filing taxes.

Suppliers only care about the resellers license, and provided they arent even in your own state, even that isnt needed.
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Old 11-10-2007, 06:27 AM
 
Location: NJ/SC
4,312 posts, read 13,782,160 times
Reputation: 2635
Quote:
Originally Posted by CTR36 View Post
Thanks for the advice. But to get a tax id I would go to the IRS website and I would go to the comptroller to get the sales tax permit. I want to do mostly web sales and ebay with a small booth at a local antique store. I have 13 years in sales experience. i just don't know where to go for the wholesale contact.
To attend trade shows you need a tax id, showing that you have a resale business. Even if someone gives you the names of wholesale contacts you have to open an account with those companys and they want a tax id. If you have a web site selling products you have to collect sales tax on items sold in your own state. If you only sell on ebay but have a business account with them you need a tax id. I just went to city hall, filled out a form, paid $60 and received my id. I have several web sites, sell on ebay and have run several businesses. I did after a couple years form my LLC but to start, just a tax id.
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Old 11-10-2007, 06:29 AM
 
Location: NJ/SC
4,312 posts, read 13,782,160 times
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Forgot to tell you....I don't know how you plan to build your site but don't use one of those companies that sell you on the whole pkg. Hosting, domain, web design etc... all in one. They are usually a rip off and you can do it so much less expensive other ways.
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Old 11-10-2007, 07:41 AM
 
Location: Cary, NC
2,408 posts, read 10,053,368 times
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You can find a list of suppliers by going to thomasnet.com.
Thomasnet is the most comprehensive resource for finding information on suppliers of industrial products and services in North America.
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Old 11-10-2007, 07:44 AM
 
Location: Forests of Maine
32,130 posts, read 52,318,090 times
Reputation: 21690
Default Retail business can be fun :)

We have done various businesses each place that we have lived.

We have operated catering businesses, a laundromat, door-to-door sales [Fuller brush], and of course produce.

Usually in most states we went to the town hall to get a retail license.

We only had to get a tax ID number once, and when we did that, it was all done at the bank. We needed our business to have it's own bank account, so the bank forms included one to apply for a tax ID number. That business was a non-profit and focused largely on: recieving donations; buying food to deliver to needy homes; or giving out grants. It was a 301[c]3 organization so it needed to be held completely seperate from our household. And yes the business name, my name, and tax ID number all went onto a set of business cards. That was very handy.

When I have bought stuff wholesale, they have usually wanted me to first open an account. And to sign that I was going to pay the sales taxes on anything that I resaled. Part of that account they listed my tax ID number. I have seen some instances where they would accept my SSN as a good number for their forms. And other instances where they wanted only a business ID number.

The most recent time that I have bought 'wholesale', it was construction materials. I did locate them via the WWW, and the materials had to be shipped long distance. I contacted them; I spoke with their retail salesmen. Then I saw that they had a different phone number for their wholesale salesmen, so once I knew what I needed, I called their wholesale sales desk. They opened an account for me, all they needed was my name, my business name, and my delivery address. The shipping carrier had to have haz mat licenses, and that was going to cost me a bunch, but due to the large quantity that I was buying I got the haz mat charges waived.

My wife retails home-made soaps, and she just received a wholesale shipment of ten gross loofah sponges. She just needed a business name and delivery address. She has no tax ID number for her soap sales.

Currently I sell garden produce, forest picked greens and freerange eggs at an open air market. The open air market has it's own website, and is one in a network of fifty open air markets statewide. I will be adding both maple syrup and honey onto my list of products. I currently have no tax ID number for this business. We will be filing it all on schedule 'C's.

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Old 11-10-2007, 01:21 PM
 
Location: Deep in the heart of Texas
1,917 posts, read 6,642,611 times
Reputation: 1966
Thanks for your responses. I went to the IRS website to apply for a Tax Id. It says there that you only need a tax id # if you have employees. I won't. It said that then I do not need a tax ID #. Should I still get one even though I will not have employees in the beginning, maybe 3 years later I will? Should I get it just to be able to set up accounts with wholesalers or to get into the Dallas Market Hall?
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