Buying and storing products in bulk sounds a bit risky compared to retailing, doesn’t it? Nonetheless, there is a saying that the higher the risk, the higher the return. Doing wholesale business correctly would bring entrepreneurs notable profits, much more than that of retailing. Nowadays, there are so many opportunities to be a part of wholesaling that you should look into. In this article today, we have put together a list of several low-risk and profitable wholesale business ideas you can choose from.
Wholesale in Textile
The textile industry tops the list of our wholesale business ideas today. It is not only a lucrative business segment, but it also offers versatility. There is a wide range of products available like thread, fabric yarn, home furnishing, readymade garments, footwear, or accessories. This variety creates a huge opportunity for profits.
Furthermore, textiles are among the necessities in our life. Human beings cannot stop using textile to make clothes, decorate their houses, and many other purposes. According to the UKFT, in 2018, consumers spend over £74 billion on clothing, household textile, and carpets alone. Around 109,000 people were employed in the textile industry to serve the great needs for this good.
Miliken is a typical example of a wholesale textile business for entrepreneurs to look into.
Wholesale In Organic Food
Organic food is receiving an unprecedented interest in recent years as everyone starts to pay more attention to their diet. As the living conditions are getting better, necessities are fulfilled, people no longer want to eat for quantity. Instead, quality has been emerging as a factor consumers put most emphasis on.
In the U.S, many movements have been conducted to call for green, non-GMO food that comes from family farming rather than the giant food companies. Despite the higher prices and the pandemic in 2020, organic food sales hit $50.1 billion in the U.S, which shows a high demand for clean food.
Eating clean has been a trend yet to become a habit in the near future. Therefore, this is the right time to join this industry and invest in a wholesale business. Organic products are sold both online and offline. Manufacturers are looking for distributors to spread their business across towns and cities. The organic food wholesale business ideas can bring local and international opportunities as this trend has prevailed in many other countries as well.
Azure Standard is among the most popular wholesalers in the organic food industry.
Wholesale In Healthcare
Healthcare would never stop being important no matter which century we are living in. This is a broad industry with a great variety of products, including personal care, beauty products, nutrient supplements, or energy drinks. As the economical situation has been improving worldwide, there is a rise of stress and anxiety due to the fast-paced and on-the-go lifestyles, alongside fluctuating political and environmental landscape. In times like this, consumers tend to turn to supplements and personal care.
Furthermore, in this modern world, exercising is not only considered an important method of preventive healthcare but for many people, it is also a significant part of their image. Shoppers who live an active lifestyle often seek sports nutrition products to enhance their exercise habits, which brings wholesalers great opportunities to do business in this industry.
A wholesale business idea in healthcare with big names suppliers or manufacturers would ensure you a bright future. In 2016, $440.2 billion in healthcare sales were made through wholesaling, which number increased notably in 2020 because of the pandemic.
In February 2020, the revenue of the healthcare industry raised 85.3% compared to the same period last year. Because of the pandemic, hospitals, pharmacies, private doctors started to stock up and buy healthcare products in bulk to prepare for the future. The pandemic will be around for a while due to new strains of COVID-19, which are stronger and more dangerous, keep appearing in many places. As a result, the demand for healthcare products will significantly surge in the near future.
Mutual Drug is one of the big names in the healthcare wholesale businesses.
Wholesale In Jewelry
Jewelry is a great wholesale business idea for entrepreneurs to consider. It is proved to be one of the most profit-making fields which requires a strong financial foundation to step foot in. However, doing it the right way will attract loyal, luxurious, and dedicated customers. Once clients like the designs and quality of your jewelry, they would keep coming back to purchase more and recommend your business to family and friends.
To start wholesaling in jewelry, finding suppliers who are reliable is the first step. They should sell at a competitive price and offer quality products. Any supplier that does not provide these assurances mentioned above is a risk to your operations.
According to Statista, the value of wholesale jewelry is projected to increase from $230 billion in 2020 to around $292 billion in 2025, which makes it a significantly promising industry to invest in. Even though a wholesale in jewelry can bring you great profits, entrepreneurs should keep in mind that it requires a desired set of knowledge about different kinds of jewels, their purity, or polishing to start with.
Wholesale In Stationery
In opposition to jewels, the stationery wholesale business does not require a high capital investment, which will put your budget at ease. Most importantly, the demand for stationery most likely does not drop. Educational institutions and corporations constantly need them.
The value of each item is not high but customers usually buy in bulk. The return on this business is huge if one has the right connections with customers and retailers. In the U.S alone, the industry generated about $43 billion in 2013, which makes it a great wholesale business idea for entrepreneurs to look into.
Businesses can consult The Paper Store as a role model for stationery wholesaling.
Through this article, we have discussed some great wholesale business ideas for people who are looking to start their own journey. We hope these options above would give you more insights into the industry and which one best fits you. Please feel free to contact us if you have any further questions!