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How To Earn Extra Income Selling Art Wholesale
Successful artists are constantly searching for diverse ways to generate more money from their artistic skills.
A wholesale strategy for your art career is another excellent way to earn money year-round.
Another benefit of starting an art wholesale plan is that other companies will by promoting your artwork for you which means you will be able to spend more time in the studio creating new artwork.
One more benefit is that you will be building name recognition which means the value of your art will increase and more people will visit your artist website in search of more art to buy.
The business relationships you build will help you to build a thriving art business.
Here is what you will need to know about the art wholesale business.
What Is Selling Wholesale
Selling artwork wholes sale is the act of selling art in bulk with discount prices to a retailer who sells the art to their customers at retail prices.
Even though you are selling your art to businesses in bulk does not mean you are not allowed to sell your art at regular prices on your website or at art shows.
Benefits Of Selling Art Wholesale
Let’s go over some of the benefits of selling wholesale.
Less Marketing Costs
Selling your art to other businesses means that they will be spending money on marketing to drive traffic to their facility or website.
You will also be able to save time trying to find new customers because those businesses are working hard to do that for you.
Reach A Broader Audience
You might have never been able to reach the audience that visits the businesses you are selling your art at wholesale.
Building a loyal audience and new customers are not easy and will take a lot of planning and work.
Starting a wholesale partnership with a well-known business will help you to reach a new audience.
Increase Yearly Income
Having other businesses push your products will increase your yearly income.
Sell Art In Bulk
Now that you know some of the benefits of joining a wholesale partnership with other businesses let’s go over what is entitled to creating wholesale deals.
When you are selling your art at wholesale usually means that you will be selling your product in bulk and half the price of what you normally sell your products for.
Selling your art to businesses can expand your creativity to a new audience and provide a consistent revenue source. The extra money coming in will help when original art sales are down.
The thing to remember is that selling wholesale means that you are selling products in bulk. You have to make sure you can supply the demands.
Pricing For Wholesale
Pricing is the key when it comes to partnering up with other businesses.
The business goals for the businesses you will give your pitch to are the same as yours, to make money.
The best way to building lasting relationships with these companies is to price your products fairly and consistently.
The prices you set for wholesale must be the same for every business.
How To Set Wholesale Prices
The rule of thumb is that wholesale prices are 50% of the retail price.
For example, if you are selling prints for $30.00 on your website, each print’s wholesale price will be $15.00
Retail Price – 50% = Wholesale Price
$30 – $15 = $15
You can also set wholesale prices by offering different prices depending on how much a business orders.
25 pieces – 20% off the retail price
50 pieces – 30% off the retail price
100 pieces – 50% off the retail price
Review your profit margins and your business goals before sitting a wholesale price.
Remember, consistent pricing is the key to long term business relationships.
Create prices that are both fair for you and your partners.
What Products Should You Sell For Wholesale
Retailers will charge a full retail price for your items, which means that your profit will be lower than selling your product yourself.
For example, if a print’s profit is 60% and you sell your prints at half price, you will only be making 10% for each edition, and the retailer will be earning 40% profit.
Is it worth selling your prints for only a 10% profit?
You will have to factor in all of the operating costs associated with creating the product before deciding if selling a specific product at wholesale is worth your time.
For example, there is no extra work for you if you are outsourcing your printing job.
A ten percent profit that is coming in on a regular schedule sounds good.
You might even be able to make a deal with your local printing service to cut costs to create a more substantial profit.
However, if you were hand-painting each piece and it takes you 5 hours to complete each section, maybe a 10% profit might not be worth it.
Reproduction prints on fine art paper or merchandise like mugs, greeting cards, and calendars are usually the best way to go.
Develop a plan to keep everything organized before reaching out to businesses.
You will need to have accurate records of the production schedule, the product on hand, prices, retailers, and retailer contact information.
Business owners have a lot on their plate, and they do not have the patience for drastic price changes or missed delivery dates.
The records you keep help you stay on top of everything, and be documented proof for when business disputes your prices of delivery dates.
How To Find Businesses To Partner With
The biggest challenge you will face when you first get started is to find the first business partner to work with.
Starting with small local businesses is a great way to get started and less intimidating.
Create a portfolio of your work and a price list before setting up meetings with business owners. Bringing some products like prints, greeting cards, or merchandise is always a good idea.
Social media is a great way to reach out to new businesses you would like to work with.
It is easy to discover new businesses on Facebook and LinkedIn.
Send them a private message and provide them a brief outline of why you are contacting them.
Do not be discouraged if some of the businesses do not get back to you. Not every company will be interested in selling art.
Give them a link to your website, Facebook page, and Instagram account to look at your work at their convenience.
After you have the ball rolling and everything is running smoothly, you can start searching for larger businesses to work with.
Add A Wholesale Link On Your Art Website
Many times small businesses will discover you first.
When you are starting to advertise to other businesses online, you are also making it easy for other companies to discover you.
Adding a link on the footer of your website is a great way to increase wholesale inquiries.
There are large businesses that hire people to search for wholesale art, home decor, wall art, and canvas prints to sell at their business.
The link will be a way for them to contact you after they view your online portfolio.
Follow Up With Art Wholesale Leads
Following up with new and current customers is important for building a thriving wholesale business.
Create a schedule for when you will follow up with potential clients and creating new sales with existing clients. A simple email or phone call can make the difference between a deal and losing a sale.
Final Thoughts On Art Wholesale
Developing wholesale partnerships has both advantages and disadvantages when it comes to building your art business.
Developing a pricing strategy, finding companies to mass-produce your products, starting new partnerships, and keeping accurate records is hard.
However, if you plan ahead of time and get yourself organized before reaching out to local businesses, you might find that it is well worth your time.
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