We have talked about making your own stock to supply home parties and running it as a complete business but that may not suit everyone and that is fine because there is plenty of opportunity for making good money by buying your stock. Running the business buying stock rather than making your own suits a person who is good at organizing and good at selling and when buying stock the most profitable way to run this business would be to have multiple salespeople and use them for selling as well as having your own parties.
There are two styles of hold parties:
- You can set up your business at home in a designated space and invite people to your ‘showroom’ in the party format with you acting as hostess.
- The other alternative is that you take your product out to a hostess’ home and let her be the host and you be the demonstrator or your products
In reality there is no reason why you could not do both if you wanted to.
Factors to Be Aware Of
If you are going to be buying stock then there are several factors that you need to be assured of:
- if you take orders you must be able to supply the product
- if you feel that you have a ‘hot’ item you want to be able to get sufficient supply
- find out if there is a return policy so that if something just does not sell you can return it
- check on the length of time for delivery from order
- make sure that you are buying from a reputable company
- keep accounts low – you most likely will have to pay cash up front for the first few orders so keep them small – you can always order again once they open an account for you but even with an account don’t order more than you can pay for next month
- always control your buying – it is better to miss the odd sale than end up with a big bill to pay to your supplier when the products have not sold – once you start getting behind in paying your stock bills it is very hard to catch up
Consider Selling Complimentary Items
Consider selling two or at the most three different types of stock so that you are not limiting your sales at each party. In other words if you are going to be buying and selling linen as your main item (which is great for engagement parties and the like) then you might consider selling wedding stationery.
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