Regardless of the season, handbags are always in style, which makes them the perfect addition to any retail shop. They’re the ideal travel companion, whether you’re going to the store or abroad. Bags can hold all the odds and ends you need—your phone, wallet, sunglasses, and keys. The convenience and fashionable value of a handbag are guaranteed to keep them in high demand for the foreseeable future.
If you’re interested in stocking your retail shop with handbags, you can use a few tricks to make your investment profitable. 2moda has your 2021 guide to buying wholesale handbags for retail, so you can keep moving toward success.
What Do I Need To Buy Wholesale and Sell Retail?
Before we get ahead of ourselves, we need to dive into the conditions for you to buy wholesale for your shop. For purchase and resale of wholesale goods, the Internal Revenue Service (IRS) requires all retail or service suppliers to secure a wholesale license, regardless of whether they do business online or in person.
Do I Need a Wholesale License?
In short, yes, you do. Retail suppliers must acquire a wholesale license to utilize wholesalers. A license enables retail shop owners to legally purchase and resell from wholesalers and verifies that you don’t need to pay sales tax on any products that you’ll sell to others.
A wholesale license also speaks to your store’s legitimacy, showing to customers and clients that you’ve taken the necessary steps required to find, buy, and resell quality products. Customers and clients prefer a business that complies with corporation regulations, so if you wish to provide your buyers with the confidence to purchase from your shop, you’ll want a wholesale license.
The Five Steps To Acquire a Wholesale License
How do you go about getting one of these wholesale licenses that are instrumental to your store’s credibility? 2moda also includes the five main steps to acquire a wholesale license in your 2021 guide to buying wholesale handbags for retail.
Step One: Register Your Business
The first thing you’ll do as a retail shop owner is register your business with the IRS. You’ll apply for an EIN, or Federal Tax Identification Number. You need this document before moving forward with any company operations or hiring.
Step Two: Get a Sales Tax License
Unless you operate in one of the five states that don’t charge sales tax (Alaska, Delaware, Montana, New Hampshire, Oregon), you’ll need to apply for a sales tax license. These licenses are also known as a seller’s permit, sales tax permit, or sales tax registration, and they’re necessary for shops that intend to sell products or services to others.
Step Three: Acquire a State Tax ID Number
A state tax ID number allows shop owners to charge their clients or customers for tax, pay business taxes, and pay employees.
Step Four: Check Your State’s Requirements for Any Additional Permits
Certain states have additional requirements retailers must meet before they can purchase from a wholesaler, such as getting a wholesale permit.
Step Five: Apply for Your Wholesale License
Once you’ve secured the proper permits, licenses, and legal business documents, you’re ready to apply for your wholesale license. Contact your state’s revenue or tax office to apply.
Different Kinds of Handbags for Retail To Choose From
Need help deciding which wholesale women’s bags to choose for your shop? Below, we’ll explain various types of handbags that perform well in stores.
Cell Phone Bag
Sometimes, all you need when out and about is your cell phone and a credit card. Typically designed with just one or two slots, cell phone bags give users the option to keep it simple.
Crossbody Bag
As indicated by the name, people can wear this type of bag across the torso. It often provides more room than other bags (besides the backpack purse), making it a convenient utility bag. Crossbody bags have been a hit in athleisure wear lately, becoming the ultimate accessory for casual fashion.
Backpack Purse
The backpack purse is perfect for those who are always stocked with more than the phone, keys, and wallet trifecta. Customers who prefer to have their hands free will gravitate toward this option.
Saddlebag
A saddlebag offers a long strap for crossbody wear and a fold-over flap with a buckle to keep items secure. Typically, saddlebags are made of leather or faux leather materials.
Clutch Purse
What’s unique about a clutch is that it typically does not have a strap. Clutches with small straps are known as wristlets, as people can carry them by donning the strap around their wrist.
Baguette Bag
The baguette bag was made popular in the 1990s and had recently seen a resurgence on the pop fashion scene. With a small strap over the shoulder or wrist and a sleek, small structure, this bag offers a dainty look. It’s perfect for holding a small number of essentials on a night out.
Why You Should Sell Handbags in Your Store
As mentioned at the beginning of this article, consumers will always be on the lookout for a reliable handbag, as they’re convenient for everyday purposes and special occasions. The purse and handbag market has remained one of the most stable within the economy, steadily growing over the past few years.
With the market for handbags expanding, there’s no better time to get in on the action. If you want consistent sales and reliable profits, adding handbags to your store’s collection is a smart choice.
Looking for the Right Wholesaler
Struggling to decide on a wholesaler that’s right for your retail shop? Look no further than 2moda Wholesale. At 2moda, we have more than just our expansive inventory of handbags. If you’re looking to make a profit in your retail shop this year, look through our selection of other bulk items, such as wholesale book bags, school supplies, socks, and COVID-19 safety items. The more products you purchase in one wholesale order, the greater the deal you’ll snag on shipping. Plus, 2moda has tons of online sales running from May through September, making our items even more affordable than before. Contact us today to learn more about our commitment to customer satisfaction.
