NYC Sidewalk Vendors
If you live in or have visited New York City, chances are you have seen the many sidewalk vendors lining streets in various locations. Whether it be food items such as hot dogs, soda, icecream; clothing or accessory items such as hats, jewelry, pocket books or other items like children’s books or art, you may wonder how the people selling these items are able to profit off of characteristically low cost items. The secret behind it is wholesale buying.
What do we mean by wholesale buying? Like retail stores, sidewalk vendors purchase their inventory wholesale, or in bulk. This means they all deal with suppliers who manufacture the items or are conduits to manufacturers and are able to offer the items to these vendors at a lower price per item if purchased in a large quantity. Again, like with retail stores, vendors turn around these goods for a higher price and ultimately a profit. Although large selling volume will permit for high profits, the beautiful thing is that purchasing wholesale can mean that the prices are so low that any higher price you turn around an item for will mean good profits, whether you sell five or fifty of that one item.
Sidewalk vendors mostly need to apply for permits, so if you are considering this, check your local government to see what it is you need to sell in public. Either way, if looking to sell goods to others, the best way to success is to purchase your inventory from wholesale suppliers.