I reached out to suppliers and some wholesale prices are not super beneficial to me.
Example: supplier quotes €34.50 with a minimum of 20 units. Retail is $62. Getting this to US and conversion rate is not really great for me. I really want the product and feel there's leeway here because they're pretty small and rely on stockists.
I'm thinking markup the price to $80? But who's going to buy it at that price?
Order more and ask for a bigger discount for a higher quantity like €27 for 40.
Simply counter a lower price because I'm a new business and our relationship will be longer, etc etc.
4.Wait until I can afford it?
I'm horrible with negotiation in my personal life, it's really just yes or no for me. When reaching out to suppliers is it better to let them know what I want and what price I'm looking to pay? These are all small businesses and craftspeople. Most of my goods are coming from Oceania so the exchange rate is beneficial to me but some USA and suppliers from Europe are not great.
I'm thinking to just mark up items because they're not things mass produced that can be found easily elsewhere but then will it sell and if the customer see's with another stockist for less, they will choose them? Or worse, will the supplier be offended I marked them up so high?