One of the questions I get most often is, “How do I get my wholesale license?” In the state of Arizona, you will need to obtain a state Transaction Privilege Tax (TPT) License. You can accomplish this task online at the Arizona Department of Commerce web site. You are often also required to have a license from the city in which your business is located. The state TPT license, however, is the one you need to qualify as a wholesale company with Bead World. Once you obtain your state TPT license, here’s how you register as a wholesale client at Bead World: bring us a photocopy of your state TPT license and fill out a short worksheet. That’s it! Once this is done, you qualify for a 20% discount off almost everything in the store and you are sales tax exempt for all resellable jewelry items.
Starting a jewelry business and getting your wholesale license has a lot of great advantages:
- earn extra money doing something you love
- gain entrance into “wholesale only” gem shows
- obtain discounts at many bead stores, including Bead World
- be permitted to order from “wholesale only” web sites or purchase at different prices
- write off expenses at tax time
Of course, there are responsibilities that come with running a beading business, too. In addition to the job of making and selling jewelry, you will also have to handle the business aspects:
- sending monthly sales tax reports to your city and state
- filing income taxes annually as a small business
- keeping track of all of your expenses for tax purposes
Most wholesale clients find that the duties and responsibilities are quite small compared to the benefits of maintaining their wholesale TPT license.