When starting a wholesale business it can be a very tricky procedure trying to amalgamate all the essentials to make sure you that have a fruitful business. Through this program I will give tips on how to build a successful company through my structured business model. Firstly, to clarify, wholesale is the process of selling mass quantities of a certain product at a reduced price which can also be known as bulk buying. In order to do this, you need to have access to the products from their source or create the products yourself. That is the first step to starting a successful wholesale business.
Creating a strong infrastructure will give you the foundations to mature your business into an industry leader so here are the main points you need to consider when starting:
- Product: Whether you are going to sell something as small as LED lighting tubes or something as large as glass pool fencing or aluminium trailers. It pays to know the ins and outs of your products such as the current market trends, latest models/designs and the possible expansion opportunities.
- Supply: finding a place where you can obtain the product from source or direct from a manufacturer / factory will keep the initial price at its lowest.
- Outsourcing: It’s a well-known fact that places such as China / Asia and South America have much lower wage costs thus you can have your products manufactured at much lower rate allowing you to offer a very competitive rate on your goods. It’s not just the production side of things where you can save money, utilizing the local markets and shops can help to produce similar savings.
- Quality Control: Having a very strict quality control system in place will make sure that you keep your consumers and buyers using your service, because as you know, repeat business is what helps a company grow.
- Delivery: Finding a courier that not only offers a fast delivery but also a competitive price will also give you the small margins you need to offer attractive prices. You will also want to find a courier who can deliver to customers directly from your outlets, keep storage costs down and also ship items a day or two quicker.
- Storage: By maximizing this area, it will allow you to hold a lot more stock and a wider variety of products for your consumers. Having a good setup here bodes well for your store front and having the right display cabinets in place will not only make your items look good but will allow you more space to exhibit extra products.
- Organisation: This is one of the most crucial aspects of running a successful wholesale business. By keeping properly organised you will ensure that you can effectively handle any order that comes in with minimal effort and keep lead times down.
Prioritising these six areas when starting up will give you the solid foundations and an established base on which to mature and grow the business. For more information on all aspects of running a wholesale business send an enquiry through to our contact page and I will be happy to respond promptly. Also be sure to check out our blog as we try to post helpful business information for our site’s users on a regular basis.