If you are considering putting up a reselling business, one of the first thing you have to do is find wholesale distributors who have established a reputable wholesale business. You should carefully evaluate each and every one of them because they can either make or break your reselling business. Sounds simple? Think again!
You should only work with distributors who are honest, reliable, and possess a good track record. Hey, who would want to pay for same-day delivery and only get the goods two weeks after purchase, right?
How and where should you start looking for dependable answers? If the distributors you wanted to work with are US-based, one of the credible fast start options is to hit a search with the Better Business Bureau about their business profile as well as their performance records. If they are located in other countries, you may want to contact the government agencies that are in charge of business registrations and licensing. Want perhaps, a secret? You don’t need to hire a lawyer or a CPA to know if a corporation or LLC among others are legally listed with the sellers governed country? You can do an easy check up if you know where to search online.
It is always a good idea to ask the government agency about any complaints or disputes against the distributors. You can also join boards towards resellers to get updated about distributor feedback as well as learn more about the latest business trends. However, a word of suggestion. Handle your time wisely or your time will rule you instead of the other way around!
Another thing you have to discern is the pricing rates of the distributors you’re dealing with. You should compare their prices as well as the products they supply. Some of their products may be as cheap as one dollar but they may have the poorest quality. Some distributors may take advantage of you as a new reseller and give you exorbitant prices. So be sure to remember the old adage, be careful what you wish for!
More like, “Don’t Judge a Book by Its Cover” might be a better suit. Either way, You avoid staying in contact from social communities. They are addictive and if you have a big family, your wife might ask you who do you love more, your business or your family! You don’t want to go there, trust me. Kind of funny now that I remember.
You must be satisfied with the answers any source provides you before transacting business. You should also expect at least 15% off the actual retail price when you order from them, now in 2008. In some items you can get way more, but you will have to dig in more.
As a reseller, you need to have a good idea on how to run your business. Are you willing to pay upfront for any goods you buy from your suppliers or will you settle for credit terms? There are some wholesale business distributors who offer 30-day up to 60-day credit terms while others prefer instant payment upon order. You should know if your financial standing can take the terms and conditions regarding payment transactions.
In the long run that you have established a good business relationship with your suppliers, they will eventually offer you longer credit terms and even higher discount rates. Heck, sometimes you may hear Jerry the famous guy saying “Show Me The Money!” at your mind loudly and you might go crazy hearing every yes because of your perfect financial long time responsibility.
The most important factor in every business is the quality of the product you’re selling now in the present. Years ago it was all about educating and getting the job done. Now in many industries, many of our customers can say, show me the quality of your items and I better like it and if I don’t I could probably go psycho on you. Those will be the minority, but you can easily move on with better customers as time progress. You consider yourself a leader or find yourself as one, when you decide to do so, right?
Ask your wholesale distributors for free product samples or buy one from them instead. Wholesale business suppliers are easy to deal with if you know what you’re doing. Now that you’ve learned many of the things you need to know from wholesale distributors and wholesale business, are you ready to take the plunge into your new reselling business? Maybe not, maybe yes. Decide calmly, don’t let anyone decide for you. Patience is key to greater success!
