Once you are a going concern, you should consider what steps you can take to boost your profits and make more money from your wholesale business.
The first thing to think about is how you can increase your sales by improving your marketing. This isn't just a case of increasing your visible presence and promoting your business through social mediaalthough you should be doing these things.
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Consider focusing on one product at a time and developing specific promotional campaigns for specific product lines. There are numerous forums and registries to which you can sign up and increase your presence in business circles.
Changing your pricing strategy can have a significant impact on your margins. You can encourage larger orders from customers by introducing tiered pricing.
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This is particularly relevant if you are selling to retailers or other businesses rather than to individual customers. One way to increase your profits is to decrease your costs of doing business. An increasingly popular way to run a wholesale business is by drop shipping.
If you do this you can very low costs as at no point are you actually handling the goods. You take the sale and pass it on to the supplier who then ships the products.
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This can be a way into a market that requires relatively little initial funding. Do plenty of research and contact suppliers about the prices in order to determine the returns you can generate.
From Suppliers Equity is pretty easy to think about. You take cash from your personal checking account and put it into your business checking. That is normally considered equity. Lot's of owners will consider at least part of this to be borrowing so let's move on to that topic without delay. Borrowing comes in all shapes and sizes.
If you feel like you could get a better deal from different suppliers, or you are finding juggling multiple suppliers too difficult, you can consider limiting the number of suppliers you do business with. Having closer more developed relationships with a smaller number of suppliers can improve efficiency, lower costs and save time.
Consider a supplier's reliability, overall cost not just unit priceand their willingness to develop a strong partnership with you. Also think about whether this supplier is developing their product line and business practices.
If they seem slow or out of date, they may be failing to adapt and develop within their industry. As well as looking for new deals with new suppliers, you should always investigate the potential to improve the terms of your deal with your existing suppliers.
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This doesn't necessarily mean renegotiating any contracts, but rather inquiring about available discounts, special offers, and the supplier can make money rates for larger orders.
Businesses that sell to other business are often much more flexible about pricing than a retail business would be. If you have a long relationship the supplier can make money a supplier you may be able to get a considerable discount on the costs of your order.
Five Keys to Making Money in Distribution by Jason Bader I recently interviewed a third-generation distributor about how his company has remained healthy over so many years. He told me it all came down to the fundamentals of distribution. Companies need to understand their core competency and then stay true to that focus. Points of uncertainty and instability can be attributed to the times they took their eye off the ball. After my conversation with this gentleman, I started to think about all the times someone has said that you need to get back to the fundamentals.
If you order over a certain amount a discount could kick in and save you money. Speak with a contact at the supplier to be sure you know about all the possibilities to lower your purchase costs.