How to Start A Wholesale Business Nowadays

Wholesaling can be highly profitable once a business is up and running with a reliable supply and steady demand from customers. To be a good wholesaler one needs to have the ability to focus and problem solve, think and act quickly, and be service-orientated. With these qualities present, starting a successful wholesaling business is not that difficult.

Step One: Choose which products or industry you’d like to service. Many people become wholesalers because they are knowledgeable about a certain good or material or have contacts within a particular category. If no particular specialty exists, choose a product that has some traction in the market, but has not yet matured.

Step Two: Decide on wholesale model. There are two primary choices here: stocking goods or drop shipping. Stocking requires warehousing and then reshipment to customers. With drop shipping, one arranges for the goods or materials to be shipped directly to clients. Drop shipping has fewer upfront capital requirements, but in cases where some assembly or quality checks must occur, this may not be an option.

Step Three: Locate suppliers. The internet has transformed the wholesaling business and there are many sites, both general and specific, that match suppliers and wholesalers. These are good for initial research, but it is important to speak in detail to potential suppliers to ensure they can deliver.

Step Four: Negotiate shipping arrangements. Even if you plan to drop ship, it pays to investigate the most efficient and low cost shipping you can. These expenses cut into profit so it is well-worth looking to get the best deal.

Step Five: Build a web presence. A website is crucial in today’s business world and wholesale businesses in particular need to have a place online where customers can learn about the products and in many cases order directly. It is a good idea to review other wholesale websites from the same or similar categories to get a sense of content and functionality requirements.

Step Six: Get out and sell: Wholesaling is about selling. A good wholesaler is always looking for buyers of their products or materials. Having a website is important, but it alone will not magically produce business. One cannot be shy about reaching out to potential customers and selling the benefits of a business relationship.

Step Seven: Marketing and promotion. In addition to direct selling, look to find places to advertise and promote your business and product. Join applicable associations and trade groups, and develop your networking skills. Often the most lucrative deals come from chance meetings and opportunities.

This last step is crucial. Don’t miss out on any opportunity to make a connection. Wholesaling is all about connections and trying to be a step ahead. Being successful as a wholesaler requires drive and determination. The benefits can be great if you put in the work.

Employee Benefits As an Employer of Choice

I am not talking here about financial benefits. If you are a great employer you know the market levels of financial reward and presumably you are paying a fair salary in return for the work of your employees. Pensions are another financial reward which I know is subject to all manner of pressures, so you may not be able to offer a Roll’s Royce service in this regard. Having said that, if your financial rewards are in the top quartile of your industry then you need to shout them from the roof tops.

You and I both know though that salary in itself is not the reason you are an employee of choice and why your employees will give their best. Lots of research proves that point. To be an employer of choice, you must market your non-financial rewards and make sure your employees appreciate them for what they are. They are perks over and above the market rate and not all employers will provide them. Communication is the key here. If you don’t quantify the rewards, then employees may well simply take them for granted.

Some of the most common non-financial rewards which can be effective are health club facilities or subscriptions. Membership of sporting clubs or social activities: Reduced private health care membership. In short anything to do with the health of your employees. These can be popular, not just because it helps your employees to keep fit and well, but also it shows you actually care about their wellbeing.

If you have particularly good terms and conditions of service/policies, then make sure you market them to make you stand out from the crowd. For example if you provide childcare facilities, are family friendly and work hard to incorporate flexible working in all its various shapes and forms. A colleague I worked alongside several years ago has stayed in the same organisation for years longer than she would have otherwise, because the company offered homeworking. She is one of the best brains in her team and would have no difficulty obtaining a job elsewhere, but the work/life balance the organisation provides is key for her. It has engendered a sense of loyalty as she sees them as an enlightened and understanding employer.

Another non-financial benefit is about career opportunities an organisation provides. It is not necessarily about sponsorship, although this helps; but it is about how far the business is prepared to go to develop the skills, knowledge and experience of the workforce. This can be about increasing qualifications; providing a variety of job opportunities with regular job rotation; or outlining a clear and compelling career path.

If you have a great media profile, and this can be on a local, regional or national basis, and especially within specific industry publications; prospective and existing employees know this. It is great to be mentioned in articles, and news items. If you give your employees credit and celebrate the successes of your company regularly and widely; then this is a clear benefit as these activities will embed your status as an employer of choice and your employees will feel like being identified with you is a benefit.

The environment your business provides can be a clear benefit. If you have swish new offices or if the location is in picturesque countryside then describing this can influence prospective employees. Are you near shops, and are there banks: crèches: health clubs nearby? For some people, location and environment can be deal breakers.

A large organisation moved from a central city location to an out of town office complex with few facilities and for many employees meant further to travel. Nearly every member of staff reported that the move had decreased their motivation. Additionally when downsizing was announced two of the best employees requested to go, and part of their reason was around location. Now I know that if you do have to relocate for financial or other business reasons then you have to sell that move well to your employees. But my point is, if you have a great location, then make sure you advertise this and highlight the benefits to your employees and prospective employees.