A wholesaler buys from manufacturer and resells to retailers. If you are thinking of starting a wholesale business in any industry, here are 8 Tips For Starting A Wholesale Business based on my experience of running whole business in different industries.
1. Good Negotiation skills:
a. To persuade manufacturer to get the products at low price, you would also need to negotiate with them for the margins even if the quantity of purchase in not high.
b. Need negotiations skills to deal with retailers, pass on less margin to them, yet be competitive and retain sales.
2. Create a strategy to get the best possible price and margins through negotiation, collaboration, managing credit and cash, bulk purchasing. You may even have to book some import orders. Continue reading