Securing Your Wholesale Business To Avoid Situation.

Security is not just physical or financial. It is also in making sure that you are prepared to avoid situations that could pull you back or cause problems in your day-to-day functioning. The liability that you can engender while setting yourself up as a business owner is actually more than you can imagine when you plan to start a business. There are going to be several incidents when legal authorities will come at you with litigation or try to dun you for bills. Saving yourself from such issues means securing your business. For example:

• To avoid liability early on in your entrepreneurial venture, consider renting a pallet space in someone else’s warehouse, to store the stock.
• In doing this, you are not only lowering the overhead, but also reducing your utility bills, saving leases and costly insurance policies in your name.
• Once you pen a deal for a large project, you may get your own space to store product.
• However, remember what you learnt at the beginning of your business, and this time, you could probably share your space with another distributor and save cost again.
• Don’t have a liability if you don’t have to have it. It is that simple. A warehouse is a liability.

The Routine

Below are a few daily tasks that you will be involved in:

• Sales and marketing, accounting, shipping and receiving, and customer service functions will most likely take up a major part of your days, like most other businesses.
• Wholesale distributors also handle tasks like contacting existing and prospective customers, processing orders, supporting customers who need help with problems that may crop up, and doing market research on a daily basis.

• For your business, market research would mean gathering information for better distribution, finding out if a manufacturer’s new product will be viable in a particular market, and searching for the best place to pick your stock from.
• To make sure you perform these functions more effectively and efficiently than your competitors, manufacturers and customers.

Technology

Advertising your business has never been easier. As discussed in my article Quick Business Development Tips, one of the best things about the internet is that the size of your company does not really matter. If you have a good website, that is user-friendly and sells unique products at competitive prices, there is no reason why your website would not rank ahead of a large multinational competitor on Google, and funnel off some of their traffic. This is an important reason why a website is even more important for a small business than a big one, it helps level the playing field.

Today, most small business owners rely on specialized software to tackle such functions as shipping and receiving, inventory control, barcoding, accounting, client management etc. To handle all these tasks and whatever else may come your way during the course of the day, adopt the high-tech way of doing business. Getting your own website and whatever customized applications you may need for your business may look like an investment initially, but soon, you will be  reaping the rewards of your investments.

Once you have a website for your company, advertise as many products as you want on it. Just make sure you contact a good company to create and manage the website. Contact HyperEffects for any website, advertising or mobile and computer based applications for your company. We also provide free business consultation to entrepreneurs and small-business owners. 

Cost and Productivity

It’s imperative that any new distributor realize from day one that technology will make their lives much, much easier. I know companies that have been slowly tweaking their automation strategy over the past few years. Some small businesses sale through websites that track orders and manages inventory, and the companies also make use of networking among its various computers and a database management program to maintain and update client information. This is just a way to explain how you can make your work easier and handle it more efficiently with the use of technology. Plus, it saves the cost of getting an employee for each of these functions.

Technology has helped increase productivity while cutting down on the amount of time spent on repetitive activities, such as entering addresses used to create mailing labels for catalogs and individual orders.

In my next article, I am going to discuss who your customers are going to be when you have decided to setup a wholesale business. Keep coming back for information and do not forget to leave your comments!