How to look for products you can buy cheap and sell high can be quite challenging, especially for small businesses like yours.
This is mainly because you do not already have track record of business dealings with vendors.
Furthermore, you need to source for stocks from cheap sources so that you can sell at competitive prices to potential customers.
This article, therefore, is focusing on some of the available ways from where you can source for merchandise for your new small business.
Products you can sell high: Attend Trade shows
Trade shows are the best places to source for suppliers for your small business.
This is because trade shows provide you with opportunities to meet many potential suppliers.
For example, some manufacturers, importers and distributors might be in attendance at trade shows.
In addition, trade shows provide will you with an opportunity to choose from a wide range of vendors.
Furthermore, virtually all participants at the fair usually have their merchandise on display.
Consequently, you will have the opportunity to select items that are likely to appeal to your customers.
Most importantly, at the trade shows, you might be able to:
- spot upcoming trends
- network with present and potential suppliers
- find, hopefully, just the right suppliers
Read trade magazines
You can also source for suppliers for your small business by reading trade magazines and journals relating to your industry.
This is because, trade magazines usually list the names, businesses, their products and contact addresses.
Therefore, if you look out for such magazines regularly, chances are that you will come across info that will interest you.
Join trade Associations
Trade associations are another channel through which you can source for suppliers for your small business.
As you interact with members of the association, you will be getting regular updates on trending issues in the industry.
Specifically, you should look for members who deal with the products you will like to sell.
Discuss with them. Talk to them and you can strike profitable deals.
Products you can sell high: Negotiate with potential suppliers
When sourcing for suppliers for your small business, you will need to do a lot of negotiations with vendors.
For example, you will need to discuss with people who most likely have not known you before.
However, this should not discourage you from pushing ahead to realize your goals.
Most importantly, during negotiations with vendors you must be able to prove that you are ready and willing to build a successful business.
Discuss with large retail stores
It is possible for you to source for suppliers from some big retail stores.
For example, a retail store might be doing very well in their present location but not so well in another.
It is possible that the retail store might like to expand but lack the required resources to do so.
You can, therefore, ask the senior manager in that store if they will allow you to sell their products in that area.
If you are smart enough, they might just give you the green light to go ahead to sell in that area.
Products you can sell high: Search the internet
Luckily, the internet is for everybody. You can search the internet when you want to source for suppliers for your small business.
The best part is that internet search results will give you a wide array of results.
You can, therefore, choose the one[s] that best meet the needs of your small business.
Your take away
You should remember that if you buy cheap you will:
- Sell cheap
- Keep your existing customers
- Get new customers
- Make more sales and profit
- And your business will grow
Additionally, you should not tie yourself to one single supplier. In other words, you should not lay your eggs in a basket.
This is because should the unexpected happen to the supplier, your business will come to a standstill.
Furthermore, you will lose your customers to your competitors..
Shop around for better deals from various suppliers.
By Samuel Ijenhi
B. Sc. Accounting (University of Benin)
Benin City, Nigeria.