The following are 7 best and most effective ways to source for suppliers for your business:
- Attend Trade shows
- Read trade magazines
- Join trade organizations
- Negotiate with potential suppliers
- Discuss with large retail stores
- Search the internet
- Your take away
To set up your business can be quite challenging for many people.
One of such processes is how to source for suppliers for your small business.
If you are one of such people, do not worry too much because you are not alone.
There are many processes you will need to go through to get your business up and running.
This article, therefore, is focusing on some of the best and most effective ways you can source for suppliers for your small business.
Source for Suppliers: Attend Trade shows
Trade shows are the best places to source suppliers for your small business.
This is because trade shows might 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 you with an opportunity to choose from a wide range of vendors.
Furthermore, some of the vendors at the trade show might have items of stocks that you would like to sell.
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
Finally, even having a stand at the fair will let people know that you are ready for business. And that you are not at the trade show as a consumer.
Read trade magazines
You can also source for suppliers for your small business by reading trade magazines a journals relating to your industry.
This is because, trade magazines usually list the names, businesses and their contact addresses of their members.
Beyond that, some industries publish their magazines several times in a year.
Therefore, if you look out for such magazines regularly, chances are that you will come 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.
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 already know you and who can vouch for your credibility.
Moreover, remember that business is built on trust and connections.
However, if your business is new startup with no track records, you can:
- look for small vendors and start from there
- Maintain good business relationship,
- Use them as reference.
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.
Source for suppliers: 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
Most importantly, you should not tie yourself to one single supplier.
This is because should the unexpected happen to the supplier, your business will come a standstill.
Furthermore, you will lose your customers to your competitors.
Therefore, you should not lay all your eggs in one basket. Shop around for better deals from various suppliers.
By Samuel Ijenhi