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 a business can be quite demanding for most people. This is because of the many processes they need to go through in order to get their businesses off the ground.
One of such processes you will go through is how to source for suppliers for your small business.
This article, therefore, focuses on the best and most effective ways for you to 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 and products.
Most probably some of the vendors at the trade show might have items of stocks that you would like to sell.
Most importantly, trade shows can also provide opportunities for you to:
- spot upcoming trends
- network with potential suppliers
- find, hopefully, just the right product source.
- demonstrate that you are desirous to build a successful business
Finally, even being there is enough reason to show that you are in business, rather than a consumer.
Read trade magazines
You can also source for suppliers for your small business by reading trade magazines related to the industry you want to invest in.
This is because, trade magazines usually list the names and businesses of their members.
Beyond that, some trade industries publish trade magazines several times in a year. So you stand a chance of seeing what you want.
Therefore, you should frequently look for the latest editions of trade magazines.
Join trade organizations
Trade organizations are another channel through which you can source for suppliers for your small business.
You might also be required to meet the conditions for admission.
Negotiate with potential suppliers
When negotiating with suppliers you should be able to give suppliers reasons to do business with you.
For example, letters of credit from your bank and letters of reference from people who know you and can vouch for your credibility are crucial to get an appointment with the vendor in the first place.
However, if your business is new startup with no track records, you can look for a small vendor and start from there.
If you start from a small supplier and maintain good business relationship, you can use that as a reference.
But you should have visible evidence to show that you are desirous 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 one area and not in another.
The retail store might want to expand but lack the resources to do so.
Therefore, you should ask the senior manager in that store if they will allow you to sell their products in that area.
Therefore, to source for suppliers for your small business is a very crucial role that you need to pay special attention to.
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 the search results you will get will be amazing.
In other words, you will have to choose the one[s] that best meet the needs of your small business ui
Your take away
You should remember that if you buy cheap:
- you will sell cheap:
- you will keep your existing customers
- You will attract new customers
- you will make more sales
- you will make more profits
- 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. You will loose your customers.
Therefore, you should constantly shop around for better deals from different suppliers. You are allowed to do that.
By Samuel Ijenhi