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Tips on starting up a wholesale businessTip! In starting your own business, its important to plan carefully. You need to decide whether your business should be about services or should you sell your own products. 1. Before starting it is very useful if you try and find out as much as possible about the products you will be supplying. I suggest researching competition, machinery and deciding on how you will stand out from the crowd. 2. Stay in your current employment as long as possible, until you have to leave to focus completely on your new business. This will help keep your start-up costs to a minimum.
3. Talk to somebody who has been in you position before - somebody such as myself - they may be able to provide you with advice that will save you time and money, and stop you from making the same mistakes that they will have done. 4. Work out your personal weaknesses and ensure that they are either not significant to the success of your business or that they are covered in the form of employees or business partners. For example, if you are a poor salesman, then it would be an advantage to bring in a partner who is a very good salesman. 5. When predicting timescales, multiply them by three. Starting up is usually a lot slower than you originally predict. 6. When calculating the start-up capital requirements, also multiply them by three. Believe me. 7. Be aware that any website sales are likely to be very limited at first, due primarily to poor website traffic. This will take time for you to build up, so ensure that any website sales predictions you make are extremely cautious. Instead, focus your website on the wholesale customers who will make you the real money. 8. If at all possible, use suppliers that are relatively local to you. This solves many problems, including timescales, shipping costs and complete supplier failure. Tip! The one area that is most often overlooked when starting your own business is the personal sacrifice and commitment that is required by both yourself and your family. 9. You should be aware that if you want to produce a completely new product that this is a very high risk business. If you require a patent then visit the Patent Office online for all the information you require. A patent can easily take as long18 months to be obtained, but you should know within 4 months whether you are likely to obtain it or not. 10. Photocopy all important documents when corresponding with Customs & Excise, the Inland Revenue and Companies House. Letters often get lost in the post, and it is useful for your own records. 11. Communicating with suppliers, especially foreign ones, is where many problems begin and end. Clarity is absolutely key, verbal assurances are not half as good as written ones. Ask them specifically to repeat your requirements back to you. Contracts must be obtained before any serious payment is made to a manufacturer. 12. If you want to deal with China, then timescales are large. For example, once a supplier has been located (which you can contact me about if you want some tips) it will take about 3 weeks before your samples arrive. If they are okay then it may only take about 60 days for the actual stock to arrive, but if not then this increases substantially. 13. Do not be afraid of failure. Be brave, but be aware that mistakes will be made and that many businesses go bust within the first 3 years of trading. Remember that Frank Mars (the founder of Mars Inc.) tried many times to create a confectionery business, without success. Through failure he gradually worked out how to become successful. Now Mars is a multi £billion company. Tip! There is no question that starting your own business will be one of the major decisions you will undertake in your life. Whether your business be a full-time opportunity or just something part time to bring in a bit of extra cash. If you want any information about setting up a wholesale business, dealing with China, banks, setting up as a limited company, board meetings, payroll, printers, website design, getting registered with Google, tradeshows, copyright, trademarks, patents, packaging and merchandising you are welcome to contact me. I do not charge, but in the long term may ask you about those areas that you develop expertise in. My name is Antony and my email is contact@h-w-o.com. Antony is a Director of Hidden World Originals Ltd. He is committed to helping other entrepreneurs who are just starting up. You are welcome to visit his sites at thebookmarkshop.com or h-w-o.com.
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