When forming and starting your own business, it is essential to ensure that you can find reliable suppliers and wholesalers, and secure both for the best price. This will be a large part of setting up a new business, so to ensure that you are in the best position when starting up, this article provides some answers to the questions you should be considering.
What Kind of Suppliers Do You Need?
The first thing to consider is what kind of suppliers your business will need. It is also worth considering whether you want to work with a big-name manufacturer with a proven track record or a smaller company with more niche expertise. If your product is one that is already in wide circulation, using a wholesaler is normally a good option. Other options include buying stock directly from the manufacturer or importing from overseas. However, both of these options will normally require very large bulk purchases which in turn can mean a large expense.
How Do You Find the Right Supplier For Your Business?
It can be tricky to judge which suppliers are suitable for your business. A good place to start your search is ‘The UK Trader’ and ‘The Wholesaler’ websites, which have large directories of UK wholesalers. Another advisable, and potentially better option is to visit a trade show or an exhibition. These can be a valuable networking opportunity and your fledgling business can get a feel for what’s on offer without having to commit to anything.
If you are able to use a local supplier, this is a great way to make connections and support the local community, and it could mean customers think of you more favourably if this is one of your USPs.
What Is Your Stock-Buying Budget?
It is always important that you pay the right price for a service, so once you have found the right supplier for your business you may want to try and negotiate a price. You will want to know your budget well though before you do this, so have some basic principles in mind and work out your budget for buying stock.
It is worth reiterating that you shouldn’t be afraid to negotiate. If you’ve chosen your supplier well, you will hopefully be dealing with them in the future and they will likely want to work with you, so try to secure better credit terms early on.
During this difficult and unexpected time of uncertainty, please rest assured that Paramount Formations is still operating as normal. If you would like more information please browse our company formation products or to get in touch with us, please speak to us on our live chat or use our contact form. We are here to support your business formation needs in any way we can.