Now that the world economy is on the mend and we’re finally back to growth levels of 2008, many people are looking to capitalise on the wealth that’s out there in people’s pockets. If your dream is to run your own retail store there’s only one form of retail that you should consider: wholesaling.
Why Wholesaling?
A wholesaler is a type of shop that buys goods in large quantities for low prices, and then allows its customers to purchase them in bulk – also for low prices. The reason wholesaling business is such a good one to get involved in is that it tends to be recession-proof because the prices tend to be affordable even in the most difficult of economic time. What this means is that wholesale business will continue to thrive in good as well as bad times.
The Initial Planning Stages
If the idea of an “evergreen” business model like wholesaling is appealing to you, then start by asking yourself a couple of planning questions – first, if you were to create a shop of this kind, what would you sell? Second, where the funds to get your started will come from.
What Stock?
Being a wholesaler can mean that you take whatever stock you can get your hands on. This ultimately leads to your shop being full of many different goods, and so as any good wholesaler will tell you, you need to be master of everything, and keep extremely accurate books.
Business Planning
Regarding the second point, the best way to assess your finances is to create a thorough business plan where you establish exactly what you want to do and how. One of the best things about a business plan is that it forces you to answer the difficult questions about your strategy and solve problems.
So, for example, you might find that you don’t have enough space in your shop for all the stock you buy. This isn’t a problem, because you can lease warehouse space through a company like Warehouse Storage Solutions.
In summary, wholesaling can be an extremely rewarding job, and if you ask yourself a few simple questions, you’ll be well on your way to knowing whether being a wholesaler is for you.
