If you are considering starting up a wholesale reselling business then you may be wondering how to maximise your return and how to keep your costs down. Check out these tips to help you do just that!
Minimise Spend
One of the easiest ways to keep your costs down for your wholesale business is to minimise your spend. If you are just starting up then you should try to keep your expenditures down. Don’t invest in an office when you can do the work at home. Don’t invest in the latest equipment if all you need is a basic computer to get you started. Don’t buy lots of stock – instead invest smartly in stock that you think you can sell quickly. Being left with too much stock can really alter your cash flow so invest wisely.
Use Social Media
To promote your business you could consider paying for adverts in local media but to keep costs to a minimum why not use free promotional tools like social media? Twitter and Facebook are used by the majority of companies to network, promote company news and to gain customers. Set up social media profiles for your business and get networking with both suppliers and potential customers.
Build Relationships
Building relationships with key wholesale suppliers can eventually lead to better rates and more attractive bulk purchases. Invest in your business relationships and get to know others working in your industry to maximise your profit making chances.
Sell Online
Although initially setting up a website can be expensive, once a website is built the running costs are relatively low. There are no rent charges or energy bills to pay on an eCommerce site so for the long term, selling wholesale products online can be cost effective.
