Dreaming of having set up your own small business one day in future? Whats keeping you from reaching your dream? We do note that there are some large companies do place a control system on their distribution partner, such as requirements before get to become their distributor or reseller. However, there should not be the sole reason in giving up your dream of setting up retail business one day. Do you know that many of the now well established retailers had actually built their business by starting out small and step by step grow it to become what it is now? Like you too, many of them do not have the kind of financial muscle when they just started out. For those who do not meet the control requirements or financial resources to be Authorized retailer for the major brand, we still have other options to start with. Let us examine these options here:- 1. Where to source for products to sell? For those who surf internet frequently, I believe some would be wondering where on earth those online entrepreneurs actually source for their products for selling. Some of these products that they sell are actually only available direct thru authorized reseller or more established wholesaler whom are bound by manufacturers control system. Not that hard to figure out, these online entrepreneurs are most likely obtained their products via 3 channels: They meet the requirements and become authorized seller. They sell used items. They sourced and buy the items for resell through other businesss closure. 2. Becoming Authorized Reseller. Like you too, majority of these online entrepreneur does not have the kind of financial muscle to become an authorized reseller of the well known brands. So what? They dont stop there. Look around and consider other options. Take a look at smaller brands instead. Consider some other smaller brands that may not be of that popular. Hey, even though they are not that popular, it also means that their requirements could be much lower for reseller! And we got to understand that not every single consumer wants to have the most popular, or most expensive or top range brand for their every single need. Like myself and you too, we do not just buy top brands all the time right? This makes the consumer market to be very huge. This is indeed a great option for new comer who always wanted to set up their own retail store. By becoming authorized reseller or distributor for smaller brand or even new brand, you have the advantage compare to others by being able to provide brand new items, and latest merchandise. As your new setup continues to grow, you would be able to establish your new business as respected retailer too! Your growing reputation will be supporting factor and make you eligible to apply and become authorized reseller or distributor for major brands. 3. Selling Used Merchandises. Taking a clue from those power sellers at ebay, selling those used products or merchandise is also a viable business channel. By utilizing ebay market place, many power sellers have been able to build successful businesses just by selling used electronics items, toys, gifts, collectibles, musical instruments and much more! To my own surprise too, some of them actually source their products from ebay itself! After which, they clean up the products, re-package it, or even re-brand it to boost up its value for more profit margin. 4. Business Liquidations or Close downs. For some, they would spend the time and effort to source their products or merchandises for sale thru buying from other business liquidations. In fact, business liquidation is a very viable source, with most of the time the items being sold are of much lower price compare to its actual market value. By getting a good business liquidation source, you would be able to purchase lots of discontinued items or overstocked merchandise with lower market price. This will help greatly in boosting your business profit margin when you are able to resell them. 5. Be Creative for Your Business Survival. When you finally decided to venture into business, you ought to be willing to open up your view and consider several profit options. Your business should not be solely depends on one single income channel. In order for business to survive especially at the early stage, be willing to consider for multiple products types for sale. This is critical if you are deciding on a very competitive market, not only you need to compete for the authorized reseller or distributor status; you will also need to compete with existing established sellers in the market. One of the much talked about is the Niche Market. You zoom into your own niche market with lesser competition and build your business from there. And to be the king of your niche market, you ought to provide benefits to consumers and make your business stand out among the rest. Nevertheless, in business environment especially new small set up, you do not necessarily be the originator. It is in fact extremely hard to be original unless you have the much stronger financial back up. What you need is to be creative. Build upon an existing idea and provide it with a different approach that makes your business stand out. Same principle has been applied by millions of small business; they spotted on a niche market, and re-package or re-brand their own products to make them stand out among the rest. Not to worry even if the different is just a slight change. A small change or approach will give you the kind of business advantage and build your market share. When the business becomes more stable, you could then bring it forward for larger market and start to compete for more. 6. Put in your Time and Effort Setting and building up a business requires a great attention in term of time and effort. You will need to perform research not only for products and prices; it is also required of you to research the targeted market environment. There are lots of works ahead for you. But when you do it right along the journey, the return and rewards are worth much more than the effort put in. Always remember that nothing is impossible, start to put on your thinking hats, find a good and viable business idea. Draw out your business plan carefully, it will worth the effort. Until then, we shall discuss more on business start up and plans. Cheers for your new business success. |
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