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Mistakes to Avoid When Starting Your Own Wholesaling Business |
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Submitted by Daren Puente
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No matter if you’ve been in business for ten years or ten days, the reasons why most businesses fail are the same: failing to research your niche, determining demand, not having an updated business plan in place, and not asking for help when you need it. This short piece will discuss these important facets to ensure your wholesaling business is a smashing success.
Do You Know Who Wants Your Products or Services?
Most successful business owners can tell you exactly who their target market is at any given moment, and why they should purchase from them. They also understand how to sell their product in one or two sentences, buying into the current trend that less is more.
Let’s use an example to demonstrate my point. If your business was showcased on a major network television program, you are given perhaps 5 seconds to share with the audience exactly what it is you do.
"And now, next on The Evening News"
What one or two lines would you want the announcer to say about your wholesale products? If nothing comes to mind, look at your niche, your customers, and what benefits you provide them with. Then craft your marketing sentence to accommodate all of these things so that you can rattle it off at a moment’s notice to anyone who asks.
Do You Have a Business Plan? When Was the Last Time You Updated it?
Things change. Markets evolve. Customers demand newer, flashier, cheaper, better products. Does your business plan reflect this?
You never know when you’ll need a capital loan from the bank, or extra cash to keep up with the sudden demand for one of your products that was mentioned on Oprah. Make sure that you are prepared to use your business plan at any time, with anyone, by scheduling time to update it on a yearly basis.
If Challenged, Do You Know Who to Call?
Maybe your business starts to grow faster than you anticipated, or you are looking to purchase some new equipment. Perhaps staffing is your issue, or customers aren’t knocking on your door as they have in years past. Whatever your issue, sometimes talking to a colleague, professional or business counselor is required. But do you have a list of these kinds of people at your fingertips to call when needed?
If you don’t, talk to your local Chamber of Commerce for names of local business owners that may be willing to speak with you regarding your wholesaling concerns. You can also contact SCORE, a non-profit business advising organization (and it’s counterpart in the UK), or a networking group created specifically for this purpose.
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