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| Find Suppliers for Your Business |
Sometimes people have a strong desire to start a business but get discouraged because they are unable to find vendors to supply the materials or products they need to sell. In this article we outline some steps you can take today to secure suppliers for your business so that you can start heading down the pathway to success.
In the past, finding a supplier proved to be a difficult because the accessibility of suppliers was limited to those who had inside knowledge. However, in today’s “information age” we have access to a plethora of insight into finding suppliers. A few places you can quickly look to find a supplier are:
| Trade shows – Trade shows are a great place to locate suppliers. There are multiple benefits of going to a trade show to find a supplier. The most obvious reason is that you are able to connect with a large number of potential suppliers in one place at one time. Generally, the suppliers you find at trade shows are very serious about their business and are eager to work with companies who can help drive more sales for them. Another reason is that at tradeshows, vendors usually display their products. This way you can get an up close and personal view on the different types of products you may want to sell and ask as many questions as you like. Equally important is the idea that you can do some price comparisons while you are there so you have most if not all of the information you will need to make an informed decision about the supplier you choose. |
| Trade magazines – A more cost efficient and quick way to locate a supplier is by simply looking in magazines produced for the specific industry you are starting a business in. Review them on a regular basis to find different ads and articles on different suppliers and contact the suppliers and ask questions. |
| Trade associations – Another good method is by joining a trade association. Both suppliers as well as companies like yours are members of trade associations so you should have no trouble networking your way into some great relationships. |
Once you find companies that you are interested in utilizing as suppliers, you will generally have to show them that you are credible enough for them to trust you will distributing their products. You basically have to prove to them that you are a viable company and are genuinely interested in working with them. The reputation of their product(s) and company is based as much on the credibility of their distributors as any other factor. Some suppliers are very conservative about the types of companies they will work with. They may require you to be a well established company before they let you sell their products. You may be asked to provide banking information, credit history, as well as other items to prove you are viable.
If you are just starting do not get discouraged if many vendors will not work with you until you become established. They are doing you as much of a favor as they are doing themselves. Try to start small and local when searching for a vendor. Work with the vendor to become increasingly successful then utilize that success to make the next step up in capabilities. Most business transactions are done based on some level of trust so starting local will help you and the vendor to develop a level of trust in each other.
One last way to find a supplier is by simply asking friends and family for recommendations. You would be surprised at the fact that you aren’t very far removed from a vendor, and that all you need do is ask a friend for a connection. The only catch is that you should be careful when utilizing a friend for a connection or as a supplier because some of the best friendships have been ruined because of business issues. Be sure to clearly outline the structure of the relationship and only work with individuals you know that will adhere to that structure.
After you find a vendor you should request that they send you some samples of the products so that you can utilize them as props to show potential customers. Keep in mind that you may have to pay for the samples, so be prepared for that. Also, it’s a good idea to have at least two or three suppliers for a number of reasons. One reason is that you don’t want to become dependent on a single supplier for anything because they have control of your business at that point. In addition, you might find pricing better from one supplier to the next at any given point. Lastly, if one supplier has run out of the product you need, the other one more than likely can accommodate you.
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