10 Tips For Getting Started .Basic Business Plan for 2013 - Internet Business Digest

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10 Tips For Getting Started .
Basic Business Plan for 2013
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Whether you are just thinking about, or you have
decided that you would like to start running a
wholesale business, there are a number of items
that you should spend considerable time planning
and researching before going full steam ahead.
Proper planning and fact-finding up-front can not
only save you from a lot of headach`es in the
beginning, but can also mean the difference
between a successful wholesale business versus a
monetary disaster waiting to happen.

In this article we will provide you with ten tips
to help guide you along the way as you begin
planning for your business. They are presented in
chronological order so that you can use them as a
way to plan out the proper steps along the way.
Remember, success depends on many factors - and
the most important factor is your determination
and energy you put into making your business a
success!

Step 1: Ask Yourself Why?

Why do you want to get into the wholesaling
business? It is because you would enjoy working
with other businesses and manufacturers being the
main point of contact between the two? Or is it
because you think it is an easy way to make money
quick?

Wholesaling is a demanding business, and can
require lots of up-front capital, warehousing,
logistics planning and customer service skills. As
the main channel between the manufacturer and
retailers you may find yourself dealing with
hundreds of thousands of units of merchandise
needing to be shipped across the country on a
moments notice. Large retailers often pay on a
Net-10 or Net-30 schedule, meaning payment is made
after the goods are delivered. What would you do
if a retailer did not pay or went bankrupt before
you received payment?

Step 2: Study Your Competition

It does no good to enter a market where there
already exist established, credible wholesalers
for a given product. Retailers want to know they
have a dependable supply source that meets their
terms and often will not change wholesalers for an
established product. Just because you build the
warehouse does not mean they will come.

Use your local Chamber of Commerce, the Internet
and even visit with retailers to find out what
wholesalers exist in your area. If you want to
specialize in a specific product, contact the
manufacturer directly to find out who handles
wholesaling for them already in your region. There
may be none in your state, or there could be three
down the street.


Step 3: Assess your Financial Situation

Wholesaling can require a lot of up-front capital
and expenditures before you even see one cent of
income. Do you have the resources to spend on
setting up a relationship with a manufacturer who
will most likely require you to buy in huge
quantities from them? Can you afford to wait up to
30 days for payment? Do you have the money to
invest in shipping freight or setting up your own
delivery service?

Be sure to look past the startup costs as well.
Employees, taxes, property rental and insurance
are just a few of the things you will need to
factor in as ongoing costs.

Step 4: The Business Plan

A solid business plan is the foundation of any
business. You need to make sure that you have
spelled out what you intend to do and how you
intend to get it done. Not only will banks require
this for financing, but often other businesses you
deal with will want to see it as well. It should
be the guidelines that you follow every day in
your business to achieve the goals you have set
forth.

For this part, it is often wise to work with a
business lawyer or seek professional advice from
business consulting services. A good resource to
help you find people in your area with the
necessary skills and background is the Small
Business Administration, located on the web at
http://www.sba.gov.

Step 5: Apply for Licenses, Taxing Certificates
and Other Necessary Paperwork

Nothing is as certain as death and taxes. It is no
different in business, with one exception. As a
wholesaler you will be required to pay taxes and
other fees to your state and to the federal
government.

The one exception is that you will be granted
tax-exempt status for the actual goods you are
moving between the manufacturer and other
retailers. This can be a tricky process and is
handled at the state level.

Again, for this part you will want to make
extensive use of your state taxing authority as
well as local Chambers of Commerce. One wrong
mistake here can end up costing you not only
money, but possible your entire business.

Step 6: Establish Your Facilities

Location, location, location. Businesses must
exist somewhere and like most things in life there
are rules and regulations on where they can be.
Will you be having semi-trailers coming to your
location at all hours of the day and night? Will
you have a storefront for vendors and clients to
come calling at? What about electrical, water and
sewage needs?

Zoning laws exist to make sure that the right
structures end up in the right places. Nobody
wants a warehouse next door to them in a
residential neighborhood. Work with commercial
real-estate agencies to find a suitable place for
your business.

Step 7: Establish Your Relationships
You have the facilities, you have the financials -
now do you have anyone supplying you product or
customers for that product? Work with
manufacturers and retailers to build a
relationship. This can be one of the most
difficult parts of the experience, and is where
the rubber hits the road.

In addition, relationships extend beyond your
customers and suppliers. It is good practice to
establish relations with your local Chamber of
Commerce, retail associations and labor
organizations in your area.

Step 8: Marketing

Wholesalers traditionally don't advertise. That
doesn't mean you shouldn't market your business to
others, after all how can you build relationships
or expand on existing ones? Wholesaling guides are
published and distributed to many retailers and
this is where the bulk of your marketing efforts
will be directed. The other half should be in
going to retailers directly, meeting with buyers
and outlining your services. Just because you have
a customer today does not mean you can rest on
your laurels.

Marketing works hand in hand with building a
relationship and maintaining it.

Step 9: The Machine in Motion: Servicing Your
Customers

Product is coming in, retailers are placing orders
- we're all done right? Not exactly. Getting the
product to your customers, answering questions
about delivery timelines, working with vendors to
obtain new product lines, it is a complex and
demanding part of the business.

In today's "just in time" marketing model a delay
in shipment could mean the end to a business
relationship. You must keep your customers
informed of any status changes, pricing concerns
and product movements from your facility to their
loading dock. This is where backend systems come
into play by maintaining records and logs of all
activity with that customer. Do not underestimate
the value of a good Customer Relationship
Management system (CRM).

Step 10: Employees, Accounts Receivable and Other
Financial Matters

Once everything is up and running your next focus
is your business financials. Employees need to be
hired and fired. Payroll needs to be met. Money
must come in, and money must go out. Here you
should invest in financial talent and services if
you do not possess them already.

One oversight can mean the loss of hundreds of
thousands of dollars; a missed payroll deadline
could mean your entire business comes to a halt.
It is critical that you constantly keep an eye on
the books and on your expenditures. Know when to
tighten the belt, and know when to expand.

To get more business tips, resources, online, offline
Business opportunities, promote and publicize your business
Join AIC Business Network and
Get Connected with People in Business Together!
http://www.aicbusinessnetwork.com/signup.php?c_code=ibdweekly12242012

Ahamed Arif.
AIC Business Network.


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