If you’re in the business of wholesaling products and services, then you know that there are certain aspects of your operation that you don’t want to skimp on.
If you want to grow your business, then it’s essential that you don’t save money on any of the little things that play a huge role in how well your business performs. Follow these 7 tips to improve how you run your wholesale business and profit more from the work you put into it.
1. Manage Your Time
If you're like most people, time management is something you struggle with. You're always on the go and there are never enough hours in the day.
But if you don't take the time to manage your time, it will end up costing you in the long run. Here are 3 little changes that will make a big difference in your wholesale business.
- Set goals for yourself so you can work towards them
- Organize projects by when they need to be completed by
- Create boundaries between work and play
Set goals for yourself so you can work towards them
One of the most important things you can do for your wholesale business is to set goals. This will help you stay focused and motivated, and help you measure your progress. When setting goals, be sure to make them specific, achievable, and time-based. Also, be sure to write them down so you can refer back to them later.
Organize projects by when they need to be completed by
Projects can quickly become overwhelming if they're not properly organized. One way to stay on top of things is to organize your projects by when they need to be completed. This way, you can prioritize and make sure that nothing falls through the cracks.
Create boundaries between work and play
It can be difficult to keep work and play separate when your business is your passion. However, it's important to set boundaries to ensure that you're taking care of yourself and not burning out. Here are a few tips.
2. Create Systems for Everything
When you're first starting out, it's easy to try to do everything yourself. But as your business grows, you'll quickly realize that you can't do it all. Creating systems for everything in your business will help you delegate tasks, keep track of what needs to be done, and free up your time so you can focus on the things that only you can do.
One of the most important systems is for maintaining inventory. It might sound like a daunting task, but with these simple steps, you'll never have an issue again.
Set up a Google Sheet that lists each item and how many you have available:
- Create labels for each size:
- Create three different bins:
- When customers come in:
Set up a Google Sheet that lists each item and how many you have available:
Organizing your inventory in a Google Sheet is a great way to keep track of what you have on hand, and how many of each item you have available.
This can help you avoid over-ordering, and ensures that you always have enough product on hand to meet customer demand. Plus, it's easy to share with your team so everyone is on the same page.
Create labels for each size:
If you sell products in multiple sizes, it can be helpful to create labels for each size. This will make it easier for customers to find the right size and make it less likely that they'll accidentally order the wrong size.
Plus, it can help you stay organized and keep track of inventory. To get started, simply create a label for each size and attach it to the corresponding product.
Create three different bins:
As your wholesale business grows, you'll want to start thinking about ways to streamline your operations. One way to do this is to create three different bins for your inventory. This will help you keep track of what you have on hand, what needs to be restocked, and what can be sold.
When customers come in:
If you have customers coming into your store, there are a few things you can do to make their experience better. First, engage with them as soon as they come in. Greet them and ask if they need help finding anything.
Secondly, be sure to keep your inventory well-stocked so they can find what they're looking for. Third, keep the store clean and organized so it's easy to navigate. Fourth, provide great customer service throughout their visit.
3. Keep Track of Your Numbers
One of the most important things you can do for your wholesale business is to keep track of your numbers. This includes everything from your inventory levels to your sales and expenses.
By tracking your numbers, you'll be able to see what's working and what's not and make changes accordingly. Here are a few tips for tracking your numbers.
Track transactions that comes in, including deposits, refunds, returns, and more. Keep an ongoing list of all current customers so you can stay in touch with them regularly.
Track your expenses on an ongoing basis as well-this will help you know when it's time to spend money or hire someone new to help out with the workload.
Establish goals and benchmarks for yourself-track how many customers you reach each month or how much profit your company has made at the end of each quarter to see if these targets are being met.
When you reach a goal or milestone, consider celebrating with some special perks for yourself or employees!
4. Grow Slowly, Get Good at Something
You can't be everything to everyone, so don't try to be. Find a specialty and grow slowly. Focus on becoming really good at one thing. As you get better, you can branch out into other areas.
But it's important to walk before you run. Keep your focus on the task at hand until you're confident in your abilities. One of the easiest ways to do this is by following industry leaders' advice and staying within your means.
These are two of the most common things entrepreneurs tell themselves as they start their businesses, but not something they always do when push comes to shove.
A quick list of best practices for first-time wholesale business owners:
- Network with others in the industry
- Stay within your means
- Be flexible enough to take advantage of opportunities that arise
- Build relationships with suppliers early on
- Ask questions instead of making assumptions
Network with others in the industry
In order to be successful in the wholesale business, it is important to network with others in the industry. This will allow you to stay up-to-date on industry news, trends, and practices. Additionally, networking can help you build relationships with potential customers and wholesale suppliers.
But how do you network within the wholesale industry? Well, you could join SeeBiz, which is a dedicated networking platform for wholesale businesses. Signing up for SeeBiz lets you connect with over 1000 wholesale businesses. You'll be able to interact and communicate with them with ease which will lead to long-lasting business relations.
Stay within your means
When you're first starting out, it's easy to get caught up in the keeping up with the Joneses mentality. You see other businesses doing well and you want to do the same, so you spend money you don't have on things you don't need.
But this is a recipe for disaster. It's important to stay within your means and only spend money on things that will help your business grow.
Be flexible enough to take advantage of opportunities that arise
As a wholesale business, you need to be adaptable and open to new opportunities as they arise. After all, the world of business is constantly changing, and what might have worked yesterday might not work today.
By being flexible and taking advantage of new opportunities, you'll be able to keep your business relevant and successful. Here are seven little changes that can make a big difference in your wholesale business.
Build relationships with suppliers early on
When you're just starting out in the wholesale business, it's important to build relationships with suppliers early on.
After all, they're the ones who will be supplying you with the products you'll be selling. Here are a few tips for building relationships with suppliers.
Ask questions instead of making assumptions
Do you find yourself making assumptions about your wholesale business? If so, you're not alone. Many business owners do this without realizing it. But making assumptions can lead to big problems down the road.
5. Invest in Yourself First
One of the most important things you can do for your wholesale business is to invest in yourself first. This means taking the time to learn about the industry, networking with other professionals, and attending trade shows and conferences. By investing in yourself, you'll be better equipped to grow your business and make it a success.
6. Define Success for Yourself
Before you can measure success, you need to define what success looks like for your wholesale business. This may include factors such as revenue, profit margins, customer satisfaction, or employee retention. Once you have a clear idea of what success looks like, you can begin to develop strategies to achieve it.
7. Get Motivation and Stay Motivated
Any journey starts with a single step, and yours is no different. The first step to being successful in wholesale is to get motivated. But it doesn't stop there. You need to stay motivated throughout the entire process.
What does that mean? For starters, make sure you are continuing to grow your business by staying on top of industry trends, sales techniques, and customer service best practices.
Take care of yourself so you can be at your best for your team or employees. And finally, set clear goals so you know what needs to happen each day to move closer towards success.
Don't be afraid to change things up. Just because you've been doing something one way for a while doesn't mean it's the best way. Be open to new ideas and willing to try new things.
Take advantage of technology. There are so many great tools out there that can help you run your business more efficiently. Utilize them!