Whatever field you are in, read it once and you will definitely benefit.
If you think that you will find an article or post on the internet that you can start any business successfully.
what is the difference between wholesale and retail?
So it would be your fault because if something like this happened on the internet then everyone would be running a successful business using that business method today but it is not and the reason is that every business is different from other businesses, every business model is different from other businesses.
Similarly, the customer of some businesses is the general consumer or customer while the customer of some businesses is another business.
And some business people have client governments
And that’s why the way these businesses operate is very different.
That’s why you won’t find any way to do business that will make you successful in any business.
As you know, to run a successful business, you have to consider many aspects of that business.
That is why the articles in this series can be quite long, so you should take the time to read the articles in this series very carefully.
In this article, I will discuss with you the following businesses.
Before moving on to the retail business model, I would like to give you a basic piece of advice
Before you start any business, try to spend at least one to three months in that business.
So that you can understand all the details of that business.
By spending time I mean spending time in a relationship with a person who is running the business successfully.
So let’s move on to our first business model.
Definition of Retail: Retail is a business where you sell small items to the general public or people, where you usually make a small investment.
Here are the things to look for when selecting yours:
- Pay special attention to the location in the retail business, because the business will not be successful due to inappropriate location. For example, if you want to open a medicine shop, try to open it with a government or a reputed private hospital. , Because there are more pay customers.
- In any retail business, keep in mind the competition in the market, if the competition is very high
Then you don’t start that business.
- In retail, try to keep all the items in the store so that you can sell as much as possible.
- Minimize debt, it is better to start your retail business in an area other than your street, neighborhood, village, this way you will be largely saved from the epidemic of debt.
- Pay special attention to the decoration and cleanliness of your shop, this way you will easily gain the trust of your customers.
- Instead of buying goods for your shop from wholesale, go to cities etc. and buy them yourself.
Because companies in cities sell their goods at very cheap prices due to high demand and high sales.
As a result, you will get the goods you want at a much cheaper price than the largest wholesaler, distributor in your area in the city.
- When buying goods in the city, load the goods in the car in front of you, because the city dealers show some goods and sell some goods. Secondly, when dealing in the city, collect rates from as many dealers as you can.
So you get the best rate possible. Never dump the goods and if you have to, pack them in front of your eyes and guarantee that the goods will be safely dumped.
- If your retail business is based on seasonal items, such as grocery retailers, then you can buy cakes, chocolates, etc. from the city that are sold during the winter season.
You will buy them in October and you will buy cold drinks, juices etc. in March and try to buy as much as possible before the start of the season as you will not get the prices before the season.
- Retail work doesn’t count as absenteeism, so don’t rush.
10 The retail business can take six months to a year and a half to be healthy in terms of profit, so don’t get discouraged and keep working.
Let’s move on to the wholesale business method.
How to run a wholesale successfully:
Wholesale Definition: A wholesale business is a business where you sell large quantities of goods at retail at low prices.
Here are 16 key pointers in moving your business forward.
- Wholesale work is more difficult than retail.
- Location is important here, too
But if you start this business in a place where the wholesale business is not already taking place, then the wholesale business can be successful there as well. Make sure you know where you want to start this business
If there is a demand for that item, for example, if you start a pants shirt business at the wholesale level in an area where there is no demand for it, then your business will fail.
- Try to buy good company and also medium quality goods.
You don’t have to buy directly from the company
You can also buy goods from the market (open mall) at good rates from the company. The open mall is what the company’s agency, franchisee, a distributor has done to get the sales target at cheap prices, at a loss in the market. Sold and therefore the goods are cheaper than the company/agency/distributor.
- You must have stock, first you have to increase your investment.
But when your business is successfully frozen, then dealers, companies, distributors, etc. will give you their goods on easy loans, so then you will not have to make any further investment.
- You can successfully start this business in a place where many people are already doing the same wholesale business, the advantage is that you will find customers easily.
Because it will be known as a market wholesaler and the disadvantage is that you will have to compete with other wholesalers.
- Remember that in every wholesale business you will find some companies that have started a new business and they will give the cheapest price to control the market but you have to be careful and such companies Never buy more than that and even if you do, make sure you can sell it.
- In some wholesale businesses you also have to take care of company registration, product license, income tax registration, expiry etc.
Because it is the law of a government agency, you have to take care of such things.
- Although smuggling is a crime under the law, in some wholesale businesses you can only succeed by selling smuggled goods because if you sell unsold goods no one will buy from you because it will be expensive. Before you start any kind of wholesale business, make sure you know what you want to do.
- Although debt is indispensable in the wholesale business, you still have to try to keep the debt to a minimum and pay off whatever debt you have on a short term, give good rates but do not borrow.
10 Create your wholesale business pages on Facebook, social media, etc., and add your songs to them. This way, whenever you make a sale offer, you will notify your customers through Facebook, etc. Prepare to like and follow your Facebook page and if possible give special discounts to your Facebook page followers.
- If possible, create a simple website where your customers can send their orders to you online so that you will be very close to your customers.
12 Build a relationship with your customer, a good relationship is a guarantee of a successful business.
13 Whenever you realize that your business can now easily carry the burden of an extra servant, you must hire such a servant because at first, you will not be able to handle the whole business.
And second, in case of an emergency, you will be able to leave without any worries.
- Make two copies of your accounts, etc., so that if one account is moved around, the other is present.
15 To succeed in any business, hard work, great enthusiasm, patience is very important and therefore for the success of your business, do every legitimate work without any judgment, without shame.
Let’s move on to the distribution business model
Business Model: How to Run a Distribution Successfully:
Definition of Distribution Business: A distribution business is a business in which you only buy and sell goods of a company from a company.
To run this business successfully, you should not only keep in mind the above wholesale points but also keep in mind the following points.
how to buy wholesale for retail
- You need more than luck to succeed in affiliate business. You just have to be more discriminating with the help you render toward other people. This means that if a good company gives you a distribution with less capital, then understand that the company is not so good.
- When taking a distribution, get a guarantee from the company that no one else in your area will sell the property of the same company. Although good companies guarantee you this thing, but still you, yourself, your own. The investment must be fully secured.
- To increase your sales you will need experienced salesmen, salesmen who have experience in absolute distribution or in sales who have experience in sales of other similar products, these salesmen you have daily sales. You have to give a target to what they have to do, then gradually increase that sales target and such sales will increase.
- There are some products in which you have to have a car etc. for delivery or the company provides you the car.
- Sometimes you get pressure from the company for sales.
Or you get bonuses, incentives, etc. for doing the sales required by the company, which means you have to sell your products at a very low profit or at the very company price.
Sometimes you sell goods at a loss, which you cover with a bonus.
Debt Although your business model is compelling, running a successful distribution without debt is difficult if not impossible.
Because when the company gives you goods, it also takes some cash and some loans, while your customer who may be a wholesaler or retailer also takes some goods and some loans.
Now you n
The debt has to be paid anyway
But the loan should be done so that you are not embarrassed in front of the company and your customer is not angry with you.
Be sure to try to explain the situation to your customer.
It is a good idea to write to your client about the loan in which you have written all the terms etc.
For example, how much you owe, how much you owe, when you owe money, and so on
- Deliver the goods to your customer in a timely manner in all cases.
۔ For daily sales, profits, stocks, returns, expenses, etc., buy a good type of computer with the best software that stores daily transaction data.
And try to have all the calculations in the manual ie cash book, general, ledger, invoice, etc.