Start out by selling common goods verses rare and unknown items.

Avoid joining pyramid wholesale concepts. They’re designed to limit your success.

8. Identify the Market

You will need to do proper research to identify the ideal market for your products.

You will need to find dealers, store owners and other customers who will be able to procure the products from you.

You’ll also need to check out the competition, which can be fierce in the wholesale business.

Make sure you know what products they carry, their prices and the quality of service that they provide.

Read on: Top 30 Laundry Setting Patterns for Business in Nigeria

9. Identify the Location of Your Office and Warehouse

Along with the above, you will also need to identify a place where you will be conducting your business.

Sometimes, space is so scarce and expensive in big cities.

That you might need to keep your office and your warehouse separate.

Read on: 13 Top International Realities on Small Business in Nigeria

Panel Wholesale Supplier

10. Hire efficient and honest staff

However, you will need to hire efficient and honest staff.

Or even a family member – to ensure that your inventory doesn’t get misplaced or pilfered.

See also: 16 Tips to Start Smartphones Business Service in Nigeria

11. Identify your Suppliers

You will have to get in touch with manufacturers.

Who will be willing to appoint you as a wholesaler for their products.

Many companies will have sales targets for you to meet.

So think carefully before deciding on any one.

In some cases, you will have to get in touch with the company’s distributors.

If they are not willing to supply directly to you.

In this case, there will be a division in profit margins.

So you will have to factor in these calculations before you can proceed in dealing with them.

Panel Wholesale Supplier

12. Set up a Website

If you are considering starting a wholesale business, you will need to set up a website.

Through it, you can inform manufacturers that you are willing to do business with them.

This way, they can contact you instead of you running after them.

Your website will also attract retailers who might be interested in selling your products.

Read on: 15 Tips to Earn Money in Movies in Nigeria

Panel Wholesale Supplier

13. Know Return Policies

Check out the policies of different manufacturers.

Including how they plan to handle any goods returned back to them due to defects or for any other reason.

You will also need to check their after-sales service policies.

It is best to steer clear of any manufacturers that you cannot get a clear answer from.

Or you could end up with a lot of inventory that you just can’t sell.

Inventory that you can’t move is wasted money – period.

Panel Wholesale Supplier

14. Get Easy-to-Use Inventory Software

You should purchase a simple inventory control software package.

Which will help you keep track of your products, even if they are in more than one warehouse.

This will help you in giving proper quotes and delivery schedules to your customers.

Thus helping you to earn more money by rotating your products in an efficient manner.

See also: 15 Tips to Open Online Solar Panels/Accessories Business in Nigeria

Panel Wholesale Supplier

15. Keep a Strict Payment Policy with your Dealers

You should keep strict control over your finances – and also over your dealers.

Since the amounts involved could be quite large compared to if you were selling retail.

By using the above tips, you can ensure that your wholesale business.

Gets a flying start and stays on track in the coming years.

Do proper research, and keep an eye out for good deals from your suppliers to stay ahead in the game.

Conclusion

To sum up the tricks to stocking a wholesale distributorship:

• Don’t overdo it when it comes to buying inventory.
• Try to get a grasp on your customers’ needs before you invest in inventory.
• If you can get away with doing it cheaply at first (especially those with low overhead), then go for it.
• Be wary of investing too much in short- life-cycle products, which you may get stuck with if they don’t sell right away.
• Stock up to a level where you can sell the product before you have to pay for it.