How to Start Books Wholesale Business
Starting a book wholesale business, like any business, involves risks and requires planning and some skill in business and management. It requires good interpersonal skills and communication with the supplier and your customers.
To help you start, here are a few things to consider in starting a books wholesale business.
The business of wholesaling simply means being the intermediary between the manufacturer of the product and the retailer of the product. The only catch is there is nothing simple about wholesaling and it is not as easy as some people seem to portray it. Like any business, wholesaling is risky and one can actually lose money if one does not handle it properly. Wholesaling requires hard work and a level of knowledge on how the wholesaling business works.
There are three ways of starting a books wholesale business: by buying an existing business, by starting one from the ground up and by buying a business opportunity. All these entry points present their advantages and disadvantages and all of them are risky. The first thing to consider is whether you are into the business full time or only part-time. This decision would help you decide the capital you may want to invest in and the projected time you would profit from the business.
The first thing anyone who is starting a wholesale business needs is to define the targeted customers as well as the suppliers of the product. In the books wholesale business, define which books you want to sell as well as which kinds of retailers you want to sell to. Establishing contacts in publishing houses and other manufacturers is also important in starting your business.
Some of the basic needs of a wholesaling business are office space, computer, telephone and fax machine. This would mean added fees if you are not working at home. Depending on the plan for your books, you may also need a warehouse or storage space for your product as well as a vehicle for delivering the products. Some manufacturers allow the delivery directly to the retailers hence, no storage space is necessary as the supplier himself will deliver to the retailer. This arrangement would also reduce the delivery cost. However, not all manufacturers will agree to this.
Aside from the administrative aspect of the business, make sure that the legal aspect of the business is also covered. Make sure that you have the legal capacity to re-sell the products you have bought from the manufacturer to the retailer. Though it is ideal for the retailers to pay immediately for the product delivered, it is the reality that some retailers do not pay on time. It is thus advised that one design a payment or credit policy for your retailers. Keeping up to date to the latest developments in books and literature is also a great way to develop your business.
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