How Can Millennials Start a Successful Wholesale Distribution Business
5 min read
Millennials will soon rule the world. They are the strongest entrepreneurs of 2019 and beyond. Nearly 66% of all Millennials have already set their entrepreneurship goals and think their future lies with owning a business. They’re expanding and opening more businesses than any other generation before them. Strong, independent, progressive and creative they’ve entered in various industries and achieved success with a greater pace than imagined. One field, in particular, attracts millennials to entrepreneurship more than any other – wholesale distribution business. The wholesale distribution business is a business of selling products in large amounts at low prices to retailers or other companies for a profit.
First of all, Millennials are not your usual entrepreneur. Often times they think out of the box and ask questions never thought up before. One of those questions is “How to start a wholesale business at home?”. Their out-of-the-box thinking and creativity solved a problem rookie wholesalers could not resolve before – a way to cut expenses for their company from the beginning. However, they excel in innovation, but lack experience. If you are Millennial and want to create the ideal wholesale business plan, here are a couple of tips so you can succeed with your dream and become a wholesale distributor from home!
Create a Sound Business Plan!
Without a great distributor business plan, your business is doomed even before you start it. That’s why it’s paramount to think things over beforehand and prepare yourself with a business plan. Where do you see yourself in the short-term and long-term? Do you plan quick scaling if things start off good? How many people do you plan to employ and can your budget take it? Explore the market for wholesale business opportunities and where your sales/marketing team should focus to get the best results? Answer these questions and create a solid background for your businesses. When there is a plan, there is success.
Hire the Right Personnel
It is quite understandable that you want to surround yourself with people you deem trustworthy. However, those people need to be competent for their job and a valuable asset to your company, not only trustworthy. Don’t make the mistake that a lot of people make by surrounding themselves with people who they can trust, but don’t know how to do their job correctly.
Choosing the right personnel is crucial because one wrong decision can be the end of your business. Evaluate each position against a benchmark you’ve already set, and do not judge them by their previous work experience or their character. Find people who think like yourself, and view the business world outside the box. Those people will bring new ideas, competence and productivity to your company. Furthermore, try to attain different positions as much as you can, so when the time of crisis comes you receive advice from a specialist who knows what they are saying.
Great Customer Service
Every customer matters in the beginning. That’s why the customer is always right, no matter what. Wholesale distribution can create the usual problems – wrong delivery, damaged goods and untimely delivery. There are numerous wholesale business examples where companies refused to change a damaged product to a customer. One bad review potentially can destroy a business. That’s the nature of the wholesale industry, and you as an entrepreneur must accept it as it is. Consequently, it is imperative to instruct your customer service employees to always be friendly and help the customer as much as it is possible. When a customer is fully satisfied with their orders, the chances of them returning are high. Not only as returning customer, but they can refer your company to others and bring new opportunities to your business.
Invest in B2B
The future of every company regardless of whether they are B2C or B2G lies with B2B! As businesses expand, their needs grow as well. That’s why collaboration between businesses creates a new partnership that offers increased profits in the long-term. As a wholesale supplier, you need to reach to other companies so they know that you can supply them with products that are crucial for their function. On the other hand, you need to purchase large sums of products from the manufacturer themselves. You need to connect with businesses more frequently if you want your business to thrive! That’s the main reason you need to invest more in B2B.
One way to expand your B2B connections is through Enterprise League. A B2B platform designed for small and medium businesses find new opportunities and explore new markets. Create a profile and find new partners around the globe! If you are looking to add more products to your wares, Enterprise League can connect you with new and reliable manufacturers.
Moreover, as a wholesaler, you can sell your products through the tender option on our platform. Tenders are seen by every user on our platform, so your reach will be extensive. If you want to show off the best wholesale business products from your store, on your Enterprise League profile you can showcase up to three products, so when other companies visit your profile see the best from the best of your company!
Videos have become an integral element of our daily lives and therefore video marketing has become a valuable and powerful tool for business promotion. Statistics show that marketers using any...
Statistics show that 8 out of 10 small businesses go under in their first three years of operating. Reasons vary, but usually, they are not paying enough attention to their customers or finding a...
Let’s stay in touch
All our latest business knowledge delivered to your inbox a few times a month