Reasons You Should Be Having a Business Plan!

Business plan helps in getting capital funds


The business plan is necessary when you are trying to obtain funds from investors or banks because it will provide them answers for all the queries or concerns they have about your existing or planned business. A well thought out business plan contains all information about the legal, financial, and organizational matters. It also conveys your knowledge about the marketing and matters relating to human resources.


Getting advice becomes easier

When you consult business professionals and seek their advice, the presence of a business plan helps in getting free advice. You will also get free advice for how to launch the business and suggestions for how to improve it. Some organizations may assign an executive specifically for your business.

Potential problems can be identified

When you are in the process of creating the business plan, you have to take into account various considerations and to make estimates of funds required for different stages of the business. These things need thorough research and knowledge about material costs, official licenses or permits, initial budget estimation, labor costs, zoning, leases and real estate matters, etc. You may commit mistakes in your estimates but a good business plan allows you to correct or amend according to the situation. Another important aspect of running a business is managing cash flow; a complete business plan includes budgetary allocations for this concern.

Takes care of the legal problems

There are various legal as well as financial matters which arise from time to time while operating a business. The list of such matters includes timely payment of taxes according to the requisite procedures and by filling the specific forms; the obtaining of the necessary licenses and/or permits issued by the authorities at local, provincial, or country level. Some other rules and regulations governed by Internal Revenue or Business Federations also need to be followed. Your business plan will tackle all these issues and will provide protection from penalties, surcharges, fines, etc.

Offers ways to close a non-sustainable business

The basic purpose of a good business plan is to suggest tactics and measures which pave the way for success of your business, but at the same time it has the provisions for closing down a business venture if the business is failing or not doing well. This precautionary step prevents the loss of money on something which is not fruitful.

Keeping Employees at Your Wholesale Business Motivated

Do not hesitate to praise whole-heartedly

To praise is one thing which does not cost a penny, can easily be done, is liked by everyone, provides encouragement, and boosts the self-esteem and morale of the person being praised. Each and every good work which proves beneficial for the business should be praised generously; and it does wonders for the employee if done in front of others.

Accept and implement good ideas

When an employee suggests or gives an idea for improving the business, give it a consideration and if applicable accept it and complement the person for his thought.

Do not assume commanding behavior

Always try to work in a friendly atmosphere, do not try to command or just tell them to do a certain task. A better option is to make them feel at ease when asked to do some work by words like “Do you think it would be better if we did the work by this method?”

Do not show disapproval or anger

If an employee commits a mistake, try not to show your anger, or disapprove the way of doing things. Instead have a chat with him and mutually find ways to solve the problems. Create such a working atmosphere where the employees learn from their errors and fix them by self correction. This approach will motivate the employees to work more efficiently and their confidence will increase.

Set examples of top performers

Commend the top performers among the employees and make them examples for others because of their brilliance at work. They will serve as the source of motivation for others to follow and they themselves will try to maintain their reputation by keeping up the good work.

Recognize good efforts and give small incentives

When an employee works efficiently and with dedication, he/she deserves recognition of the work and small or token incentives, like applause in the company meeting, a letter of commendation, a small gift, or a dinner for the employee and his family, etc. Promote healthy competition by running contests or set achievable targets.

Keep the employees informed about the ups and downs of business

When the business is flourishing, celebrate the success with your employees, motivate them by paying bonuses or pay raises; and when the business is down, share it with them and request them to work harder so that the hard times can be overcome with a combined effort.

Small Business and Twitter

No matter how big or small your business is, you still need social media to strengthen your online presence.  Today, one of the most powerful social media platforms is Twitter. But, there are many small businesses, particularly start-ups that shy away from using Twitter. This is either because they find it difficult to use Twitter or because these businesses get confused because of the misconceptions revolving around the idea of social media marketing.  So, how does Twitter help market a small business?

Getting Exposed to Millions of New Potential Customers

A small short tweet is all you need to reach hundreds of thousands or even more people who’ll be interested in buying from you. Twitter is highly useful in getting feedback from existing customers, understanding the demands of customers while making new customers. In short, Twitter can serve as a powerful “brand-building” tool.

It’s Quick, It’s Cheap, What Else Do You Want?

Tweets are what people check everyday to get their daily scoop of news. And when you get a chance to become part of this news network, you should be prepared to make the most of this opportunity.  And what’s great is the fact that creating and maintaining your Twitter account is free. It’s a free way of advertising your business

The User-Friendly Factor

The fact that even a first-grader can use Twitter is strong enough to prove how user-friendly this social media platform is. So, even if you are one of those conventional marketing tactic lovers, you’ll find using this technology fun and easy. A great feature of Twitter is that it gives you the freedom of presetting your messages, which means that you won’t need to wake up early in the morning for sending messages or business updates to online customers.

The Added Value of Web Traffic

If your small business has a website or you run an e-store, Twitter can prove to be a great platform for promoting your business while bringing more traffic to your website. This will help build your customer base. At the end of the day, it’s all about m

How to select your Business Name

When a business is being planned, the selection of a business name is an important initial step. The name should represent the product or brand, must have a proper registration, and be protected. For online business it should have an available website and domain name.   

Tips for help in selection of a business name are:

Important points for business name selection

The business name ideally should symbolize the product, brand, and the business ideology of the owner. The name should also be appealing, exclusive, and for the option of online business and advertisement, it must have an available website and domain name.

Trademark search

Prior to the selection of a business name, an online search should be made with the U.S. Patent and Trademark Office to see whether the name is previously trademarked or not. There are high penalties for trademark violations.

Will the business be Incorporated?

If there are plans for incorporating the business, filing office of the state should be contacted to see whether the name is already being used or not. A same name can be used if the products and/or services are different, or if the business is being operated in a different locality or region.

Is the name suitable for the Web?

For obtaining a website address the business should be exclusive and unclaimed, should include keywords denoting the type of business or the products or services.

Availability of an unclaimed domain name should also be checked by online search before claiming it.

Presence on the Social Media

The business name should also have its page on various social media websites like, Facebook, Twitter, Pinterest, etc. The name must be distinct and not claimed by someone else.

Business Name Registration

The process of business name registration is quite different from incorporation and protection for the trademark. The business must be registered with the state government as “Doing Business As (DBA)” or a trade name. It is a process of informing the state government that the business name is different from owner’s name/partnership/corporation.

Business name registration is not required when the business name is the same as owner’s name.

Trademark protection

The name of a business is precious and needs proper protection. A trademark provides protection for the business name as well as signs, logos, slogans, or symbols representing the business or its products and services. Application for a trademark can be filed with the requisite information and a nominal fee.

Are You Thinking To Start A Wholesale Business?

Do You Know Why you are here?

This is the most important question that you should ask yourself. You should be clear about your goal from this wholesale business. Keep in mind that a wholesale business requires a great deal of time and effort in addition to warehousing, logistics planning as well as customer service techniques. And if you lack in any of those, you may have a hard time making money from your wholesale business

Who Is Your Competitor?

A lot of business startups make the terrible mistake of ignoring the importance of learning about their competitors. Remember, the first thing you should be doing after entering the wholesale market is studying your competition.

What about the Funds?

A wholesale business needs a great deal of up-front capital as well as expenditures before making any sales. Therefore, it is important to assess your financial condition before jumping into the business.

Do You Have A Plan?

A plan is what breaks or makes any business. Before starting your wholesale business, it is important that you work on your business plan in order to make sure that you have everything in place and you are ready for any business problems in the future.

Do Your Legal Homework

You should have a clear understanding of the legal matters associated with starting a wholesale business. Whether it is business licenses, taxing certificates or any other form of legal paperwork, make sure you do your legal homework before entering the market.


Location Matters

Location is also a very important factor to consider before starting your wholesale business. Think about the location that will be most profitable for your business and also get the necessary information on zoning laws.

Networking Is Worth It

Now that you have decided on your business location and you have gathered the funds to start the business, it is time to network with manufacturers and wholesale suppliers to have your wholesale business up and running.

What about Marketing?

Some people starting a wholesale business believe that their business doesn’t need advertising. However, there are wholesale guides that are published and distributed amongst retailers. And this is where you should invest in your marketing efforts.

Customer Services Is Very Important

If you think your wholesale business can survive despite having poor customer service, then it’s time to change your thinking. Customer service matters more than anything else. So, if you aren’t planning to offer exceptional service to your customers, you better say “farewell” to the idea of starting a wholesale business.

3 Ever Green Rules to Boost Fleamarket Sales

Work On Your Theme

If you are thinking to start or have already started a flea market business, you most probably have a niche or a particular area that you specialize in. Although a lot of people think that they don’t have a niche, the fact of the matter is that they do have specific preferences; a particular style and a different approach that helps them in picking out a relatively reliable range of products or wholesale merchandise to sell. The main idea is refining the specialty so that you can make more cash from flea market sales. Therefore, working on your theme is very important for getting new ideas in order to expand your product line.

For instance, you prefer selling lipsticks, lotion, mineral make-up and other cosmetic stuff. You may consider specializing in cosmetics and start branding yourself to tell the world that your flea market booth has a theme or a niche. How about naming your flea market business as “XYZ Cosmetic Experts”? Remember, your items should be arranged in a way that is helpful and convenient for shoppers. If you are selling wholesale cosmetics, you should have samples for people willing to try the stuff before buying.

Having a themed booth gives shoppers an impression that you are a serious flea market vendor. So, start working on your theme right now by sketching signs, jotting down name ideas and having fun with your flea market business.

Be Wise When Pricing Stuff

Instead of pricing your products individually, you may consider categorizing the items on the basis of their worth while assigning standard prices to all categories. Make sure you have prominent display prices. Consider adding an incentive to purchase multiple items by assigning a discount. An effective tactic is giving discounts for multiple products while encouraging people to purchase more while having the feeling that the deal is worth the money.

Give It a Professional Look

Always make sure that your booth has a professional look. By having a clean and an organized booth, you can always make that impression. Shoppers coming to professional booths have a feeling that these vendors have quality and reliable items. A great way of looking more professional is displaying bulk goods in organized containers, having a dress code and a professional sign board.

Tips For Keeping Your E-Business Alive

Do you have an online business but don’t know how to make it successful? Here are some tips that you can use to keep your online business alive:

Work On Your Content

The content on your website and blog should be updated with popular keywords regularly. It is essential that your blog has interesting content that is search engine optimized. Sending out press releases is also an excellent way of establishing a great reputation for your online business. For optimum results, make sure to optimize your press releases with relevant keywords before posting online. This will help you rank higher in search engines and thus increase your chances of attracting more and more customers.

Link Your Blog To Your Website

Blogging is an excellent way to keep the readers engaged as well as rank higher in the search engines. But most people don’t link their blog to their website, as a result of which, they lose a lot of potential customers. So, keep your blog updated regularly with new and engaging content make sure to link it with your website.

Make The Most Of Social Networking

Have you ever thought how Facebook, Pinterest, LinkedIn and Twitter can work wonders for your online business?  Social media can help a business reach as many customers as possible. But according to research, most businesses aren’t making the best use of this tremendous platform available to them. And those who use it, are not adaptable to the constant changes in social media, which results in lack of communication with their customers. Due to the rapid growth in social media, you should constantly observe and measure responses and activities and adapt your strategies accordingly.

Make Use Of Email Marketing

Email marketing is one of the most effective online marketing techniques available to all businesses today. Businesses use email marketing to successfully convey their message to the targeted customers. It is a cost-effective method of communicating with your customers and often helps build strong customer relationships.

Be Aware Of Your Competition

When you are in the market, you are not alone. Don’t forget the many businesses that are also thriving in the market. And not only are these businesses competing with you, they are also keeping an eye on how you are managing your business. Therefore, it is important that you keep yourself aware of your competitors by visiting their websites regularly, searching for related keywords and planning strategies accordingly.

Ready to Advertise Your Small Business on a Tight Budget?

If you have a strict advertising budget, then it’s time to make the most of the advertising methods listed below:

Considering Budget Publications

Have you ever given budget publications a thought? Whether it is local television guides or community magazines, there are cheap and even free ways to advertise your small business. Such advertising publications are usually aimed at targeting specific audiences in a particular market area at the geographical or personal interest level.

What about Classified Ads?

When it comes to classified advertisements, you always have the option of using magazines, weekly newspapers, etc. While people reading these magazines aren’t necessarily seeking your services, your advertisement will catch the eye of people seeking specific info relevant to your services.

And that being said, it is very important to make sure that your ads are written in a simple and straight-forward tone. Also make sure that you are featuring just one product or service in each advertisement

Ever given Coupon Mailers a Thought?

Coupon mailers are yet another way of advertising your small business with a small budget. These are basically cards that advertise a number of companies, services and products. They are mostly referred to as "card decks" that can significantly the cost of mailing.

The Evergreen Option of Fliers

Of course, it’s impossible for you to take the job of distributing handbills or fliers on your own but you can hire someone to get the job done for you. An affordable way of doing this is hiring a high school student who can responsibly perform the distribution.  Certain flier distribution services are also available out there that can do the job at affordable rates.

Posting fliers on bulletin boards is yet another option in addition to using business cards, hanging advertisements on doorknobs and passing out promotional stuff in offices and busy areas. Some businesses even use trade shows as an opportunity for advertising their services.

The Option of Bargain Broadcasting

If you're considering hitting the airwaves, you have great chances of coming across awesome deals on radio, TV stations as well as cable. However, it is really important that you are successful in sending your message to the prospects while reaching your target market.

Money-Saving Tips for Small Businesses

 Tax Planning

As a small business owner, taxes aren't being automatically taken out of your pay check. If there isn't enough money for making tax payments, you’ll be hit with a huge tax bill and potential penalties as the year ends. You may consider making an online savings account for saving extra cash for your taxes. The key strategy is estimating the amount of money you need to save every month. This will help in keeping you on track while ensuring that the money is there when you are required to make quarterly tax payments.

You Need more than One Income Stream

 The biggest mistake small business owners make is that they consider their business as the sole source of monthly income. As a result, when the business doesn’t do well for a month or two, the owners start thinking about abandoning the business or making unwise decisions to save more. An effective strategy to avoid this problem is making sure that you have more than one income stream. This will not only help in saving more money for rainy days but it will also play an important role in keeping your small business from failing in the future.

 Paying down bills

Making timely bill payments is an excellent way of avoiding the unwanted stress while having your business work at its best. Always make sure that you are paying bills with higher interests first. If you avoid debts on bills, you’ll end up saving a lot for the future.

Planning for health insurance

One of the most important aspects of self-employment is the fact that you to handle the matter of health insurance on your own. While it’s easy to overlook this area, you should understand that if you aren’t healthy, your business will not be healthy either, which means you will not be making any profits from your small business.

What about Business Insurance?

This is yet another expense that most small business owners tend to ignore. By researching about your small business beforehand and getting the information about the particular type of insurance you need, you can save yourself from trouble in the future.  

Goal –Setting Benefits for Small Businesses

Direction is What You Really Need

You need goals to direct you and your staff to make the most important business decisions. For example, your goal for this year is expanding your small business. Then in this case, the ideal approach would be setting goals so that you can get a clear picture of how you’re going to go through the various steps of business expansion.

Planning is Essential

“A person, who fails to plan, plans to fail”. And as a small business owner, you have to be a really good planner, which is why you need to have smart goal-setting skills. Goals give you a clear idea of what can and should be done to execute the right plan at the right time.

The Much-Needed Motivation

Did you know that the skill of goal-setting can serve as a motivational weapon for your small business staff? If your main goal is boosting sales, an incentive program can be implemented where the salespeople are promised of receiving a cash prize upon producing the desired outcome.  Also, if your goal is reducing the extra expenditures of your small business, you may consider offering an incentive to employees who help meet this goal.

No Room for Stress

One of the greatest benefits of goal-setting for businesses is the fact that it saves you a great deal of stress, trouble and time in the future. If you don’t have your goals set before starting your work, you’ll end up jumping from project to project rather than satisfying the urgent and significant requirements of the small business, which will certainly affect productivity in a negative manner.

Achieving Outcome at A Quicker Pace

Time management is one of the major concerns of most small business owners. And this is when goal-setting skills can help small businesses achieve the desired outcome at faster pace without wasting time on projects, sales or tasks that have an aimless approach.

Why Do Small Businesses Fail?

The Money Problem

As a small business, you must have an understanding of your budget as well as the backup money you have. The biggest mistake businesses make is failure to save a minimum of six months of worth living expenditures as well as around six months of worth of expenditures for the business as well.

No Advertisements

While it’s difficult to run expensive advertising campaigns as a small business owner, you can’t ignore the fact that advertising plays an important in the success of any business. By working harder on your advertising efforts, you can save your business from failure or loss.

No Sales

Another reason small businesses fail is because they can’t produce enough sales. As they lack in advertising and product pricing knowledge, they’re least likely to succeed.

Don’t Have enough Staff

In an attempt to save money, small businesses tend to avoid hiring too many people in the beginning, which later becomes a matter of concern when the business doesn’t have enough staff to handle all aspects of the business.

The Budget Problem

In most cases, budget becomes the biggest headache for small business owners. As there isn’t enough to make payments, the business suffers huge losses.

Slow Season

Slow season is yet another factor that leads to the failure of small businesses. Figuring out ways for generating good sales or saving up more money is essential for survival, which is an area a majority of small businesses lack in.

No Expansion                                                                                 

A small business that doesn’t have sufficient money for expansion has great chances of failure.  Taking steps like getting a business loan, saving funds, or outsourcing the work can help the business survive.

Keeping Professional Image

In many cases, the business has a shortage of funds, when it comes to maintaining its professional image. Having the best of everything is extremely important for success.

Unawareness of Laws and Regulations

Violation of city or state laws is a major cause of business failure. Although many small businesses make this mistake because they are unaware of the laws, there are some businesses that violate laws on purpose, which puts them in trouble.

Using Facebook to Promote Your Wholesale Business

You Need Fans!

You definitely need the maximum number of people to like your fan page on Facebook. The number of your Facebook fans reflects your social status as well as helps in attracting more fans. The bigger your fan base is, the more chances you have to make bigger sales. So your first goal toward achieving success through Facebook should be building a strong fan base.

Facebook advertisements are worth it!

Have you ever heard of Facebook engagement ads? These are highly useful weapons in terms of promoting as well as increasing the exposure of your business. The idea is running advertisements that keep potential customers inside Facebook by driving them to the fan page of your business instead of sending them to external pages.

By setting up an engagement advertisement, you should be able drive the attention of potential customers while convincing them to buy from your wholesale store.

The Rule of Using Facebook Ads!

Never direct Facebook visitors to your fan page’s wall. As your wall is already crowded with a number of different conversations, you may confuse a new visitor who is directed to the middle of these conversations for the first time before getting an insight into your business. The good approach is directing the new visitors to custom tabs that will help promote a call-to-action while encouraging the targeted fans to like your business on Facebook.

Almost every new person visiting a fan page doesn’t care about typing in the Facebook page URL for checking out the fan page again. However, by making first time visitors like the page, businesses can make their way into the news feeds of potential clients.

The Insider Trick!

While directing fans to the custom welcome tab make sure everything is simple enough. Only focus on encouraging your clients to somehow click the "like" button. Once they’ve liked your page, you may consider having something like a 'reveal tab' that shows new information about your business. This will act as a reward for liking the fan page.

Fan Engagement

Fan engagement is a very important area of Facebook marketing. You should try to make sure that your fans are engaged and interested in your business. The key strategy is having them like, share or comment on your posts, which is achievable if you do the right things to keep your fans engaged and interested. 

Attention Small Business Owners! Ten Rules To Abide By

 Be Specific About Your Target Market

Do you even know what your target market is? If you aren’t specific about your target market, your chances of success are low.  You should be prepared for narrowing your focus while broadening your appeal.

What about Being Different?

If something works for your competition, it won’t necessarily work for you. The big idea is being different from your competition and from anyone who is already in the field.

Have a Competitive Team

When it comes to filling vacancies, don’t just go for a random employee. The success of your business depends on the strength of your team. So, be wise when you’re choosing your employees.

Be as Fast as You Can

You may have heard of the famous saying, “Time and tide wait for none”. So, make sure you manage your time effectively. If you’re required to deliver something by Monday, try accomplishing it by Sunday or earlier.

                                               

Paying Gratitude

A lot of times, success is just a matter of being thankful to your clients and staff to get that sense of mutual appreciation. Whether it’s writing a Thank you note or paying gratitude in person, this strategy can really work in your favor.

Consistency Matters

When it comes to consistency, it is important that your business has a consistent feel. Your customers should achieve the same level of consistent service from every member of your business.

A Smile is worth All

The biggest factor affecting business sales is customer service. If you’ve a smile on your face while selling your stuff, your customers are most likely to buy from you.

Optimistic Attitude

Starting off anything with a positive note promises that the outcome will be positive.  Optimistic attitude is all about dreaming big and achieving these dreams.

What about Selling Soft?

Never make the terrible mistake of engaging in hard sales.

Comfort Zone Shouldn’t Matter Much

Never accept that this is how you have been doing it. Never think that a new technology or idea wouldn’t work for you.

Time Management Tips For Small Businesses

1. Ignore The Distractions

Most people get distracted by things that can be easily ignored. One of the biggest distractions that most people experience is checking emails every 5 to 10 minutes. This doesn't only distract you from what you are doing, but also waste the precious time you have. Therefore, it is very important to schedule a specific time to check your emails. You can even set up auto responders,letting people know how long it will take you to respond. 

2. Avoid Multi-Tasking

Focusing on what you are doing and avoiding multi-tasking will increase your work output, productivity as well as performance. It is very important to force yourself to take one task at a time and maintain your focus on that task until you successfully complete it. 

3. Set Goals

There is no doubt that setting goals help you stay focused and accomplish them faster. Many people set goals but never actually follow those goals every day, which results in failure to achieve their goals. To make the most of your time, make sure to set goals, follow your goals religiously, and reward yourself after achieving those goals. 

4. Organize Your Time

According to research, 43% of population in the United States of America think that they are unorganized, and stay late at their office, due to lack of organization. Undoubtedly, organizing your time will help you become more productive at whatever you do. Making a to-do-list will help you keep things organized and achieve your goals more effectively.

 5. Write It Down

Writing down your plans for the day will help you work more efficiently. When writing down your daily plans, it is very important to include the details of every goal you want to achieve. Writing down the goals and their details will give you a direction to achieve your goals more efficiently. You will of course come across various interruptions, but the best bet would be to accept these distractions as a part of your life, and try to work despite of the interruptions that are coming in your way.   

6. Learn To Outsource and/ or Delegate

For a successful business and proper time management, you should learn to delegate some of your work to others or outsource it. If you aren't particularly good at something, or you don’t have enough to work at it, find someone either from you team or outside to do it for you.  

Telemarketing Tips for Small Business Owners

If you’re a small business owner thinking to make the most of the telemarketing sales opportunities that are available out there, here’s your chance to improve your telemarketing skills.  While starting a telemarketing campaign may sound like an easy task, the idea of acquiring the desired goals and outcome from the campaign is quite challenging. Here are a few tips that will help you achieve this goal:

Are You Organized and Prepared Enough?

A lot of businesses make the terrible mistake of starting a telemarketing campaign before organizing or preparing them for it in the first place.  What these businesses fail to understand is the fact that telemarketing isn’t just a matter of dialing a bunch of numbers. But, it’s all about strategic planning as well as organized preparation. Before getting a start on your campaign, make sure that you have the background info about the particular business or individual you’ll be contacting while organizing this researched info into a clear database.

Is Your Script Ready?

A lot of people are inclined to ignore the importance and power of a well-written telemarketing script. If your goal is to prepare a result-oriented telemarketing “script”, then it doesn’t necessarily have to be rehearsed and followed. It’s more of a concise list of points that need to be addressed during the telemarketing call. A well-prepared script will ideally have topics that the call recipients should be asked about in addition to the essential information about the business along with the product line and services.

                                                                                         

Smiley Face!

This is perhaps the easiest, yet highly-overlooked telemarketing tips in business. When making those telemarketing calls, be sure you have a smile on your face. Smiling together with a positive attitude promotes a sense of confidence as well as enthusiasm for your business along with the products or services you’re selling.

Are You Good at Listening?

If you’re active while listening during the entire conversation, you’re actually making your telemarketing calls more positive. Being active when listening to the response of call recipients can help you get ideas of building some kind of a rapport.

What about Qualifying Queries?

Never miss on the idea of preparing and asking qualifying questions during the telemarketing calls. Introducing qualifying queries to your call recipients can help you figure out if they really desire your product or if the recipient isn’t a good prospect for your service.

How to Begin a Reseller Business

A reseller business can be started easily with very little or even no investment. It can be full time or part time but does need diligent planning for success.

Some important points to consider are listed below:

Selection of the Type of Reseller Business

There are many types of reseller business; some require physical space and purchased stock while others are run over the internet with no purchased stock. Reseller can purchase products from suppliers and resell it at a profit; or they can refer customers to suppliers and claim commissions. The selection of the type of reseller business depends upon the product industry, the amount of investment, and the time available for business.

Selection of the Industry

The knowledge of the industry before starting a reseller business is of great importance. It may prove beneficial if the products and their relevant information, manufacturers, vendors, other reseller, terms and pricing is researched prior to embarking upon your business.  

Selection of the Supply Market

After finalizing the type of reseller business, the product industry, and product suppliers, the next step is the selection of potential buyers. Important considerations in this regard are the location of intended supply market; advertisement means for promotion of business; the method employed for shipment of goods; cost of shipping; etc.

Research about Competing Reseller

The success of a new business depends upon lesser competition. In order to be profitable and competitive a new business must offer a different strategy from the already established resellers in the market. This can be achieved by price variations, value addition of additional products and services, and better promotional campaigns.

Whether the Reseller Business can Survive

After deciding upon the various aspects of the business it is now imperative to check whether the business is sustainable or not. Estimate the sales revenue by deducting total costs from total sales, this will show the expected profit. Assessment for further capital investment can also be made.

The Starting Phase of the Reseller Business

Once all things are worked out, the reseller business needs to be incorporated as a company. This can be done easily online by paying nominal charges. Next step is to acquire a domain registration and a website. The website can be programmed to receive orders and payments online. Now suppliers can be contacted to order stocks. Products are displayed on the website and the business gets started.