06/28/2017

How to Close First Wholesale Deal Successfully

Not all people are confident about their success during the initial days of their business. Especially with the intense competition in the market, the ratio of probability of success in any business isn’t always all that high. While starting your own retail business, you are required to make many crucial decisions like choosing the right products, deciding on location, marketing techniques, target audience etc. Among these various issues, deciding on the right wholesale supplier for the first order is also quite a daunting task.

Closing the deal with any supplier for the first time is quite risky. This is because you are new in the business and there is a chance that your suppliers might turn out to be unreal or the product they supplies isn’t up to the mark. What would you do if it happens? Would you be able to sustain such a heavy loss in the start? Obviously not! Not only would you lose money but self-confidence and motivation as well.

Following are some tips you can employ to successfully close your first wholesale deal.

Build up your confidence Acting confident and professional will help you gain your suppliers’ respect so even if you are not really sure what to do, don’t let your supplier figure out that you’re clueless. It is always wise to conduct a little research about the product and what you need. It will help make you feel more confident. This confidence is only reflected in your personality when you have sound knowledge of the products you want o buy, the latest industry trends, and current happenings of the market. So, build your confidence and do your homework to answer every question logically which supplier throws at you.

Make first contact on phone Always try to make personalized first contact with your supplier. If the supplier’s office is approachable, you should visit his office in person. If you are planning to source from overseas suppliers, making a first contact through telephone should always be preferred. If you send emails, there always remains a chance that it will mix with the spam or junk mails and will go unnoticed. Secondly, sometimes suppliers intentionally ignore emails because they consider you a non-serious buyer.

Conduct a background check If you are going to select a seller online, be extra careful, as there are numerous online wholesale suppliers who are scammers and they disappear from the scene after they take payments from you, without delivering anything. So conduct a proper background check on the supplier and verify him through samples and references of his previous served clients before placement of your first order.

Spell out exact specifications Sometimes a difference of opinion starts in the very first dealing due to small typos and spelling errors, which your meaning and sometimes, the order specifications. This difference can arise due to inferior quality, wrong quantity, inaccurate delivery period and many other reasons. Therefore, it is always wise to spell out your exact requirements to the supplier in written form.

Always ask for discounts & samples As you are going to buy in bulk, buying on discount is your premium right. Do not feel shy to ask for discounts. Especially if you have any reference, show him the reference to ask for extra discounts. Communicate that you are looking forward to maintaining a long-term relationship. Moreover, to know about the quality of the products in advance, ask for the samples. If he does not provide samples free, pay for them because they speak about the supplier’s quality and let you know if they’re worth the investment. Do not risk big money.

People say mostly, you should always place small order initially. I do not agree because I think placement of small order though reduces your risk but cuts your discounts shorts. I would say, first identify the level of risk and then decide on the quantity to be ordered. If you are not much confident about the reliability of the supplier, then do not risk big money and prefer placing small orders at first.

Author Biography: William King is the director of B2B Wholesale directory and wholesale distributors. Being an entrepreneur and a passionate blogger he loves to share his expertise and knowledge with industry people by writing for various related blogs.