There are thousands of tradespeople out there today who have to purchase supplies from specialist retailers every single week. Those companies tend to make a small fortune because their customers come back time and time again. So, it’s a fantastic market to enter if you’re looking for a new business opportunity that doesn’t involve too much risk. However, you’ll still have to work hard and create accurate plans to get the concept off the ground. The information on this page should help to make sure you don’t overlook anything vital. It should also help to boost your confidence and provide encouragement.
Choosing the best location
If you want to start a trade supply company, it makes sense to ensure you place your business in the best location. While you don’t need expensive modern premises; you do need to make sure you’re not too far away from the action. When all’s said and done, tradespeople will usually visit the nearest supply store to the area in which they are working. So, do not make the mistake of renting retail premises and warehouse out in the sticks. Ideally, you want to place your business in a major city, but busy small towns will also work well.
Marketing to tradespeople
Once your company is off the ground; you’ll need to make sure all relevant tradespeople in the area know your shop exists. Marketing is vital, and you need to get it right. The best way of doing that involves some hard work, but it’s going to pay off if you get the process right. Take a look at your local Yellow Pages or business listings catalogues. You should find sections dedicated to tradespeople who specialise in difference niches like plumbing and electrics. You should see phone numbers for those people, and you might even notice an address. Call the tradespeople you identify and let them know about your shop, and send promotional materials to any addresses you uncover.
Keeping the right items in stock
The hardest part about running a successful trade supply company is making sure you always have the most suitable products in stock. You need to conduct a lot of industry research to work out which items tradespeople require most often, so you never have to turn anyone away. The best way of achieving that goal is to ask your customers to complete a short survey before they leave your premises that asks questions about the orders they placed at other supply stores during the last couple of months. Maybe you discover plumbers always require stainless steel hexagon nipple products and electricians tend to order circuit boards? With that information; you can create better plans.
Building a trade supply company is a fantastic move, and you should push ahead with the idea if you have the right levels of motivation and inspiration. There is a reasonable chance you will create a stable income stream for your family for many years to come if you get things right. Of course, as with any new business venture, there is a chance you will make mistakes during the early stages. With that in mind, be sure to keep a rainy day fund in case of emergencies or unexpected costs. Good luck!
