Buying A Wholesale Business
Wholesale Business is the one that deals in the purchase and sale of goods in bulk
. They buy goods directly from the manufacturers and sell them off to retailers. Thus, they dont deal with the actual consumers of goods they sell but with retailers who buy goods for the purpose of selling them further.
So, having been introduced to the basic point that retailers are your customers if you want to buy a wholesale business that is up for sale in the market. You must pay attention to the next five things mentioned below that are must take a look upons before buying a business.
1.Financial statements of past 5 years, growth potential and profitability.
2.Facts and figures about business activities.
3.Products and services offered.
4.Price of the business in comparison to other such businesses in the market .
5.Market value of the stocks and shares of the business for sale.
When you have taken a close consideration about all these factors, you would be in a position to take the final decision to buy the business.
SO, now when you have decided to buy a particular business the next important task is to answer the following questions for yourself:
What are the kinds of products you want to deal in?
What is the cost of all the business activities and routine operations?
What is the cash in hand you would need and how much would the developments and gradual innovations cost you?
What is the right amount of back up for your business?
Where would you get the business insurance from?
What is your requirement in terms of manual labor? Is it available as per need or you need more or you need to remove or shift any?
What are the key skills the staff should have?
How are you going to provide training and development to your staff?
Who is going to supervise the store?
Who will assist you with legal, accounting and other external issues?
Know the established customer base and amend ways carefully so that you are able to sustain them while you attract new ones.
How are you going to spread a word about your business in the market ?
DO you want to cater to a specific market or increase the scope of your business by dealing with retailers from different markets?
Do you want to export goods to other cities/ states or even countries?
How will you advertise your business in the international market?
What is the right amount of space required to house the business and grow it in future?
How are you going to get your business financed?.
What can be your unique services or products that raise the bar for your business in market?
When you have found out answers to all the questions mentioned above, I believe you are all set to run the business smoothly and get revenues from it as soon as you start.
Buying an existing business is always a abetter option than starting one from the scratch. All you need is basic knowledge about the business and will to work hard in increasing the standard of the business in the market.
by: pauldarreman
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