Ask plenty of questions
Find out as much information as you can by asking about their products and the way they do business. You can reach out to them through their contact info and you can even conduct an online meeting if deemed necessary.
Aside from requesting a copy of their business license, photos of their factory, and their sample products, be sure to ask these questions:
1) What will the overall cost of production and shipping be? Are there any fees that have not been mentioned in their terms of business?
2) How long will it take for you to create, complete, and ship the product?
3) Can you paint a picture of your shipping and inventory management? Will you need to ship and store, or is that even included in your service? Are there any additional costs? What are the timelines and conditions? Do you have any control over package branding?
4) What do your terms and conditions look like? Is there any leeway to the needs and requirements of your business and customers? Is there an evaluation period or terms for termination?
5) How frequently will you be updated on information regarding inventory, product changes, and discounts?
6) What are the minimum order quantities? Are you required to commit to purchasing a certain number of units or spending a minimum amount?
Now that you are ready to take the next step with a supplier, you’ll want to sample the items you plan on selling. Before signing with anyone, make sure that their products will meet your expectations. There are cases where some suppliers will charge a fee before sending you a sample. You can often negotiate with that and only pay if you want to keep it.Always try to negotiate
There is always room for negotiation, be it on price, MOQs, payment, or even shipping terms. If you successfully negotiate, you’ll get a much better deal, save more money, and get a better return on investment (ROI).
Serious merchants might become long-term customers and many suppliers would be willing to lower prices for a chance at that. However, not all companies are in need of dedicated consumers so before negotiating you must understand their needs and make sure you have something to offer.
Most suppliers are amicable to discussing lowering costs for a customer who is professional, direct to the point, and has a serious buyer mentality. By that, we mean a commitment to ‘on-time’ payments and long-term availing of services.
If you are able to assure them of these, not only will you strike a deal but you also pave the way for great relationships with your suppliers. While it might seem a little off-putting to some, this shows that you are serious about doing business.
Also, so long as your numbers are right, you could come to a price and promise that keeps both parties happy. So don’t be afraid to bring out your powers of persuasion.
After settling down with your partner supplier, your next challenge would be marketing your products online and
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