bizSimple

The simple way to start a business.

Sunday 7 September

“Money doesn't grow on trees – but it is made of them”

Find suppliers

If you have not already worked out where to buy from, good sources of information on potential suppliers can be found in directories such as Yellow Pages, Yell.com, Kelly's Directory (found in most good libraries), local papers, trade magazines, trade exhibitions (get the exhibitors lists from the organizers) and the web.

FAQs

Can I get credit straight away with a supplier?

It is possible, but does not happen often. Usually you will be asked to pay 'pro-forma' initially, which means that they will send you the invoice, which you pay before they send out the goods. Once you have proved you will pay, they might consider giving you a credit account.

Do suppliers work on minimum orders?

A lot do. You will find that the price goes down if your order is larger, but this doesn't mean that it is a good idea to buy in bulk just for an extra 3% discount! Think carefully about how long the items will take to use up, or sell on. For a healthy cashflow it might be more sensible to start with smaller orders and build up to better discount rates later, when you are confident that you can sell.

Is it worth going to trade fairs?

Yes – certainly as a visitor, although it might be something you only do occasionally. Trade fairs give you a chance to look at your competitors and make sure that you are offering your customers the most up-to-date solutions.

Attending trade fairs as an exhibitor can be very costly and will largely depend on your market. If you have a small niche market or sell specialised goods or services, a trade fair or exhibition can be an efficient way of meeting new customers.

Trade fairs are hard work, expensive and definitely not for the faint-hearted!