As there are various competitors in the market and many online trading platforms available for consumers, starting a wholesale business today may seem difficult. As such, it is no wonder that so many entrepreneurs fail to launch their businesses or lose a large sum of profit.
In this article, we will discuss the 5 essential things an entrepreneur must have in order to start a successful wholesale business.
5 Essential Things You Must Have Before Starting A Wholesale Business
1. A Great Business Plan
There are various directions an entrepreneur could take to start their wholesale business. When writing a business plan, there are certain things that should be included, such as an overview of the business, business operation model, and in-depth market analysis. Your business plan can be formulated from scratch, using a business plan software program, or start with a business plan template which can be easily found online.
When choosing your product, our recommendation is to focus on one group of products at first, so it would be easier to develop your business. For example, exporting a single group of products is much more achievable, compared to exporting multiple product groups. So, be sure to start with a small, manageable business plan, then improve upon it once the business is strong and stable.
2. Commercial Registration Certificate
In the process of building a business, licenses and permits will play an important role. As generally known, a “Commercial Registration Certificate” or “import/export license” are what entrepreneurs need to obtain to legally sell goods in most countries across the globe, including Thailand. On top of that, You may need to inform the Ministry of Commerce during registration if you would also do import/export business. Additionally, if you are both a wholesaler and manufacturer, certifications such as FDA, GMP, or Halal are required when dealing with certain product groups. So, it is imperative to do research on these licenses and certifications before launching your wholesale business.
3. A Logistic Plan
Planning the logistics is a major step before starting a wholesale business. The plan will vary depending on factors such as business plan, location, budget, and the target market. These include, but are not limited to:
- Choosing The Right Manufacturers: Aside from large-scale manufacturers, you can also source products from independent producers or import products from overseas. Along with the price, you ought to consider the delivery speed, quality, and location to effectively select the suppliers.
- Having A Warehouse Space: Initially, when starting a wholesale business, you will need a space to store all the goods for sale. Start looking for a location large enough to accommodate the operations. This includes inventory, machinery, and employee necessities. Furthermore, as the business grows, you may need to expand to larger spaces.
- Choosing An Effective Shipper: If you will be shipping goods or doing exports, factors such as cost, speed, and reliability are vital and you must review them when exporting products both domestically and overseas.
4. Identify the Market for Your Wholesale Business
Knowing the buyer’s needs, interests, and demands will put you ahead of your competition. With that in mind, proper research to identify the ideal market for your products is a requirement. This research should include store owners, resellers, and other businesses who would be buying from you, as well as general buyers who may be interested.
As you start building the business, you should also analyze the competition, which can be fierce in the wholesale business sector. Make sure you know what products they carry, their price, and the quality of their service. Then compare these details with your own business, so that you can find advantages over competitors.
5. Types of Payment
You need to consider the channel of the payment to provide convenience for the buyer. If you start the wholesale business with a store, then consider cash and card payments. In contrast, if you are planning on operating the business online, then bank transfers, credit card payments, or payment through online platforms should all be taken into account. Explore all your options and implement the methods that best suit your business.
Start Your Wholesale Business with AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION
AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION is the largest, most comprehensive wholesale center in the Southeast Asia region, located in the center of Bangkok, which meets the demands of both buyers and sellers. This is where manufacturers meet customers without any middleman along with the lowest price and combine all major brands to local brands altogether with all various products categories. Events, Campaigns and Activities will be held throughout the year. AEC TRADE CENTER hosts the first campaign, BEYOND EXHIBITION – FOOD DESTINATION CENTER which puts together quality food products and services at the best prices straight from manufacturers, allowing for an increased profit for your business.
For sellers and wholesalers at AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION, the campaign offers more than just a general selling channel. BEYOND EXHIBITION provides a new and beyond trading channel in Thailand and ASEAN, seminars, business matching, demo kitchen, marketing activities, B2B logistics, a new sourcing hub of post-covid, and much more.
On the other hand, entrepreneurs from overseas will be met with exclusive services such as personal assistants, special prices for accommodation, and transportation services when doing business with AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION.
AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION also provides “PhenixBox,” the first and only omni channel wholesale website and application for B2B businesses in Thailand and South East Asia. PhenixBox supports offline and online trading for AEC TRADE CENTER wholesalers and buyers with convenience, safety, and 24 hours trading. It creates opportunities for wholesale business owners to compete in the Thai and Southeast Asia markets, while wholesalers from domestics or overseas can browse quality goods in Thailand, then export these quality products back to their market and gain greater profits.
Don’t miss the opportunity! For wholesalers who are interested in joining the first campaign “BEYOND EXHIBITION – FOOD DESTINATION CENTER” event, please contact the contact details below.
Free Register:
https://aectradecenter-th.com/whyExhibit/#registerexhibit
For more information, please visit
AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION
💻 Website: https://aectradecenter-th.com/
💻 PhenixBox: https://www.phenixbox.com/
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