Thinking about opening a general merchandise wholesale business? We tell you what you need to know to get started.
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Successful Business Plans for General Merchandise Wholesale Businesses
If you've done your homework, you already know that writing a business plan is the most critical thing you can do for your company.
Although it might seem like an unnecessary formality, your general merchandise wholesale company's business plan is a document that will shape your goals and strategies on a go-forward basis.
If that's not enough, consider that business plans inoculate your business from common startup mistakes. Lacking a solid business plan, many startups find themselves rudderless and incapable of executing consistent decision making processes, while committed business planners rely on their plans to guide all of their decision making and short-term planning efforts.
Assess the Competition
Well in advance of opening a general merchandise wholesale business within your community, it's worthwhile to determine how many competitors you have. We've provided the link below to help you generate a list of competitors in your area. Simply enter your city, state and zip code to get a list of general merchandise wholesale businesses in your town.
Before you open up shop, make sure you know what you will offer to your customers that provides a significant advantage over your competition's offering.
Learning More About the Industry
As part of your due diligence on opening a general merchandise wholesale business, it's essential that you speak with somebody who is already in the business. It's very unlikely that the local competition will talk to you. The last thing they want to do is help you to be a better competitor.
On the other hand, an individual who has a general merchandise wholesale business outside of your community can be a great learning resource for you, once they realize that you are not going to directly compete with them in their community. Many business owners are happy to give advice to new entrepreneurs If you are persistent, you can find a business mentor who is willing to help you out.
Where can an aspiring entrepreneur like you find an entrepreneur who is running a general merchandise wholesale business who is willing to talk to you but doesn't live nearby?
Here's one way to do it. Just use our link below, find somebody and call them.
Should I Buy or Launch a General Merchandise Wholesale Business?
There is a lot of debate about whether it's better to start a new general merchandise wholesale business or acquire a general merchandise wholesale business on the business-for-sale marketplace.
Unless you have compelling reasons to launch a new business, buying an existing general merchandise wholesale business may be the better choice.
An acquired general merchandise wholesale business is a known quantity; a startup is less certain because its forecasts depend on estimated outcomes. If you're diligent about finding the right acquisition prospect, you may be able to leverage a business buying strategy to rapidly propel yourself into a position of industry leadership.
Consider Buying a Franchise
Going with a franchise opportunity doesn't mean you still can't fail but it can mitigate many risks that increase your chance of failure.
If your goal is to start a general merchandise wholesale business, you would be wise to determine whether buying a franchise could simplify your entering the business.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you currently own a general merchandise wholesale business, these resources will come in handy:
If you sell to general merchandise wholesale businesses, this isn't the right place for you. Try these resources instead:
If you are still exploring all of your options, please browse our directory of guides below.