Wondering how to start a wholesale vacuum cleaner parts and supplies business? We take you step-by-step from start to success.
The 21st Century Vacuum Cleaner Marketplace
For more than a hundred years, homeowners and commercial maintenance teams have relied on vacuum cleaners to pick up dirt and debris. For most of the 20th century, vacuum cleaners were a major household purchase. When something broke, homeowners either hired a repair provider or purchased replacement parts for DIY repair project.
Nowadays, the residential vacuum cleaner market is populated with (relatively) inexpensive plastic units. Rather than repairing defective units, most homeowners simply buy a new unit through their local big box retailer. While this trend has benefited manufacturers, it has struck a crushing blow to vacuum parts and supply businesses.
Despite the challenges presented by the 21st century vacuum cleaner industry, there is still room for parts and supply wholesalers to make a good living, provided they understand the shape of today's marketplace. Rather than supplying parts for the typical homeowner, successful wholesale entrepreneurs specialize in parts and supplies for high-end residential and/or commercial vacuum units.
Getting a Wholesale Vacuum Parts Business Off the Ground
A wholesale vacuum parts provider is a middleman between parts manufacturers and retailers. So to launch a successful wholesale part and supply business, you'll need to invest time and energy in both sides of your business model.
- Inventory Management. Before you earn a dime, you'll need to stock your business with parts for well-known vacuum cleaner models. Parts from name brand manufacturers like Kirby, Bissell, Shop-Vac and other manufacturers should be commonplace in your warehouse. Once you have started to acquire wholesale merchandise, you'll need to implement an inventory management system to organize your products and streamline delivery to customers.
- Retailer Relationships. Customer acquisition is the next big challenge your wholesale vacuum cleaner parts startup will face. Effective customer acquisition begins by networking with retailers and implementing an aggressive B2B marketing campaign designed to convert retail prospects to loyal customers.
- Trade Shows. Trade shows and industry conventions are great places to kill two birds with one stone. By hosting a booth at a major industry event, you can potentially increase your exposure to manufacturers and retailers, creating opportunities for high value follow-up contacts after the show has ended.
How to Create a Winning Wholesale Vacuum Cleaner Parts & Supplies Company Business Plan
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.
The consequences of neglecting your wholesale vacuum cleaner parts and supplies company's business plan can be severe - lenders and investors don't seriously consider funding businesses that lack a viable business plan.
Here's something else you should know: Business plans help prevent key startup mistakes. If your business plan includes accurate industry metrics and conservative forecasts, your business will be less vulnerable to market fluctuations and catastrophic surprises.
Don't Ignore the Competition
Before you open a wholesale vacuum cleaner parts and supplies business in your town, it's worthwhile to determine how strong the competition is. Use the link below to find competitors nearby. Simply enter your city, state and zip code to get a list of wholesale vacuum cleaner parts and supplies businesses in your town.
Gain a knowledge of how existing firms have positioned themselves in the marketplace, and then design your business in a way that sets you apart from the others.
Getting Advice from Experienced Entrepreneurs
If you are interested in starting a wholesale vacuum cleaner parts and supplies business, the next step is to learn as much as you can from somebody who is already in the business. It's very unlikely that the local competition will talk to you. Why would they want to educate a future competitor?
However, an entrepreneur who owns a wholesale vacuum cleaner parts and supplies business in a different city may be more than happy to give you a few tips, after they realize you reside far away from them and won't be stealing their local customers. Many business owners are happy to give advice to new entrepreneurs It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
Where do you find somebody who runs a wholesale vacuum cleaner parts and supplies business that lives outside of your area?
Easy. Find them using our link below and start calling until you are successful.
Acquisitions vs. Startups
Unfortunately, many inexperienced wholesale vacuum cleaner parts and supplies business entrepreneurs approach ownership with the mistaken idea that a startup is their only option when they could also pursue a business acquisition.
Except for scenarios that require extreme innovation or highly unique value propositions, it's usually less risky to buy an existing wholesale vacuum cleaner parts and supplies business.
Established wholesale vacuum cleaner parts and supplies businesses are already equipped with the resources and processes new business owners struggle to acquire. 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.
If you want to tap into an existing brand name and a proven system, your best bet may be exploring the pros and cons of franchising.
Before you consider starting a wholesale vacuum cleaner parts and supplies business, you ought to investigate whether franchising might alleviate your startup process.
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 wholesale vacuum cleaner parts and supplies business, try these useful resources:
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