Starting up a brand new business is certainly no easy task. You need to complete your market research, secure financing, and find a suitable location. Even once you’ve done all that, you still have another major project on your plate: stocking your business with its initial set of inventory. This can be an intimidating task for anyone unfamiliar with the industry they’re trying to break into. With hard work and perseverance, however, you can stock enough inventory to get your business off the ground. Here’s what you should keep in mind during this challenging process.
Find Out What Inventory Is Truly Fundamental
When you’re first getting started, you’ll probably lack the capital and knowledge to obtain every last item of inventory that you could conceivably need. Don’t let this get you down. Instead, do some research and think long and hard to determine what items are truly fundamental to your business model. Order what’s truly necessary, and let the additional goods come in over time.
Attend Trade Shows
When you’re stocking your store for the first time, you need to act like a sponge, always absorbing information from people more experienced in the industry. Trade shows offer great opportunities to shoot the breeze with your elders. Listen more than you talk while you peruse the premises, and look for good deals while you’re at it.
Consider Investing in Outside Help
Don’t feel like you need to tackle this herculean task all on your own. A paid manager with more industry experience could be a big help. Alternatively, you could contract a company offering third party logistics services to make the process easier.
Get Your Orders in as Early as Possible
If you want your business to be fully stocked for your grand opening, then you should place your orders well in advance. As you’ll quickly learn, back-orders and shipping delays are common issues when dealing with wholesalers. A disappointing opening could cost you business for years to come, so make sure you plan ahead.
Be Strategic in Your Layout to Make Your Space Look Full
When laying out your products, make sure you fill all the available space. The last thing you want is for curious potential-customers to be greeted by rows of empty pegs.
Starting a business from scratch is a commendable endeavor, but it is unquestionably difficult. Keep these tips in mind if you want to have plenty of inventory on your opening day.
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