Wholesale buying

3 common mistakes new wholesalers make in their starting year

Oct 20, 2021
Starting a wholesale business or any other business is tough and requires lots of patience. First, you decide what to sell, you gather your products, you set up your new store, create online websites, run campaign ads, and so on. Even after all the work, sometimes you fail, and sometimes you succeed as a business. There are no new ventures such as new wholesale businesses which haven’t made any mistakes. These mistakes could cost damage to your novice wholesale venture and what you could do is learn from them and grow. Oddly enough, in the wholesale business, most of the starting year mistakes are related to customers. As a business, you need to understand that your customer is your business because, without a strong customer base, your business would go nowhere. The common mistakes that wholesalers make in their starting years of business can be avoided by learning from older well-established wholesalers. Understanding what these mistakes are is a step towards avoiding them together, and it can also help identify what you are doing wrong and what you can do about it.

No setting proper targets and goals: this mistake shouldn’t even exist but unfortunately, it does. Having an approach that says ‘take every day as it comes’ can be disastrous for your business. From the moment you started your wholesale business, it is important to have had a definite set of goals, targets, and proper planning to achieve what you want within a specific time. Setting goals and targets help to keep you motivated and focused which pushes you to put in your best to achieve those goals. Without them, it’s like free-falling from the sky without a parachute or any other alternative before hitting the ground.

Not knowing your customers: as a business, your goal is to offer goods and services to your customers. But before that, it is important to answer the questions such as who are your customers? What is their want or need which you can meet or not? What is their thought about your delivery methods and customer service? Customers are what make your business. Even after establishing a customer base, it is essential to maintain good relationships with them and gain their loyalty. Even though it is an important segment of wholesale business, new wholesalers tend to overlook this factor which results in them losing their customers. You need to build a relationship with your customers on both professional as well as on personal level. Get to know about their preferences and service satisfaction. This will make them feel valued and even encourage them to introduce more customers to your business.

Lack of communication with customers: wholesalers need to keep in touch with their customers regularly which can be done by providing them all sorts of information that they require to know such as information on promotion sales, order status, maintenance, and so on. At this age, no one needs an excuse for not keeping in touch with anyone. Wholesalers or any other business cannot be too busy to communicate with their customers. Autoresponder email, faxing, calling are some of how a business can keep up with customers. A lack of effort would make the customers feel uncared for or undervalued which can lead to them opting out of other businesses.