Sourcing the Product
This week in class we discussed sourcing the product. Making a decision on the manufacturer or the wholesaler for your business can make it or break it. Do you trust the company you going to work with or it is going to take time? Who do you trust to carry out your mission? When deciding on the supplier there are a couple of things to consider.
What are your payment terms?
Are the payment is set or can you have an open negotiation about the terms and conditions of your payments and return policies. It is important to have a good working relationship with your sourcing company. Business demands change and it is important to work with someone that is flexible.
How much it is going to cost you?
You need to research the prices of competitors and evaluate the quality of the product you re thinking of selling. Evaluating the prices you need to take wholesale into consideration. Also looking at the deals that the company offers can help you make a decision.
What about reviews?
Evaluating potential companies it is vital to look at the other customer testimonials and the reviews. Working with a company that has a good reputation means you will have a better chance to succeed.