How to find a good supplier for your Business

How To Find The Right Supplier

How to find a good supplier

Finding a supplier is not as easy as most people think. There are a lot of risks that can become huge problems when having the wrong supplier for your company.

Let’s start talking about the problems on choosing the wrong supplier. Be aware that most of this things will happen starting from you, not from the supplier. This means, that if you are lazy on doing your detailed research, you will pay dramatically for this.

Risks On Getting The Wrong Supplier

So here we go:

Risks on Choosing the wrong supplier.

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  1. You may come across a “Fake Supplier/Wholesaler”. This is a big problem as they can do various damages,
    1. Take your money and not supplying
    2. Supply the wrong goods
    3. Supply the cheapest products which hurts quality
  2. Getting into a scam
    1. Supplier may supply once, maybe twice and then they disappear
  3. Damaging your reputation
    1. By sending bad goods to you, and you deliver them (to you may seem ok) but they won't last for long. Your customers will know you as a supplier that delivers, bu delivers the worst.

Choose Your Supplier With Questionnaires

Now that we know the risks, let's look at what we can do to get the good suppliers:

  1. Do your research:
    1. Look at their website
    2. Look at their location
    3. Do they sell to public? If yes, do they have wholesale pricing?
    4. Where are the good made? Does it sound legit or scamy?
    5. What are the methods of payment?
    6. Call them, ask them all the questions to reduce pain:
      1. Do you have secure payment?
      2. What methods of payment do you have available?
      3. How much is the deposit?
      4. Can I have samples?
      5. Can I visit the manufacturer? - You won’t but this will make them either confident or nervous as when you ask this, they need to be honest because you are saying that you will physically visit their site.
      6. Provide videos and pictures of the site
      7. How do you handle the order process?
      8. How quickly the items ship out?
      9. How rapidly you follow up with tracking information and an invoice?
      10. Hows Do they pack the products? The quality of the pack job when the item arrives
      11. What forms of customer service/support do you have? Is it 24/7?
      12. How quickly do you respond to calls/emails?
      13. How long does it take to finish the products?

 

The above are questions that I have asked suppliers, and this works as a funnel. The more “Yes” and “sure” and “Fast” and “we guarantee” then you are thinning down the funnel with the right suppliers.

 

Once you have your prospects, ask to all of these ones left to send you samples, then choose the best one that suits your business and build a relationship with them.

 

By the way, they want your business as much as you want theirs, so the interest is mutual. Do not follow up with the arrogant suppliers (this is a sign of problems).

 

Arrogant suppliers are a pain to deal with. You want honest and genuine wholesalers to partner with you, because the more you grow the more they grow.

This will work if you are after a drop-shipping approach or if you have your one space to store the goods.

Ok, start researching, and all the best with finding your best suppliers.

 

Happy business times.

 

Jonathan Bonilla

Powerful Business Growth

 

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