How to Start a Wholesale Business in Ghana
The wholesale business is very lucrative. Trying a wholesale business will help you explore your entrepreneurial skills, you will make money.
With wholesale, you will have direct contact with distributors and manufacturers. Starting a wholesale business is just like starting any other business. You will need to consider funds, create a business plan, among others.
Here is what you need to start a lucrative wholesale business
First, you will need to create a clear business plan. What do you plan on selling? How much do you sell them? How many individuals will you employ in the beginning? How will you preserve inventory? You will need to ask yourself all these questions and put the answer in a comprehensive business plan.
This plan can help, should someone want to invest in your business In the future. In case of any mishap, or should you be unsure of anything, you can always go back to this plan.
Allocating funds for the business is also very important. How much will you pay your employees? What will be the price of inventory? Will you be renting a warehouse? How much money are you allocating for yourself? These questions will help you know how much you need to put into your business, and you are doing this to make a profit.
If you find it difficult to make an estimate, ask, do inquiries from people in the business.
The next thing you need to do is find a strategic place to locate your business; this place should be spacious enough to house the goods your manufacturers or distributors will bring in.
Once you are done, register your business, fill in the right paperwork and get ready to partner with manufacturers. How do you partner with these manufacturers? Once you meet the requirements and accept the terms and conditions, you are good to go.
Again, warehouses should be spacious enough to house the goods and have the right temperature, especially for perishable goods.
The mode of transportation should be considered as well. You can buy ‘aboboyaa’ or tricycle to help distribute to your customers who have smaller provision shops or others. Aboboyaa tricycles cost between GHS 3,000 and GHS 10,00 depending on the brand and whether it is new or fairly used.
If you prefer customers to visit you at your shop, you will need to promote your business, which takes us to our next point.
Promoting your service nowadays is very easy, thanks to technology and modernization. Social media is here to help you. You can make use of Facebook, Twitter, and Instagram. All you need is a business page. Pay a little money to promote your page.
Directories also help. You can add your business in directories in newspapers or directory websites. You can print flyers and distribute them or pay for advertisements on television and radio or pay for them to be on billboards everywhere in the country.
Your good service will also speak for you.
The above is about all you need to start your wholesale business. The following are some of the items you can sell on a wholesale basis that is very lucrative.
Soft drinks, biscuits, and other essential provisions
Cement and other building materials
Mobile phones and other electronics
Basically, it would be best if you sold essentials that people need or consume every day. It can be old or new products. For starters, products that are popular on the market will be better; you can buy soft drinks or alcohol from kasapreko or Guinness brewery.
Do inquiries, talk to the people in the industry, and discuss your options. If you choose to sell new products on the market, make sure you can promote your business enough for people to know you and patronize your service.
You can start this business little by little. No business booms all at once. It requires patience, hard work, and determination.
Losses will come, your employees can steal from you, you could get robbed. Those are the downside of doing every type of business, but it happens everywhere. All you need is to work with diligence and have patience.
Your customers will make your business successful. If you can, talk to a few people, tell them you are about to start this business so that once goods get delivered to you, you can sell them at once because expired goods suggest losses.
If the business is booming, be sure to roll over your profit, it is essential to expanding your business. You can rollover your profit for the first four to six months and use it to expand the business.
You can add more goods or add a separate business like mobile money or prepaid sales. Entrepreneurship doesn’t end at one business. You can always explore your options, and who knows? You could become a renowned businessman or woman.