As a distributor you will have the rights to a defined market area and will be the only one selling the product in your market.
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In any emerging market, as demand for a product increases, so does the need for distributors. On the other side of every new trend is a team of distributors hard at work to help them bring their product to the retail market while making a profit.
What's more, product distribution can be lucrative. The most successful distributors have experience spotting trends in their industry, as well as with building relationships with photographers and event planners. If you're interested in becoming a distributor, use the checklist below to get started.
Becoming a Distributor Checklist:
What is your strategy?
Some of the first things you should think about when becoming a distributor is what kind of distributor you would like to be and choosing the distribution channel you want to work within. This means figuring out how closely you want to work with the end user and how to accomplish the delivery of the product to this person.
What industry do you want to be in?
Decide what product market appeals to you. Research different industries and products, compare them to openings for distributors in these areas.
Who is the end user?
Consider the kind of companies you will be selling to. This is dependent on the type of product you want to sell and the manufacturers you want to partner with. Think about whether you want to deal with event planners, photographers, or businesses.
Networking is the foundation of the distribution industry. Relationships and connections will define you. Gain a deep understanding of your target market and clients to develop stronger partnerships. Keep communication open and available.
Know your experience
Have management skills, supply chain knowledge, finance and accounting experience, and sales and marketing training in your back pocket. Team building and leadership abilities are a must.
Don’t forget the basics
Draft a business plan. Include a distribution model, start-up costs, and a strategy to help your start-up distribution business soar.
Think about where your inventory is coming from and where you will store your inventory. The logistics are a monumental component of the success of a distributor. Stay organized and have clearly defined strategies for operations, assessing everything from customer management to delivery.
Technological advances and trends cannot be overlooked. As the world goes digital, commerce is slowly integrating itself more and more into current processes in the wholesale market, according to Entrepreneur. Always be on top of what is coming next to be able to plan for these kinds of changes that may affect distribution processes.
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