Like what everyone says in every field, learn from the experts. This is also true if you’re planning to invest in wholesaling products where the competition is tight as ever. Knowing the top list of the top gurus and mentors of buying wholesale will help you address the issues connected to starting out a business and surviving the competition that surrounds almost every product.
All these mentors started small and they, too, have a share of investment mishaps. Their business wisdom that rooted from their mistakes is one that aspiring wholesalers should learn about. You have nothing to lose if you’ll heed their advice about spending your money on products, marketing, and staying alive in the supply chain jungle.
As a total newbie in the industry, one thing that you can do to avoid getting duped is having a mentor teach you the basics. You have to scour the internet or message people you know in the wholesaling business to walk you through the process. Someone who had been in the supply chain for years would know what to tell you.
So are these people worth your time? Of course, you can easily dive in to buying inventories and setting your business but it pays to listen to some unsolicited advice. Trust me on this one if you don’t want to lose your hard-earned money over an unscrupulous supplier. If you’re not convinced, here are some pros of having a mentor advising you.
1. You get to be totally honest
The purpose of having a top list of the top gurus and mentors of buying wholesale is baring yourself to show your vulnerabilities. This way, your mentor could give you advice as to how you can fare in the supply chain. Wholesaling is a cut throat industry and it’s best that you are armed with knowledge before you dive into the pool of suppliers and distributors. Avoid any pretense as that would do you no good.
2. You’ll have a glimpse of the tricks of the trade
Wholesaling is a very attractive investment but it’s also mired in profit losses. If you don’t have any idea how the industry works, having a mentor would save you from possible profit losses and bad business. They can educate you about the basics you need to know as well as the things you should avoid. It’s like having a small glimpse of the possible plight you’re going to experience.
3. You accept the bitter truth
Investing is never a bed of roses. The supply chain is a very volatile place where you can lose your money if you’re not careful. One of the bitter truths of wholesaling is the competition. If you decided to sell clothing, for example, you have to come up with a plan as to how to stand out from the thousands of other wholesalers. Once you established your wholesaling business, you might experience unsold inventories and returns from customers. Another thing is finding a reliable supplier that won’t rip you off the prices and quality. Though online directories have a process of confirming the legitimacy of the suppliers, you should be careful with those that have escaped the net. That’s one crucial benefit of the top list of the top gurus and mentors of buying wholesale.
4. You acquire top secrets
If you happen to have a generous mentor, you might have the chance to know one of his secrets in succeeding in the wholesale buy and sell industry. Not all gurus provide this information and you’re lucky if yours trust you enough to give you this advice. And as one of their secrets, you’re expected to keep it.
5. You establish your realistic vision
Most aspiring wholesalers tend to picture the business as a highly profitable and comfortable. While there’s some truth to it, you have to establish a realistic vision for your business. It could be very profitable but you have to respect the profit margins to make you and your retailers happy. The top list of the top gurus and mentors of buying wholesale can guide you on this aspect to avoid too much bravado.
6. You make the most out of your free time
Make the most out of your lunch and coffee breaks by inviting a mentor over. You can treat a person over a meal and you get to discuss with him some of your wholesaling concerns. During the meeting, practice the first point on this post. Be honest and let your prospective mentor know your knowledge level. Pretense will not help the discourse and mind you, they can smell newbie wholesalers!
7. You experience to give and take
Many mentors and gurus in wholesaling won’t ask for anything in return. But as an act of appreciation, reciprocate their good act by sharing your own perspective on things. Feel free to open up about your ideas in wholesaling, and who knows, it might be workable in the point of view of an expert. Openly discuss the trends in the products you’re selling as well as your opinion about it. That way, you can maintain a healthy conversation
8. You widen your network
As a wholesaler, you make a profit by having a wide network of buyers willing to patronize your product. This is also the same when you’re oiling your skills as a businessperson. Having a group of mentors would give you go-to persons in case you’re experiencing down times on your business.
Some gurus would also contact you for your opinion, and in this case, be diligent enough to answer back. Keeping in touch with a mentor is worth the time especially if you’re just learning the ropes of the industry.
With a top list of the top gurus and mentors of buying wholesale, you have a strong foundation on your business. It pays to heed their advice no matter how bitter it could be for your ego. Just like what Mary Poppins said, a spoonful of sugar can make the medicine go down. So go take that medicine!