If you’re new to bulk buying then it can be easy to get led astray or, even more likely, carried away so, it’s important to stay grounded and remember, you’re after a good deal, not a quick whim. Bulk buying normally requires time, effort and some patience in order to secure what you want, for a price that you are comfortable with. All in all, everyone needs to leave the table feeling like a winner, here are a few little tips to get you on your way;
Always try a product before you decide to bulk buying!
You wouldn’t believe the amount of people that have, for example, gone into a wholesale type website, seen something that they think, yeah that will be a great idea. The idea being, to buy a load of goods, flip them and then buy another load, keeping the profit stacked away, but they never stopped to consider buying or, trying just one to see what it’s all about.
If you buy bulk from somewhere you can get some really good deals but, make sure you try before you buy a load, you’d want to make sure that none will go to waste. It should be the golden rule really because, instead of being smart, some people will find themselves feeling quite the opposite. With no profit, a load of goods that they can’t sell and no revenue stream to fund the next purchase that might help them to get out of the hole that they are in.
Avoid bulk buying goods that will rot unless you know you are going to use, or, shift them on quickly
It could be tempting, especially if the price is right, to bulk buy fresh goods, or perishable items without having the forethought to consider how long you might be ‘sat’ on it. Unless you have adequate facilities that are designed and capable of keeping said products in top condition then don’t bulk buy or else, you will surely feel quite rotten.
For heaven’s sake, make sure you’ve got enough space for Bulk Buying!
Eying something up or running it over in your head whilst making a purchase is ok until it comes to the practical matter of storage. Thinking that you have enough space and knowing, are as you know, two completely different things so, if you are buying in bulk, do the math first. Even if it takes you a while, either do it yourself or, get somebody to confirm for you that there will be enough space to actually house your goods.
Always keep your options open, people need the business
You could cut a good deal with a company and get a really good price for a particular line of products, and it could become easy to just keep returning and buying the same thing again and again, especially if they are selling well. Do take the time, however, to stop and think about what else is available. Just because your current supplier gave you the best price 3 years ago, that doesn’t mean that there isn’t somebody else that perhaps couldn’t at the time but can, now match or beat the cost you pay.
Priorities, unless you have endless funds and floor space
Hopefully you read the storage suggestions so we’ll put space to the side for one moment, what about total cost? Everybody has been there, getting carried away, even in the local grocery store and, before they know it, the bill is twice what they expected.
This is another moment to prioritize in terms of what you can go without or, what will produce the best return in the least amount of time should you have the storage space and a pocket to match.
Buying in numbers gives you more power
With bulk buying, naturally, the idea is to get the best price possible, which will only happen if you buy a large amount (hence the word ‘bulk’). As such, think outside of the box a little and try to find others that you can club together with, the more capital, storage space and overall capacity to turn things around will get you a better price, if you’re smart about it.
It might be news to you that some of the biggest companies in the world are only able to sell goods at lower prices than anybody else because they form cooperatives whereby they can club together, even if they don’t have the same interests in terms of what they sell. The other party might be a logistics specialist and have loads of storage space to make use of as well as, the additional funds which, together, give them the power to get what they need, for the price they want.
Be smart and buy the right stuff, at the right time
Some people will be buying, with this already in mind if you’re not then, this could very well be the extra little nugget that helps you to buy and sell at a more economical rate, as long as you have the budget and time on your side. Think investments and the old adage, “buy low, sell high” and you will be on the right track.
If you are able to follow the markets or, have somebody do it for you then, you could wait until certain products are at an unusually low price, confident that they won’t stay there for long, bulk buy and then sell them when the price has increased, with the market so people are still paying the going rate, you’re just selling at a much higher rate than you paid.