Sales channels to reach your customers
Selling through retailers, wholesalers and other distributors
Selling through an intermediary may be a more cost-effective way of reaching your end-customers than selling to them directly.
If you are targeting business customers who prefer to deal with large suppliers, selling directly to them may not be a realistic option. Instead, you might aim to supply wholesalers who have existing relationships with those businesses.
If individual consumers buy low value quantities of your products, the best option might be to target retailers that sell similar products. Or you might choose to focus your efforts on a relatively small number of wholesalers who can in turn supply your products to many retailers.
Other distribution channels may also reach your end-customers. For example, technology suppliers often sell to resellers who can configure and install the technology to suit end-users’ particular needs.
Managing your distributors
You need distributors who will value your product. If they sell competing products, what will make them push yours?
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Think about how you set your prices. Distributors will be more enthusiastic if they can make a large profit – but setting too low a price will eat into your own margins.
Effective advertising and promotions can be vital. As well as marketing to the distributor, you can promote your products directly to end-customers. Distributors will be keener to stock and sell products that their customers are asking for.
The key terms of the supply relationship should be covered in a written contract. Key issues might include:
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how much stock the distributor will hold
what the distributor will do to promote your products
how quickly you can resupply and minimum order levels
whether the distributor has exclusive rights to your product (for example, in a particular territory)
what happens if either you or the distributor want to end the relationship
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Professional Advice on Starting a Business
It is imperative to know where to look for professional advice on starting a business. Specialists such as a certified public accountant who can give you small business tax advice, a business attorney who can give you small business legal advice, a business coach who can guide you to succeed, and a payroll expert who can prepare your payroll will have your best interests in mind.
These professionals are specialists in areas where you, as a business owner, cant possibly have enough knowledge. It is important to engage these business professionals before you encounter crises. One of their jobs is to avoid a crisis.
Unless you employ an accountant, and even when you do, a good outside accountant is very valuable.
An attorney is also very important in a startup situation of any complexity.
Payroll service providers allow you to focus on growing the business rather than taking your valuable time preparing payroll. They also make sure all payroll-related legal requirements are met.
Business coaches serve to give you an experienced viewpoint. Whether you need one depends on your personal circumstance.
What to Look for in an Accountant
The time to look for an accountant is before you start your business. Your accountant can give you much more than small business tax advice. An accountant should have the experience and knowledge to give you all kind of advice on starting a business. Here are some things to look for in an accountant:
Does the accountant have experience in your industry?
Some accountants are sole practitioners and some work for international CPA firms. Some work for retail tax franchises. They are appropriate for businesses with relatively simple tax returns. Local, independent tax firms often specialize in the tax needs of individuals and small businesses in their neighborhoods. International CPA firms are able to meet the needs of businesses with many branches all over the world. They are also often best equipped to handle complex tax affairs because of their large research departments and their ability to specialize. Make sure your needs match the availability, expertise and cost of the accountant you choose.
Look for an accountant who has a network of relationships that can appropriately help you. For instance, you can rely on your accountant to help you decide on a banker. Your accountant may also have contacts in your industry and could also refer you to other service providers.
Make sure your accountant is properly licensed and in good standing with the proper state authorities.
Be wary of an accountant who promises you big refunds or who says you can deduct everything. Remember, in the final analysis, you sign the tax return and are responsible.
Just like the other people you work with, it is important that you have good rapport with your accountant. You need to feel comfortable with him/her.
An experienced accountant has seen many situations. He can advise you regarding many start-up situations including:
The appropriate division of capital and loans to a new business
The appropriate form of organization
Helping set up the accounting systems
Helping with your cash-flow forecasts and advising you on capital needs.
Advising you as to computer hardware and software needs
Filing tax returns
Work closely with your accountant. Dont underestimate the help he/she can give you.
Here are criteria to finding an appropriate accountant for you and a resource to help you find one.
What to Look for in an Attorney
There are many issues an attorney can address when you need small business legal advice. The advice on starting a business is especially important if you have decided on a partnership. Among the most important are the following:
An attorney should draw up a partnership agreement or form a corporation and make appropriate filings with governmental authorities.
An attorney should review any leases or other agreements you may have to sign.
Your attorney may be needed to protect you in the areas of patents and intellectual property rights.
Here is a step-by-step guide to finding your attorney and the resource for finding one.
Payroll Services
There are three main advantages to outsourcing or systematizing payroll:
You can be assured that the payroll is done correctly
You dont have to spend your time on doing payroll when you might be spending it more productively
Payroll services typically withhold and remit the taxes the business owes. Thus, you dont get into a situation of having withheld taxes but spent the money before they are due.
Here are three good choices for appropriate payroll service solutions that are right for your business.
Business Coach
Coaching is no longer just for sports. A good coach can give you great advice on starting a business. Some advantages of having a business coach are:
The coach can give you an unbiased view. He can see the forest where you may only be able to see the trees.
A business coach may be able to show you how you can wring more profit out of your business, possibly even by working less.
A coach will keep you accountable, doing the work that brings in the money.
When looking for a business coach it is very important that you resonate with that coach. Two choices you have are to:
Hire a franchised coach who is trained and supported by a national organization. These coaches plug you into a system to teach you and keep you accountable, or you can
Hire an independent coach with a good track record who is more likely to customize a program to help you.
In either case, just like when you find other business professionals, it is crucial that you connect with the coach.