Thinking of Partnering Up With a Retail Chain Store? Make These 3 Smart Moves

The majority of entrepreneurs who manufacture products share one dream in common. To have their merchandise distributed through retail corporations. After all, who wouldn’t want to see a product they designed on a department-store shelf? Even though it can be lucrative to partner up with retail chain stores, it takes a lot of work to actually secure purchase orders with them. There has to be a perfect balance between pricing and demand.

Be Organized:

Author Jackie Larson advises, “Before you even think about becoming a multi-unit chain's vendor, you need to make sure you can build a reasonable profit margin into your product's wholesale price. Plan for a manufacturing cost that's one-fifth the retail price—or less. Then build the cost of packaging, commissions, marketing, and distribution into the wholesale cost of your product.” Here are a few quick tips on how to get your foot in the door with big-business retailers:

   I.    Research the Basic Qualifications Necessary to Partner with Big Retailers:

Every corporation has different demands, requirements, and quality-control standards. Meeting these conditions should never be attempted through trial and error. All of your energy should go towards getting the first pitch right. Both aesthetically and financially.

  II.    Assemble a Professional Brand Image:

Large corporations don’t have any incentive to deal with unprepared entrepreneurs. So the branding of small business projects should be polished. Not only should the products being pitched be viable, but the entrepreneurs pitching the products should be skilled and eloquent.

  III.    Design Impressive Prototypes and Samples:

Any prototypes presented to a chain store should be fully functional and safe to use. The only element that should be open to modification on a prototype is labeling. If a prototype fails during a pitch, there’s no chance of ever moving forward with further distribution arrangements.

Conclusion:

The reality is that manufacturing goods for public consumption is a long road to profitability. Especially if part of the business model is to engage and distribute through retail chain stores. Regardless of how and when a small business makes the big pitch, it’s crucial to build advanced momentum with sales and production. If you like what you just read from our blog, you’ll love the various informative courses, workshops, and events listed on our websites and social media. Whether you’re interested in personal development, health and wellness, bettering your relationships, or the overall improvement of your business, give us a call at 1 (800) 913-0222 to find out how Richard Martinez can help you break past your daily struggles and start soaring in success.