Owning a business that sells physical products has many challenges. There are so many steps you have to go through to get your idea into your customers’ hands. It can truly be an overwhelming task when you don’t have the right team behind you.
Finding an amazing product supplier is one of the most important steps you’ll need to take to bring your vision to life. They’ll help you with all of the physical side of the products while you work on everything else, like marketing and distribution. Without this piece of the puzzle, you’ll be stuck without a way to move forward.
Since this is such an important part of your business’ success, this decision should be made very carefully. Follow this guide of factors to consider when finding your product supplier.
1. Quality of Products
No matter what type of product you’re looking to sell, in order for your company to be successful it has to be a high-quality item. Companies that sell cheap products that break easily and frequently never last very long. It’s important to build your reputation as a provider of solid goods to the public.
This is why choosing the right manufacturers during product development is so crucial. The standard for your company starts at the very beginning of the process.
It’s a good idea to ask for specifics about their processes and examples of products they have worked on in the past. This will help you get a good idea of what to expect and what they’ll be able to offer you and your customer.
2. Ease of Communication
Product development isn’t a straightforward process. Rarely (if ever!) does a product come together on the first try. Instead, it takes a lot of collaboration and effort between you as the business owner and the manufacturers to get it just right.
Finding a product supplier with open and clear communication will help make the whole situation much easier.
You’ll be able to discuss possible changes or improvements and then actually see those being made. The last thing you want is for your production to slow way down due to a misunderstanding or lack of communication.
3. Wide Network
For many companies, there is more than one product they’d like to offer their customers. This can mean going through the process with several different manufacturers and suppliers.
Or you could find a single supplier who has a wide network and can help you find every product you need. Teaming up with a product supplier who has these benefits will help save you a lot of time, effort, and money in the long run. It will make this aspect of your job much easier and get you towards your goals much quicker.
4. Quick Turnaround Time
One of the major problems that businesses with physical products face is delays in the supply chain. In fact, almost 50% of businesses have faced these problems in recent years. It’s crucial to do all you can to prevent any setbacks and make sure your products are always available to your audience.
Asking your potential supplier about their current turnaround and production times can help you get a sense of what to expect.
Obviously, things can still change and issues can come up. But it’s helpful to know what the average times are and how things typically operate to base your decision on.
5. Full-Service Operations
There are so many details that go into selling products, it’s helpful to have a product supplier that can handle many of those aspects for you. This way you only have to develop one relationship and there is less that will be lost in translation between so many different parties.
Look for a supplier who will handle all of your sourcing needs, which should include checking on quality throughout the process. It’s also great if they can manage all of your shipping and transportation needs as well.
A full-service operation allows you to delegate so much more of your production tasks and focus on other areas of your business.
6. Positive Reputation
Just like any other type of partnership, it’s important to take a close look at the company’s reputation. It’s especially helpful to read online reviews or testimonials from previous customers.
These will give you clear insight into what it looks like to work with the supplier directly. Often, you’ll find more helpful information there than anywhere else. There may even be things mentioned that you didn’t even think to look for or ask about. Going through this exercise can be invaluable to your decision-making process.
7. Ability to Negotiate Contract Terms
A contract is an important part of any business partnership. This keeps everyone protected throughout the transactions and partnerships. While you want your contracts to be strict and clear, you also need the ability to negotiate before signing.
Before making any final decisions, read through the entire contract very carefully and take the time to discuss anything you’re not fully sure of. It’s worth the extra effort to make sure you have the right system in place that will work for both parties to reach their desired end goal.
Having the room and ability to negotiate makes all the difference in finding the perfect match.
Choosing a Product Supplier for Your Business
Finding the right product supplier for your business is one of the major steps you have to take to get started. Once you do that and make your agreements with them, you can really get going growing your company.
It’s a very exciting time for all business owners when they get to this phase of starting out. The key is to take your time and do all of the necessary research so you feel comfortable and confident moving forward. Soon you’ll be delivering high-quality products to your customers and seeing great success!
Our team has perfected the role of a product supplier, helping countless businesses make the connections they need. If you’re interested in seeing what we can do for you, contact us today!
