Finding the right seller or production partner is key to getting your business and brand to the marketplace. It’s also a great idea to research these sellers and suppliers before you enter into any sort of arrangement. Tethering yourself to an unreliable company can be catastrophic, especially to an up-and-coming business.
What Do You Need?
The first step in finding the right seller is determining your needs. While making your own product can allow you control over quality, materials, and pricing, it can also be incredibly time consuming and labor intensive. Finding a manufacturer to produce your product gives you greater allowance when it comes to scalability, but it can also give you a lower cost per unit. That generally turns into higher profits, which can then be reinvested to help grow your business. Unfortunately, most manufacturers will have a minimum for their orders, and for some businesses that can be a deal breaker. However, if you can manage to consistently hit those minimums, partnering with a manufacturer can be a great idea.
A wholesaler is another option. If you need a seller who can offer you items in bulk, a wholesale supplier would be the obvious choice. Depending on your product, you may need large quantities of particular goods or items, which you can then use to produce your product. A wholesaler can help you keep your initial overhead low. That’s another way to lower your price per item, so that you can earn a higher profit margin. Again, those profits can then be reinvested into your business. If you want to keep growing your business, that’s something to remember.
Foreign or Domestic
Some people simply prefer working with domestic partners. Working with a partner overseas can offer lower manufacturing costs, and there are a great number of different manufacturers and suppliers to choose from. However, there are often lower quality and working standards, as well as possible cultural and language barriers. Being able to say that something is made in America can be great for your brand, and domestic product quality and labor standards are generally higher. A garment producer in New York, can offer you those local advantages. Additionally, you’ll have shorter shipping times and greater security in payments and intellectual property protections.