Tips for New Entrepreneurs

Securing a business location means that you need to make the same profit as you have been, plus make the money that you need to pay the overhead. Overhead expenses can be thousands to into tens of thousands of dollars depending on the commercial business rent, in-store employees, security, deliveries, and more. Though you may not be able to have an in-store business of your own, there are products that may sell better when they are on the shelves versus being online only. If you want to slip your products on the shelves, here are some ways to run your sales inside of another business. 

Pay to have a display case

Creating partnerships with companies and stores will be easy if you have a plan. Purchase display cases to hold your products and offer businesses a rental fee in order to host the display cases. Offering rent money to a business in order to host your products is a proposition that helps the both of you. They get money to help with the overhead and you avoid paying rent on your own store but still have products inside of a physical location. 

Offer direct deposit

Direct deposit is guaranteed money for the company that you rent from. This makes the prospect of taking you on as a vendor more tempting, as they know how much money they have coming in each month. You can offer direct deposit in one of two ways. You can directly deposit the rent from your business bank account to their store bank account just like you set up auto pay for your bills. You also have the option of allowing them to keep the money that your products make up to the amount of rent. This can be set up in the sales system in order to default over to their business profit. 

Ask for an inventory system collaboration

As a business owner, you need to know how many sales you are making, on what products, and when certain products usually sell. Ask to be hooked up to the sales systems of the companies that host your display cases. This way you will be able to have access to information immediately when your products are selling. This will give you the advantage of determining if sales profits are better at one shop versus another. Having continually updated sales information allows you to feel "in person" with your physical products, though you do not have your own store.