7 Smart Tips to Start Your Distribution Business

Virtually anybody can start a distribution business – however, you would need to have a bit of passion and drive to ensure that your distribution business thrives and eventually becomes successful. Generally, distributors purchase products directly from the manufacturer before selling them to others – hence, they are commonly regarded as middlemen. Below are a few tips to help your distribution business grow

1. Decide on a product for distribution

This is by far the most critical part of your distribution business. Ideally, you want to do your research here and pick a product that is sure to do well on the market. Apart from sourcing for a product, you would also have to ensure that you have a reliable company to always buy these products from when you need to restock. 

2. Get in touch with a company that supplies what you sell

Once you have successfully settled on a product you would like to officially distribute; you need to now ensure that you find a reliable shipping policy/company that is effective and yet affordable.

Ideally, you want your products to get to you as quick and as safe as they can. A good shipping policy can be the blood vessel of your distribution chain.

3. Settle for a company name

While this may seem trivial, it is indeed vital. Ideally, you can pick a simple company name such as your initials followed by the word “Distributors”. Although, it is important that you choose a company name that commands respect and depicts real professionalism.

Also, you can get in touch with businesses near you that sell items that you wish to distribute. The goal here is to speak to whoever is in charge of purchases and convince them as to why they should use your distribution services.

4. Keep in touch with the market

Consumer taste can change very quickly, and it is essential to be one step ahead of current market trends and consumer choices. Failure to keep in touch with current consumer choices on the market can cause severe damages to your corporate strategy and can even bring your entire distribution business to its knees.

Therefore, identify the items that people want and how much they are willing to pay for them. This will go along way in defining your distribution strategy.

5. Building good relationships is vital

Good relationships are essential to a distributor-consumer transaction. Distributors only help to close the gap between manufacturers and the final consumers. Therefore it is necessary for you to build and foster positive relationships with consumers and retailers within the supply chain.

Here the goal is not necessarily to crash the prices of your products to outsell your competition; instead, seek to build strong relationships that are established on mutual trust and understanding that can turn out to be priceless.

6. Stay on top of your credit

Distributors play the role of linking manufacturers and consumers and getting stuck between the value chain has its own advantages too. As a distributor, the onus lies on you to make the connection works seamlessly, by taking the producers product to the market and helping customers have access to them easily.

However, in the process, ensure that you are not overly providing credit extension to customers.

This can happen where a customer demands an increase of their credit limit while your manufacturer is also seeking for the payment of products supplied to you. Adopting strict and healthy credit check references, in addition to explicitly explaining your terms of credit and payments to new customers and setting a credit limit can help you avoid this dilemma.

7. Leverage on technology

Businesses are getting smarter, and if you refuse to move with the trend and embrace modern technology, your competition will eventually drive you out of business. Because every business is different, you would need to come up with a unique strategy to dominate your target market. Usually, different markets will require a different approach and level of technological input to grow.

However, as a distributor, it is essential to keep track of your inventory, order processing, keep track of your accounting and provide a flexible payment plan to facilitate transactions between you and your customers. Which is why a comprehensive order management software like the EMERGE App is instrumental to the success of any distribution business. The ease at which Emerge can manage your business workflow from sales to delivery and keep track of product location is crucial to any distribution business.

Building healthy relationships is crucial to the success of any business, especially one that involves you bridging the gap between the manufacturer and the final consumer. In addition, adopting some of the best technology in combination with being on top of market trends, can send your distribution business to the top in no distant time.

Banish Money Mistakes with a Daily Finance Routine

Knowing your financial state on any given day can help you stay calm when large financial expenses appear out of nowhere. And unexpected costs do have a way of cropping up at the most inconvenient times.

Even if you have several forms of insurance, getting a payout can be challenging at best and turned down by insurance companies at worst.

According to West Coast Trial Lawyers, “Despite their advertisements, insurance companies are in the business of making money, not helping people. When tragedy strikes, and you need them the most, most insurance companies will avoid paying your claim even though they know it’s valid. When a claim is too expensive, your insurance company may delay, undervalue, or even deny your claim outright, hoping that you’ll just give up.”

Want to be financially prepared for anything? Enter the power of a daily money routine.

Routines: The not-so-secret secret to a better day

Routines have long been the secret power of top performers. Tony Robbins has a 3-part morning routine that he does daily without fail. Oprah Winfrey starts her day with 20 minutes of meditation, followed by exercise, music, and a hearty meal. Steve Jobs admitted he had one question he asked himself at the start of each day.

At the heart of a good routine is the truth that we are bad at doing what we say we’re going to do. Routines put our good intentions and worthy habits into our daily schedules.

Stick with a routine, and it will become an effortless part of what you do every day.

What to include in a daily money routine

Having a daily money routine does not need to take an hour-long to complete. It can be tailored to the main areas of your spending and your earning. Some days you might decide to devote more time or less, depending on the tasks you need to complete. But here are the essentials to cover.

Check your inbox or the mail for any bills that have come in and pay them immediately. Do you only remember to pay your bills after the second late-payment notice? Or what about setting aside that percentage of your monthly income for your savings?

Yes, payments can be automated. But there are some that you might have decided you wanted or needed to do manually. Even for automatic payments, make sure the payment has gone through. And that there is enough balance in your checking account for the withdrawal.

Check your savings accounts. Thought that you were doing well at putting money aside? You might be under a misconception. A GoBankingRates survey found that over half of Americans have less than $1,000 in their savings account. What about you? Do you know exactly how much you have in savings? Sometimes a daily reminder is all it takes to help curb impulse spending and keep you pushing toward your financial goals.

Make sure you are within your budget allowance for daily expenses. Before you step outside of the house and are tempted by takeout coffee and quick bites to eat on the way to and from work… Evaluate how much money you can safely spend in order to stay within what you’ve budgeted for daily expenses for the month.

Log expenses. After you come home from work, log your expenses for the day. So you know how much you can safely spend the rest of the week and month without jeopardizing your budget.

Read 1 finance article a day. Reading about financial topics will grow your knowledge on financial matters. Which will lead to better decisions.

Set your financial intention for the day. Do one thing for your financial state today that will pay off in stability in your future. It could mean deciding to exercise instead of watching TV (or watch TV while exercising). The healthier you are, the fewer doctor bills you will need to pay. Or it could mean researching and reading a prospectus for a fund you are considering investing in. Or it could be having a no-spend day, where you pack a lunch from home instead of eating out. Choose one intention, and follow through.

Ultimately, your daily finance routine can help you stay on the right path in your journey toward independence. It will help you grow your knowledge on topics that might have seemed too difficult for you to grasp. Andit can lead to what you want most: Financial stability for life.

What Are Your Rights When Deep in Debt?

When you’re deep in debt, your next move is not always clear. Obviously, you’d love to snap your fingers and find yourself “out of the red,” so to speak. But it’s easier to rack up debt than it is to repay it, so many people find themselves in a limbo state, wondering what to do next. Finding yourself here can be stressful, to say the least—and that’s before you add in the incessant contact from debt collectors.

Seeing as credit card debt is at a record high—the average American has a balance of $6,375, an increase of 3 percent over 2017—you’re certainly not alone in feeling this way if you do. You may find yourself wondering about your own rights when you’re deep in debt.

Here are a few guidelines to keep in mind so you can look out for yourself while navigating the process of repayment, however you choose to do so.

Addressing Your Debt

The only way to truly end collection efforts is to get out of debt. It’s important not to lose sight of this fact. While understanding your rights as to maintain healthy boundaries can help you stay motivated and avoid excess stress, it doesn’t address the root of the issue.

First, make sure you have a clear understanding of the amount and nature of your debts. Then settle on a repayment strategy or combination of methods. For example, consumers with substantial credit card debt may choose an option like debt settlement through an organization like Freedom Debt Relief because they’re already facing credit score damage and regular collection calls as is. This entails paying into a special bank account instead of sending money to creditors while amassing enough to negotiate a lower balance due.

Yet others decide to pursue a do-it-yourself approach to debt relief. However, this journey may still be paved with plenty of calls and letters from collectors. No matter which option you choose, it’s still helpful to know your rights along the way as you work toward repayment.

Dealing with Debt Collectors

Do you feel like flipping over your cell phone when you see an unknown number pop up? Does checking the mail require a pep talk in front of the mirror these days? Dealing with communications from debt collectors—some of which feels like it’s bordering on harassment—can make handling your debt that much more difficult.

But the good news is that you still have rights, even if you’re deep in debt. According to the Federal Trade Commission, here are a few consumer rights as protected by law:

Debt collectors cannot call before 8 a.m. or after 9 p.m.

Debt collectors cannot swear, threaten violence or otherwise harass you.

Debt collectors must be honest about who they are.

Collectors cannot ask you to pay fictional debts.

Collectors cannot tell others, like your spouse or lawyer, about your debt.

Collectors cannot threaten arrest or deportation due to debt.

So, while picking up the phone and connecting with a debt collector can be anxiety-inducing, a legitimate collector will not engage in any of the aforementioned illegal activities. As U.S. News & World Report writes, “The Fair Debt Collection Practices Act prohibits collection agencies from being abusive, harassing or deceptive when collecting on a loan.” If you believe a collector has crossed a line, stand firm and remember your rights. Then report it to the Federal Trade Commission.

No matter how deep in debt you are, you still have certain rights as a consumer. Ask plenty of questions so you can ensure the legitimacy of whoever is contacting you. Make sure you’re wary of scammers, too.