10 BEST WHOLESALE BUSINESS IDEAS
Feb 19, 2019
WHOLESALE BUSINESS PRODUCTS
The first question every person has when they want to start a new business is, ‘what to sell?’
With the second largest population in the world, conducting business in India can be a huge success if done properly. There is a massive market demand for certain goods and services and customers are ready to pay a premium for quality products too. But how do you recognize what products and markets are to be tapped upon? This blog aims to address that issue.
Every product has a profitable place in the online market, however niche it is. The problem with high demand products is that the competition is the toughest there, which means that even though the demand is high, so is the supply. One must really work hard and use a smart strategy to excel in such a competitive market. Another option is to find a niche product with a quieter market and sell there. But these decisions are to be made subjectively by the seller. The point is – it is good to know which products are the top earners in the market.
List of 10 best wholesale business products
1.Apparel and Textile Business
This is a lucrative segment for entrepreneurs who are looking for wholesale distribution opportunities. Broadly, the industry caters to textiles, threads, sewing supplies, safety clothing, upholstery, readymade garments, footwear, accessories, etc. However, if you want to initiate a business in this segment, you must have specific knowledge about the industry. Expand your business by taking business loan.
2. Agriculture Equipment and Agrochemical Distributions Business
With India being an agricultural state, it is safe to say that more than the majority of the businesses start from here. Agriculture equipment has a huge opportunity space in the wholesale segment with regards to retail distribution. Retailers are keen on knowing the latest technology available to grow better.
Agrochemical ranges from a wide range of products right from fertilizers to pesticides to organic seeds and a lot more. If you are located on the outskirts of the cities or have a networking group in the farming sector, agrochemicals can be highly successful and profitable.
3. Furniture Distribution Business
Furniture is one business that can flourish in the city as well as the rural areas. Living in the city, people require really portable and compatible furniture that has multi-uses. While people living in rural areas have huge houses that would require furniture to fill it up. Either way, retailers are always looking to get in touch with good, trustworthy wholesale furniture providers. Also, the product has great foreign trade potential. You can apply for a business loan for furniture if you need to expand your business.
4. Jewelry Distribution Business
If you want to start something of your own with a capital band, this could be the segment for you. If you are looking to get into high-end jewelry such as gold and diamond, the market share is small but the customers are worthy. While if you are looking to get into imitation jewelry, the investment required is minimal with a huge client – retailer base.
5. Ayurvedic Product Business
With Ayurveda being started in India, Ayurveda is something everyone can relate to. This is the right time to get into the ayurvedic business with the demand for these products being at its peak. Right from luxury Ayurveda products to consumer and pocket-friendly products this market can cater to all types.
6. Organic Food Distribution Business
Both in developed and developing countries, the demand for organic food items is growing. The organic food companies are selling the products offline as well as online. Actually, there are several organic food item production companies who look for distributors for the regions where they want to capture the market. With India being one of the few countries that do not use too many artificial substances for their agricultural produce, getting into the organic food distribution can grow business domestically as well as internationally.
7. Stationary Distribution Business
Stationary including paper, file, and folders are always in demand at school, colleges, corporates, and various other establishments. Thus, starting a manufacturing business related to file, paper and folder is a lucrative option. You require paper pulp, wood fiber, and a hydraulic press for making folders and files. It is a small scale manufacturing wholesale business and with the right retailers, this business can boom.
8. Children Toys Distribution Business
Children’s toys are one big industry in India. It is an evergreen industry. In order to start this business, first, you need to decide the prototype and raw material required for the type of toys that you will be manufacturing. Once you are done you can make machinery. Alternatively, you can purchase readymade machinery available in the overseas market for retail purposes in India. Just like paper and stationery, importing toys is also a huge possibility in the wholesale segment.
9. Kitchen Utensils
Kitchen utensils such as pots, kettles, fry pans, cutleries, and kitchen utensils are essentials in our homes. There is a large market for kitchen utensils. You can purchase readymade machinery for the manufacturing of kitchen utensils from the production houses or produce them internally. There are a variety of products such as steel, aluminum, copper that could help boost the business.
10. Snack Distribution Business
There is one thing our nation do without and it is snacks. Every state and locality have their own special snacks which have been there for years. Moving on, while Indians still love their snacks people are also becoming health conscious. To tap into this segment at this time seems a very good decision. You can wholesale the snacks from large kitchens already producing them or make them in the house, change the packing and sell them to the retailers.
These are a few wholesale business ideas that one can take up to start a business. Ensure that before starting any business you have all the legal documents required in place and the process of business registration or tax registration is done.
What to consider before starting a Wholesale Business?
Before we jump into the different types of wholesale products one can take up as their business there are a few other criteria one needs to take into consideration. Given below is a comprehensive list of a things one should study before starting their business. These are vital points which could make or break your business.
One major advantage of starting a business in India is the vast market size available to sell your products. Be it retail or wholesale, you need to study the market that your product caters to. You need to get in touch with retailers to know their price points and eventually what the customer wants. Knowing the market size is of utmost importance while doing research.
Now that you have decided to get into the wholesale business and you know your target audience, you need to find out from where you will be sourcing your wholesale products. These products could either be manufactured from raw material or sourced from other countries in bulk quantity. Get in touch with your suppliers, at what rate the products would be sold, payment cycle and other such details.
One of the major challenges SME businesses face is the inventory system and how to have good inventory management along with overhead costs. See what works out better for your business idea, a godown, loft, office, warehouse etc. along with daily expenses.
For manufacturers, the cost of maintaining an outside sales force is high. To sell products to many customers over a large geographical area one needs to work out a proper plan which is cost effective and has maximum impact.
These are some of the areas to focus on before starting your wholesale business, let’s move on to the best wholesale business products in India. While this list is just a suggestive list, we are not an advisory firm and this is just for information purpose. Ensure you do your groundwork thoroughly before taking any steps ahead.
Along with that, there are many B2B or Wholesale – Retail portals available online, which is essentially a marketplace for wholesalers to meet retailers. Ensure you are logged onto these sites so that you are always building your business network and spreading the word about your business. Buyers and sellers should always remain cautious and they should only use a secured website.