Supply Issues

If you own a store, even a small one like ours, you know the importance of supply. First, you need to determine what your customers want to buy. Then you need to figure out how and where to get your supply.

There are two main sources of supply, no matter what you are buying. The first is from non-local sources, and the second is from local sources.

Sometimes, a non-local source has better prices but you need to be careful to compare the product and shipping costs with the product costs from a local supply. In my area, shipping is expensive but I get around that problem by making large orders. That way, the price per product adds up enough to cover the shipping costs and still provide a little profit.

Another reason you may find you need to order from non-local sources is to find a particular product not offered in your area or to find different products that your local competitors may not offer.

A local supplier has some advantages too. With a local supplier, you may receive more personalized help. It may be easier to make smaller orders more frequently which can improve the freshness of the product you sell and cost less money out of your pocket until you sell the stock you have on hand. You also reap the benefit of supporting your local friends, family, and economy as well as cut down on the factors relating to shipping and climate change.

Finding a supply source is more that just buying products. A supply source needs to be reliable and consistent in addition to carrying the product you want at the right prices. There are times you may need to spend more money in order to settle on a source for your products. Some people are successful in always hunting for the lowest prices and that in itself creates a competitive edge for them. However, if you are trying to provide a consistent product line for your customer and do not have the time or people to always hunt down bargains, you may find a reliable supply source to be a better option.

For my little store, I start off brainstorming which products I wish to offer. I then research the different possibilities of how best to obtain those products. When I decide on a source for a product or product line, I then move on to the next product and start the process over again.

These are some of the issues you need to consider when deciding where you buy your products from. Should you buy local or non-local? Should you bargain hunt or pay more for a reliable and consistent source? There is no right answer and I have used all of these methods after making careful decisions for each product I offer.

After a period of time, you will need to reassess your proucts and sources to determine if your they are still the best options for you and your customer.