With the current economic clime in Ghana, finding a reliable and steady source of income can be extremely difficult. Establishing the right kind of business can signify the end of your financial woes.
Wholesale business in Ghana can be very easy to start if you know the goods that are popularly in demand.
Have you been thinking about what goods and products you can supply that can earn you money? Look around your environment, investigate and research what products people need and try to supply them.
If you have been looking for detailed information on how to start wholesale business in Ghana and it’s opportunities; then you’ve come to the right place. This blog post will give you all the necessary information you need to start your own Wholesale business in Ghana.
Wholesale Opportunities In Ghana: Overview
Wholesale business in Ghana can be extremely lucrative especially if you target popular goods. The key to starting a successful distribution business in Ghana is to start with whatever you have. Invest and keep reinvesting your profits into your business to achieve growth.
Who Is A Wholesaler?
Wholesale in Ghana isn’t limited to a certain group of people. Anyone can become a Wholesaler. Wholesalers are people who have a business relationship with the direct distributers or manufactures that they represent.
Most times, wholesalers maintain exclusive buying agreements that limit the number of participants or enables wholesalers to cover a certain territory.
Therefore, the wholesaler becomes the Distributor’s or Some times the Manufacturer’s direct point of contact for prospective buyers of certain products.
A wholesaler or distributor needs a warehouse to store and distribute the goods from. Just like any other business, the major idea behind a wholesale business in Ghana is to buy and sell goods to earn profit. What sets it apart is the quantity of goods and the kind of people you are selling them to.
How To Start A Wholesale Business In Ghana
The most difficult wholesale startup decision to make is choosing a product to distribute. And of course, that is really a personal decision, because your desire to start a wholesaling business may have been inspired by something like “passion.”
In that case, there is no telling you what to go with. But what if not? Then decision making comes into play. You will really have to make a choice depending on what you can do.
Another issue you will have to decide about is whether to distribute a new product, or an already existing one. The advantage of already existing product is: you don’t have to introduce your product to people, they have already known it.
On the other hand, a new product requires that: you make it known to people first.
1. Create A Business Plan:
Outline a wholesale process that will define your business plan. If you are distributing an already existing product, draw a pattern of competition.
Those who have been there before you may have amassed a lot of influence, therefore, figure a way to fit into the system.
Basically doing something different from what people are used to, (Using a different approach) will help.
2. Raise Fund:
If you have the best wholesale business plan there have ever been, and don’t have the money to execute it. It is as good as not having at all. Therefore, raise the fund you need to implement every of your plan.
3. Name Registration:
When you have made up your mind on what product to distribute, make a name registration. It is ideal infurthering your business. And most company may require that their wholesalers have a registered business.
4. Partner With A Manufacturer:
Your source of supply must be a manufacturer of the product. First of all, you need to work out terms and conditions of your business relationship. That applies more when you are not importing the product. Overseas partnership takes more time than what is obtainable in ones country.
Local manufacturers may have less requirement to partner with you. While the story may all be different overseas.
5. Rent A Warehouse:
You will need a big place to hold your goods. In fact, it is a starting point of your whoeln career. A base, where you can be located by your customers is one of the most important aspects of your distribution endeavor.
6. Get Wholesaling Tools:
Since your job as a wholesaler is to move needed products from one retailer to the other, you don’t have to wait for people to come looking for you.
Get vehicles, motorbikes, any wholesaling machine that fits your goods and services. Retailers are always happy when goods and service are delivered to their door post.
7. Promote Your Services:
Taking the above steps does not mean that you don’t need to go further. It is therefore, necessary that you promote your services. Make the sacrifices, give incentives to retailers, and do a follow up.
It may require you running ads, Radio or TV. Just know where your niche could be found, and what would appeal to them. Use it to find them.
Wholesale Business Opportunities In Ghana
(Popular Items That Are Most Suitable For Wholesale In Ghana)
4. Diesel/ petroleum products
5. Beans and other food stuffs
7. Pasta/ spaghetti
9. Mattresses and pillows
14. Building materials
15. Car parts and engines
19. Ladies items/ accessories
20. Male items/ accessories
21. Mobile phones, laptops, and accessories
22. Body care items e.g. body creams, moisturizers, etc.
23. Cooking gas
25. Fitness equipment
26. Baby items
27. Food spices
28. Essential oils
29. Electrical equipments
30. Medical equipments