Whether you’re making a product and you need raw materials, or supplies and equipment to run your service, many businesses need to work closely with suppliers.
Search online and talk to other businesses. Draw up a list of potential suppliers. Get estimates, then go and talk to them so you can:
- negotiate prices
- start to develop relationships
- get a sense of which suppliers are reliable and trustworthy
You’ll need to agree on payment terms with your suppliers, and get them in writing. This includes your ‘trade credit’ period (how many days you agree to pay invoices within), and whether they can offer you discounts for things like buying in bulk or quick payments.
You’ll also need to find suppliers for the equipment you’ll need to run your business, including your information technology (IT) systems.