Thanks to the current climate, it has never been harder for businesses to stay afloat, with soaring costs and customers who are being a lot more cautious with their spending. Fortunately, there are ways that you can save money as a business without it impacting the products you provide or the service you offer.
While buying in bulk is nothing new, it has become increasingly popular in the last few years, both for businesses and consumers. If you have heard of the concept of bulk buying and know what it entails but are not sure if it is the right choice for your business, the below guide will help you make a decision either way.
Read on to discover how you can save money buying in bulk. Plus, how to get the best deals for your business.
How does buying in bulk work?
Most people understand the basic principles of buying in bulk; you buy items in large quantities at a reduced price. However, there are different types of bulk buying, and you need to be sure you are choosing the right one for your business.
Firstly, there is buying individual products in large quantities such as toilet rolls, cleaning products, and tea bags. This involves buying products in their usual, retail-sized packaging but ordering lots of them.
The second type of bulk buying is when you buy products in large quantities that are in commercial packaging. These items are often sold by wholesalers at a highly discounted price.
Lastly, and this is a relatively new form of bulk buying, is when you bulk buy products in whatever quantities you want from a zero-waste wholesaler.
What are the benefits of bulk buying?
There are lots of reasons why more and more businesses are turning to bulk buying for all their supply needs. Some of the most notable benefits of buying in bulk are:
It saves you time
As a business owner, your time is valuable, so why would you waste it shopping for business essentials every week? The beauty of buying in bulk from a wholesaler is that you only have to place an order once a month, or sometimes even less, and you will have everything you need to keep your business ticking over.
It is better for the environment
As consumers become increasingly interested in the sustainability efforts of their preferred brands, it has never been more important to look for ways to make your business more environmentally friendly.
Buying items for your business in bulk cuts down on the amount of packaging needed as well as the fuel to transport the items, which helps to reduce your business’s carbon footprint.
It is more economical
One of the main reasons why people bulk buy is because it is nearly always cheaper. As well as costing less per unit, you can also benefit from reduced delivery costs, which can save you even more in the long run.
Plus, don’t forget that you can always negotiate with your suppliers, even the ones that you are bulk buying from.
It ensures you never run out
If you are always running out of supplies for your business, you will know only too well how frustrating this can be. However, when you buy your supplies in bulk, you will always have enough of everything you need, which means no last-minute shopping or panic buying under pressure.
What are the best items to buy in bulk?
There are so many items that you can benefit from buying in bulk as a business, such as:
- Toilet paper
- Hand soap
- Hand sanitizer
- Cleaning products
- Printer paper and toner
- Tea bags and coffee
- Packaging such as boxes and tape
Bulk buying can also make your business more profitable by enabling you to buy products at a discounted rate and then sell them for a profit. For example, if you run a flower store and you sell planters and hanging baskets, you can bulk buy these from a wholesale supplier such as Wald Imports and then sell them for twice the price.
Alternatively, if you sell perfumes and colognes, you can enjoy a huge markup by buying these products wholesale and then selling them at retail prices.
Is buying in bulk cheaper?
In nearly all cases, buying in bulk is cheaper than buying items in small quantities. This is particularly true for businesses that use large amounts of certain products regularly.
That being said, there are a few exceptions to the rule. Firstly, it is not always a good idea to bulk buy consumables or items that may go out of date before you have the chance to sell them. Secondly, if you do not have access to a lot of storage space or you will have to pay to rent more storage to accommodate your new stock, it may not work out cheaper.
Should I bulk buy and where can I find a wholesaler?
When it comes to bulk buying supplies for your business, there are several factors that you need to consider, including how much you can afford to pay out, how much demand there is for a product, and how much storage space you have access to. All of the above being said, for most businesses, it works out significantly more cost-effective to buy items in bulk from a wholesaler than to buy them in smaller quantities.
If you are sold on the idea of bulk buying, the next thing you need to do is find a reputable wholesaler. Make sure that you do your research before committing to a supplier, as you need to ensure you are getting quality products at a fair price.
To find a good wholesaler, you can ask other local businesses for recommendations, read online customer reviews, and get in touch with a few suppliers to see what they have to offer. Don’t be afraid to negotiate with their prices if you feel they are a little steep, but don’t go in too low as this may damage any future relationship you have.
