You go through nonperishable products at your small business faster than you do at home. So—why would you shop for them similarly? If you’re not already buying office supplies and janitorial products in bulk, you could be missing out on tremendous savings.
Stocking up on nonperishable items reduces the frustration of reaching into the closet only to find that someone removed the last roll of paper towels or used up all the staples without telling anyone. If you’re learning the best ways to save money for your business, follow these tips for buying in bulk.
Research prices online ahead of time and buy the cheapest items at their respective stores. Keep an eye on sales on hit the right stores at the right times. That way, you’ll always know you’re getting the best price when stocking up. Smartphone apps are a great stress-free way to accurately comparison shop without stepping foot in a store.
Buy online from industry wholesalers
By getting rid of the middleman and buying directly from the manufacturer, you can save big. Wholesalers often require you to buy in bulk, but since this is your goal, it’s a benefit, not a turn-off.
Get warehouse memberships
Warehouses sell products in bulk at low prices. They require yearly memberships that pay for themselves quickly.
While you can save big with these memberships, don’t assume that everything in the store is cheaper than at other locations, especially when it comes to standard items such as gallons of milk and bricks of cheese. Fortunately, you’re probably not stocking up on dairy products, so the warehouse is a good bet. Still, shop around—you might be surprised.
Apply for a resale license
With this license, your state permits you to purchase wholesale goods without paying sales tax. This could obviously save your business big bucks! All you’re required to do is report the sales tax collected when you resell these items and pay it to the state.
Make sure you have the space
Buying in bulk also means storing in bulk. Make sure you have a place to keep all your overstock items before you go overboard. If you end up having to expand your space to achieve the required storage area, the savings from buying in bulk might not be worth the added rent.
Rotate your supply cabinet
Don’t let products with a relatively short shelf life go to waste. For example, rotate bleach, soap and chemicals, putting newly purchased bottles in the back and keep an eye on anything with an expiration date. Don’t purchase more unless you’re sure to go through the product fast enough.
Be prepared for upfront fees
Memberships, resale licensing fees, and the cost of so many products purchased at once can take their toll if you’re not ready. Buy bulk supplies gradually so you don’t break the bank during the initial stocking up phase.
Whether you’re buying office supplies and janitorial products in bulk or you’re buying products you plan to resell, it’s clear that buying in bulk can be very profitable for your business.