If you are thinking of establishing a designer faucets business, before you go full swing you need to make sure that you understand the major challenges and the constraints. Having a clear understanding of the constraints and the challenges will help you be better prepared and help you get started in the right industry.
There are certain things you will be able to anticipate and avoid. There are other things that come up unexpectedly and you deal with them as and when they come up. If you are in the industry for long enough, you will notice that the percentage of unexpected things gradually reducing with time and you will gain more control over your business.
The first challenge or constraint that any startup is likely to have is the investment budget. Not everyone that starts a business has access to unlimited budget. Most people start with a very tight budget and that is normal. However, how are you going to manage the budget constriction is very crucial.
One of the useful steps that you could take to deal with your budget constrictions is that you could look for manufacturers that have minimum MOQ (Minimum Order Quantity) requirements. This way you could go easy on your initial stocking rather than having to channel all your initial investment capital on inventory stocking. This will help you increase your inventory range and the number of choices that you could offer your customers. It is not useful to feature a single vessel sink faucet design and to hold 1000 pieces of that single item just because you are dealing with a supplier that has very high MOQ requirements.
Instead of dealing with a company with 1000 pieces as their MOQ, try to find companies with 50 pieces as their MOQ so that you will be able to feature 20 different items for the same budget. You can keep restocking as the sale picks up over a period.
Regardless of whether you are sourcing shower faucet or vessel sink faucet, you need make careful choices. The products you feature in your store should be of premium quality. Take time to review the quality of the products offered by your suppliers. Order a sample of every single item that you would like to feature in your store. Inspect the quality of the item, the product finish and the possible issues the product might have with wear and tear. Featuring products without such inspections will lead to problems down the line. You will have a higher percentage of customers who complain about the quality of the products and the number of people returning the orders will also be high if are not careful in selecting your inventory. It is a time consuming process but that is the only way to guard your brand. So do not make any mistakes in this regard if you are keen on building a successful brand. By taking care of these concerns before they emerge you will save yourself all the unnecessary headache.