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Expectations for International Market

Bamcis

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Next month I am going to my first international market. It is the International Spring Quilt Market in Salt Lake City (I co-own a quilt shop with my parents). Again this is my first market of this size and my parents told me to "prepare to be overwhelmed".

I don't want to be overwhelmed, I want to be prepared. While my parents may be able to tell me a broad description of how the market goes, I am seeking guidance on what to expect as a businessperson looking to grow our company. Some of the main efforts I want to pursue while at the market are:
  • Find suppliers/distributors with cheaper shipping costs to Alaska (the business location)
  • Evaluate different options for lines of credit with new and existing companies
  • Other methods to cut costs and raise profits
  • (Not related to my current business, but a lingering thought for my future) How to establish my own textile distribution company
These are probably my main goals as of right now (again the last one is something for my future toolbox perhaps). I have a meeting set with my local SBDC to see if they can offer any suggestions or insight. If anyone has any suggestions on other avenues I am not considering, please feel free to share. I will bounce back on here after I meet with the SBDC and share.

Thanks,
BAMCIS

P.S. Any other fabric-industry people going to be in SLC for Market?
 
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Bamcis

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Decided I'd share what the SBDC had to say.

We spoke of finding suppliers that met our shipping costs, and when we did my adviser said not to go straight into it. He said to build the relationship and let them understand your needs instead of just asking them cut and dry about shipping costs.

For cutting costs we talked about our company's pricing structure. He did have a question that stumped me (a good thing in my mind) and we are adjusting our pricing accordingly. What we had done in the past was not mark up certain products (again, accordingly) because we got free shipping from the distributor. My adviser simply asked us "Why not" and I managed some BS answer.

As we spoke about business (broad right?) he went over being prepared for the market with financial data. For whatever reason this had not occurred to me. By having real numbers (or approximations) I can better understand what we need to ask for, and if we are getting a good or bad deal.

To go off my last point about financial data, we further went on to talk about discounts from existing suppliers. Again, have the financial data and grow the relationship with the sales rep vs. simply asking for discounts. I will most likely post something related to this in the future (I have never negotiated with suppliers before), but if anyone wants to share their experiences on here, it would be appreciated.

I'm sure I've missed something we talked about (don't have my notebook on me atm) but just thought I would share. My experience and knowledge is limited, but another perspective never hurt (I also don't wanna be the guy who only asks for help).

Thanks,
BAMCIS
 

Bamcis

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Ah, sorry about that.

SBDC = Small Business Development Center.

Virtually nationwide resource that offers free counseling for active or aspiring entrepreneurs. Partnered with Uncle Sam and the SBA (Small Business Administration), as well as other public or private entities.
 
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Bamcis

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jon.a

Could you give me an example of what you mean by terms? As in Net 20 or whatever you had experience with? And when you refer to "in the beginning", how fresh do you consider this?

We have been established since June 2013. Is this still too early? It seems as if we have build a stable business relationship with our suppliers that it would be appropriate (at least with our top 5 or so) to see how far we can go in negotiating.
 

jon.a

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jon.a

Could you give me an example of what you mean by terms? As in Net 20 or whatever you had experience with? And when you refer to "in the beginning", how fresh do you consider this?

We have been established since June 2013. Is this still too early? It seems as if we have build a stable business relationship with our suppliers that it would be appropriate (at least with our top 5 or so) to see how far we can go in negotiating.
I was thinking back to our first year. It was a while ago. The biggest thing that I remember was that I really needed that 25K credit line. You are likely much farther along.
 
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