Renting Warehouse For Your Wholesale Business Six Tips To Follow!
The importance of having a well-managed warehouse cannot be denied for a business
. Since wholesale suppliers deal in bulk, warehousing makes one of the most prominent and essential part of a good wholesale business. A warehouse is a large space where Wholesale Products, sourced from manufacturers, are assembled and stored until they are dispatched to customers.Renting a warehouse - A Challenging Task!
Buying your own warehouse in start of a business is difficult because it requires a lot of capital. Renting a warehouse is not only budget-friendly but sometimes also eliminates its management responsibilities. However, renting a wrong warehouse during initial stages of a business, when you dont have any margin to make a wrong decision, is likely to lead you to financial loss as well as lower your morale.
The right warehouse is the one, which is well managed, space efficient, budget-friendly and stores products with least maintenance cost. No doubt, finding the right warehouse for your business is a challenging task but with little hard work, research and planning, you can end up finding a warehouse that best caters to your business needs. Following are six tips that assist wholesale suppliers for getting an ideal warehouse on rent.
Business Requirements It is important to identify how much space would you need and what type of environment would be required to store products. For instance, if you are selling food items you must rent out refrigerated warehouse. If you sell heavy items, you probably need warehouse with large floor space whereas if you sell light weight wholesale products, warehouse with pallet racking model will best suit your needs.
Location - Decide on location of warehouse carefully since it plays a key role in saving your transportation cost. If your supplier does not offer free delivery, renting out warehouse near his warehouse saves travelling cost and lowers the risk of damaging products during transit. Moreover, for easy and economical product handling, your warehouse should also be at an ideal distance to your distribution centers and seaports.
Available Facilities - Check out which type of facilities you require in a warehouse. For instance, if your employees are to work in the warehouse, you need proper ventilation, restroom and parking facilities. If you sell big items, make sure that its doors are wide enough for their easy loading and unloading. Also identify what type of racks are fixed in a warehouse and if these racks would be suitable to store your products.
Level of Security - Conduct detailed survey of a warehouse and make sure that the building matches the highest standards of safety. The warehouse has to be secure and perfect for frequent loading and unloading of products. Some landlords also provide 24 hours security on entry and exit points of a warehouse. To be on the safer side, also inquire about the insurance of a building and safety measures.
The Agreement - Since getting a warehouse on rent would be a commercial agreement, it is advisable to hire an attorney. Inquire about all the expenses associated with renting a warehouse. Make sure you read each clause of the agreement in detail and understand its legal implications. Before signing the rent contract, you should identify the rights and duties of the landlord as well as yours.
Inventory Insurance - Dont assume that insurance of the building, done on part of landlord, will also indemnify you for accidental loss or damage of wholesale products. To save your inventory from catching fire etc, get your inventory insured. This saves you from heavy loss arising from any uncertain event that can be fatal for your business. Though insurance is an extra cost on wholesale suppliers but this cost is really worth the investment.
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