Many school and office supplies store owners say that this type of business is almost as stable as any food business. While many have closed their physical stores due to the pandemic, shifting to an online store still leads to profits. Even during a recession, students and offices will still need supplies such as paper, notebooks, pens, etc.
If you’re interested in starting a school and office supplies store, we listed 6 tips that could help you.
1. Business Plan
You might be excited to start this business that you’re already full of ideas. To get those ideas working, you need to have a well-research business plan. This will put together all your thoughts, ideas, plans, projections, actions to be done, requirements, and more. Basically, a business plan will be your guide on how to plan, operate, market, and earn. In your business plan, you can include the following:
- Financial statement
- Projected Sales
- List of suppliers
- Marketing and promotion
- Target Market
- Competitors (price comparison, advantage, etc.)
2. Offer Value
Part of making your business plan is researching the market and your competitors. Think of something that your customers will value. Maybe lower price, better customer service, convenience, etc. These are important because they will set you apart from your competitors.
3. Order From Direct Suppliers
Often, pricing and variety are keys to a successful school and office supplies store. The target market for these businesses is often students who are working on a budget. Whenever possible, order directly from a manufacturer or importer, so you can obtain your goods at a lower price. However, keep in mind that they often require a minimum number of items. So, it’s best to research which suppliers suit your budget and funds.
4. Have A Market-Based Pricing Strategy
A tip to help make your business more profitable is to survey the market-based price. Research the market price of your items by knowing the price of your competitors. From there, you can play around with your profit margin. Remember that your customers don’t know the actual cost of your goods from suppliers but they know the price of your competitors.
5. Keep Up With Trends
The retail business is dynamic and always changing, so you still need to keep up with the trends. Research for new items to sell and discontinue slow-moving items in your inventory.
6. Look For Reliable Suppliers
There are tons of suppliers, and stores that offer paper products, school supplies, office supplies, and general merchandise in retail and wholesale. The popular go-to places when looking for the most affordable supplies are:
- Commonwealth Market
- 168 Mall Binondo
- Marikina Riverbanks
You can also reach out to local school and office supplies companies such as:
- JB Merchandising Inc. (JBM)
- Goldwings Stationery Products
- Risco Stationery Trading
- Crown Supply Corporation
- NGBROS Enterprises
If you prefer online stores, there are tons of suppliers on Lazada, Alibaba, etc. You just have to inquire about their rules and requirements.
The school and office supplies business has great potential if you do it right. Like any business, always research and learn. Good luck!