Industrial Equipment suppliers can be a beneficial partner to your business if they provide you with what you need. The wrong supplier could endanger the success of your business before it even begins.
Different types of suppliers are needed according to how your business is set up. For example, you might need wholesale suppliers to fulfil large volume orders, but for low volume bespoke orders, it can be more effective to employ a different supplier. However, not every supplier will be compatible with each service so you’ll have decide which one works best for you.
Great suppliers can be hard to find. Follow these tips and you’ll have a much better chance at finding ones that will be right for your business.
Where to Look for Industrial Equipment Manufacturers?
Sourcing directly from manufacturers is generally only suitable for experienced sellers or those who are serious about investing in their business. Manufacturers heavily rely on economies of scale to be competitive in the market. Reducing your prices by removing the middle man may not be the best option for you if your margins are already low. You have to buy a significant amount of stock at a time, so it can be expensive. You have to find a place that’ll store all this stock as well. On the flip side, you will get the products at the lowest price and make more profit for each sale.
The global market is open to your business. You can find potential suppliers in a variety of ways – from visiting a brick-and-mortar trade show locally to using an online marketplace. Here’s 3 ways for your business to find international Industrial Equipment Suppliers:
1. Supplier Databases
A database that contains millions of vendors is useful because it allows you to find suppliers by country, region, equipment type, or other criteria quickly. When it comes to an expanding business, having access to a list of suppliers makes it easy to get new products.
A great example is ImportDoor. It gathers imports from around the world and provides a searchable database on what products have been imported, who imported and who supplied/manufactured those products.
Are you looking for hydraulic breaker, skid steer, generators, backhoe tires or heavy machinery parts?
This tool with allow you to search by supplier, importer, product description and many other metrics so that you can finally skip dealing with the middle man and go directly to the source.
2. Trade Show
For years, trade shows have been a fantastic launching platform for introducing a lot of new products. They also offer the opportunity to meet clients & other prospects in person which is an integral part of a successful business.
Trade shows can be a great place to explore new suppliers and market your products. Trade shows have helped many buyers select the right suppliers. Organization like the Association of Equipment Manufacturers or Events in America can be a great resource for finding a suitable Industrial Equipment Suppliers.
Buyers visiting shows will appreciate the opportunity to ask about product details in-person. This builds trust and will help solidify their relationship which can lead to more purchases down the line.
It’s vital for first time trade show attendees to introduce themselves to potential suppliers. If you neglect that, then it can deter your suppliers from talking with you further or even showing you new products. Establishing a personal relationship is paramount to the success of your business and may help you acquire better pricing in the long run.
3. Auctions
Despite being mostly used for the auction of antiques, rare collectibles and paintings, auctions are also an important tool in the Industrial Equipment industry.
Auctions are a common practice in the Industrial Equipment industry, with the most popular being the public auctions. Auctions are a great way to buy and sell equipment quickly and efficiently, whether it is for new or used.
A great auction site for industrial equipment is IronPlanet. They have weekly auction sites around the world and most importantly, you can bid from the comfort of your home.
The suggested bid starts off lower, designed to entice an interested party into opening the bidding process. Once one does, the others take turns raising the price according to either their own whims or what is suggested by the auctioneer. The bidding continues as long as bidders are willing to pay more than the current bid. The last bidder’s price becomes the winning price.
If you’re new to bidding, auctions can be a thrilling and profitable enterprise. With the right amount of time and effort, you can soon become an expert.
The equipment that you need for your business is not something that you should purchase on a whim or without taking time to research your options. An industrial equipment supplier will be able to provide any business with the best possible products to fit their needs. Knowing which supplier is best for your industry will save you time and money in the long run.
