If you’re interested in starting a promotional products business, read this guide for everything you need to know.
Businesses of every size use promotional items to promote themselves. Sometimes they give them away to their own staff, sometimes to their suppliers and/or their clients, and sometimes even to their competitors’ staff.
Promotional gifts are an extremely lucrative industry worldwide. However, this is not a business where you actually produce or sell products. You simply market promotional gifts and advise your clients which ones they need.
Anyone who has a positive outlook on life and wants to help others can start this type of home-centered entrepreneurial venture. It’s also a highly profitable one.
8 Steps to Start a Promotional Product Selling Company
1. Research the Market
Before starting the company, first, determine which products are in high demand by researching the current marketing trends.
Then, choose the best suppliers for these products. You can do so by checking local trade shows or conducting an internet search.
2. Choose Products Carefully
If you’re just starting out, it’s best to focus on one type of promotional item rather than trying to sell everything at once.
Wearable products can be anything from t-shirt designs to hats to wristbands.
You may want to write down ideas using notebooks, diaries, organizers, etc., but keep them separate from your everyday bag.
You may want to drink wearing these items.
There are several desks or office accessory types available for purchase including calendars, clocks, pen stands, paperweights, mouses, etc. You can also partner with specialty product manufacturers.
3. Create a Business Plan
After gathering information from the marketplace, write down your promotional product-selling company’s (PPC) sales strategy, financial plans, and overall advertising and promotion campaign.
You need to calculate both the per-item costs and the profit margins.
4. Find Suppliers
Suppliers play an extremely important part in the success of any promotional products company. It’s crucial to establish a good working relationship with reliable vendors.
5. Name Your Business
Choosing a catchy company title is extremely vital. You should pick a title that clearly shows your product. The title must also be something that customers can easily remember. Also, make sure to register a similar domain that relates to your company title.
Read: How to name your business step-by-step guidelines
6. Register Your Business
You may want to consider registering your company if you’re planning on a growing the company. Select an appropriate type of legal entity for your needs.
If you’re from the US, forming an LLC will give you certain benefits.
7. Arrange Funding
Any business needs money to start it. Whether it is a small-scale business or a large-scale one, it needs funds. To get these funds, you may opt for a loan from banks or financial institutions.
But before applying for a loan, make sure that you have enough collateral. In case you do not have any assets to offer as security then you can take the help of personal loans. These loans are easy to avail and they come in handy in emergency situations.
8. Get Clients for Your Promotional Product Selling Business
Creating a product catalog is absolutely necessary if you want to sell promotional products. You can either mail out some details and ask for an appointment or call them directly. Having a website nowadays is a must.
Sales and marketing skills are important for becoming a successful consultant. You will need to listen carefully to your various customers and respond appropriately.
Being a trusted adviser to your customers is one of the most important things when starting up any kind of online marketing company.
A reference is an important part of any communication. When you communicate with your client, try not to make them feel like they’re being talked down to. Always remember that you’re trying to help them reach their goals.
If you’re giving out promotional items, then you should consider what type of person they appeal to. For example, if you’re giving out pens, then you’ll probably get a lot of people who work in offices. However, if you’re giving away t-shirts, then you might attract a younger crowd.
One thing that can help you decide what kind of promotional item to give out is to think about where you plan to sell these promotional items. Will you be selling them online? Or do you plan to take them to trade shows?
Once you’ve decided what kind of promotional item you’d like to give out, you can start thinking about how you would go about doing so.
You may like to read: How to Start a Successful B2B Business: 20+ B2B Business Ideas
