Think like a wholesaler

Supply to as many as you can

Want to get stupidly rich? Then think wholesale not retail.

I don’t mean that you actually have to set up a wholesaler, just take the mentality.

Have a product and sell it to as many people as you can with a small margin.

By having a small margin – you product is more competitive and more attractive to more customers.

As your customer base grows, your brand grows and you will naturally attract more customers.

By having a product that reaches as broad a client base as possible then you maximise your chances of a sale, and you also minimise the effects of losing a single client.

And yes, this advice does go against the advice that is commonly given about finding an niche and becoming the best at it. While there are some good examples of that, most of the time going for high volume markets is a better choice.

The sticky bit for this model is that you need to have a good amount of working capital upfront to allow you to charge the lower margins from the beginning. Also, your suppliers will give discounts with volumes too, so your costs could go down over time on this basis.

There’s good money in thinking like a wholesaler.