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Business founders/entrepreneurs

New boutique - paying suppliers?

2 replies

Pinkcadillac · 09/05/2022 17:55

I have inherited some money and I am considering opening my own business - a shop selling clothes and accessories that I would -at least initially- source from UK suppliers.
I have already researched potential suppliers but before I approach them I'd like some input as to what are the most common business terms. I have emailed a couple of trade associations but they haven't replied. Would the suppliers want full payment when placing the order? or a % of the order value upfront and the remaining 30 days after delivery? Can I set my own terms?
If anyone can help, I'd be very grateful.

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DelilahBucket · 13/05/2022 21:10

As a new business you will be required to pay upfront. You will not get any kind of credit account, you will be put on proforma.

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ChatterMonkey · 13/05/2022 21:13

Especially as an independent new business, you have to pay for the goods in full that you buy.

Think about it from the suppliers point of view, what would be in it for them to give you stuff on the cheap, with no guarantee that you will sell it, and no guarantee that you'll be able to pay for it...

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