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6 Must-Haves For Warehouse Businesses
If you have an idea about starting a warehouse business, there are a lot of things you will need to get started. There is a lot of opportunity in this area, but you have to be prepared if you want to take advantage. Here's how to get started.
You must have a plan of action before starting a warehouse business. You can't be a jack-of-all-trades in this line of work, and you will need to work out what sort of commercial product you will be stocking. Each will require a different approach to your setup. For example, a frozen food warehouse will have different needs to a warehouse storing electronic goods.
A good place to start looking for customers is in your local trade directory. You should look for small businesses that want to expand. They might have problems storing everything they need on their premises, and the start-up costs of opening your own warehouse are just too great for them to consider. Think about book distributors or small crafts businesses. Getting customers should be on the very first page of your marketing plan.
You will need to invest heavily in equipment, depending on the size of your operation. Forklift trucks, storage units, industrial shelving and some sort of stock control system will be essential to any warehouse. Then you need to think about your specialism. You might need freezer units, for example. Or if you are storing electronics or wood products, you may need some kind of moisture control. As you can imagine, these costs can rack up.
You will need to apply for licenses for anything that needs them in your warehouse. You'll need one for the fork lift trucks, and if you are storing food. Check you local legal requirements to make sure you comply with them.
Hiring staff will depend on what you are doing. If you are moving things around through distribution, it is advisable to get a logistics expert. Every warehouse will need a stock controller to run the warehouse. You will also need assistants who are capable of lifting heavy things.
Money is going to be important to start a warehouse business. You’ll need anywhere between $15,000 to $60,000 to get off the ground in a good position, and perhaps even more. You could fund this yourself or go to the bank for help.
You will need a well-developed business plan and enough customers ready to use you if you are going to get a loan. You could also seek private investment. Maybe a relative with savings would like to go into business with you. Or perhaps you can persuade an investor to help. Whatever you choose, funding is going to be the issue that makes or breaks starting your warehouse business.
These are our ideas for starting a warehouse business. There are others, of course, but if you have everything here covered it will put you in good stead. There will be much more planning ahead, but it really is a fantastic business to be involved in, with excellent opportunities.