Buyer’s Information Service
- Start-up cost: RM3,000- RM6,000
- Potential earnings: RM30,000- RM50,000
- Typical fees: RM25 and up
- Advertising: Trade journals, local and national business periodicals, Yellow Pages, memberships in business associations and community groups, networking, referrals
- Qualifications: understanding of and experience in the purchasing world
- Equipment needed: Office furniture, computer, high-speed modem, fax, printer, cellular phone, on-line accounts, business cards, letterhead, envelopes
- Staff required: Yes
- Handicapped opportunity: Yes
- Hidden costs: On-line account fees, utility costs
- Lowdown: A buyer’s information service does the legwork for overburdened purchasing departments. Researching the features and availability of new or unusual products, parts, or materials takes a great deal of time, experience, and persistence. Outsourcing this specialized work makes sense for many organizations, and your business supplies the need. You will probably specialize in a business type (electronics manufacturing, sports retail) or in a materials area (chemicals, lumber). Having an excellent network will enable you to gather the information your clients want quickly and thoroughly.
- Start-Up: Communications are vital; you’ll be on the phone a lot, and the Internet will supply much of the information you need (RM3,000 to start). Once you build your network, RM30,000 and up should be easily attained.
- Bottom-Line Advice: This business is a facet of the "information age." Yes, there’s lots of information available, but finding what is needed, when it’s needed, is possibly even more difficult than it was in the past. Sorting through the blizzard of product data, materials sources, prices, and requirements for the relevant facts is a real challenge. You’ll need to be very persistent, detail-oriented, and focused on your clients’ needs to make a success of this business. Once you become known as "the answer," you’ll have a steady stream of repeat business and referrals.
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