How do I become a trade buyer?

karl_cajones · 12-11-2005, 09:22 PM

Hi guys, how do i become a trade buyer?

Im looking to set up a market stall by the end of january and looking around websites for wholesalers who have warehouses. this is so i can do the transaction in person rather than doing it over the phone or internet because im just starting and dont want to be scammed *who would!

the thing is, some of these places only ask for trade buyers and i dont have the slightest idea on how to be one or go about it.

any information and advice would be great, thanks and i look forward to hearing some of your replies.

kind regards, karl.

guru4us · 13-11-2005, 01:43 AM

its a paradox, but i think u might need a VAT number to be a trade buyer..then again, u dont need VAT registration until u earn over a certain amount
u also probably need to be a registered business

**Anthony** · 13-11-2005, 02:25 AM

The classification of "trade" is a tricky one..

Some companies will accept you as "trade" by word of mouth, but other demand legal entitys ect ect..

The best way, and currently the way I am registered, is just to register yourself as a sole trader and get the relevant business bank account ect..

That should do the trick and then you can classify yourself as "trade"..

Hope this helps,

Anthony

karl_cajones · 13-11-2005, 10:51 PM

thanks for your replies

do i have to spend any money in doing this? i mean, im a student and have 2 friends who just want to set up a market stall on a sunday in 1 area, then if that goes well we also have a contact to set up another stall nearer where we live on a saturday so its just a weekend business to help us get through our years at uni and get some experience of running a real life project. i doubt well be earning four figure sums in a week for the moment but thats not to say that we wont find ways of doing this within time.

how much does our income have to be in order to be classified as 'trade' and how much do we need or what bank would give us advice on setting up a business account.

will i fall into the bracket where i would have to be VAT registered and what information can i get about being a sole trader?

id be very grateful for your help......again and advice but if you dont have the time, just give me some referances to read myself. ive already googled and searched but havent found anything directly relevant for what i want to know.

thanks again guys.

**Anthony** · 14-11-2005, 12:50 AM

You can get a business bank account when ever you like, as long as you have a decent business plan and clear objectives that the bank can accept.

For instance, when I went in to get mine, which was forced on me because there was apparently "too" much money going through my business account they simply just wanted to know about my business and how much I would be turning over ect ect..

Anthony

karl_cajones · 14-11-2005, 01:13 AM

thanks, ill ask the bank sometime this week. still trying to find myself some wholesalers, ive got quite a list now and ill post them up on the forum soon to see if some of guys would recommend dealing with them or not. (of course, ill do a search on them so that the ones i post havent been discussed before). also trying to get some contacts from philippines, authentic stuff only as my uncle has a big rice business over there.

thanks again for your time.

**Anthony** · 14-11-2005, 01:19 AM

Sounds good Karl,

Looks like you are a quite a postive and keen person, which is exactly the sort of attitude needed to be succesful..

Let us know if you need any help on the way..

Anthony

karl_cajones · 14-11-2005, 02:35 PM

thanks anthony.

what ive done now is made a hierarchy chart on what i need to consider. at the top is my stall/business outlet :P. then there are categories going off it.

first is business bank account, off that is, business account, declaring possible turnover, how i would fund, my partner/s.

then ive got law. from there i have tax, vat registered, insurance, health and safety, paperwork for the products i sell branched off it such as authenticity, vat, pricing etc.

than have registration as a trader or sole trader and thats it so far.
also have competition in the area as a concern so need to check out the location i want to set my stall up in.

what else would i need to consider, im going to the library today after uni to look up business plans and ideas.

i mean, to be honest, im not really looking to start this until end of jan as i have coursework and exams to revise for but there no harm in getting prepared for them is there?

thanks again for your replies, really appreciate it.

jesterferian · 14-11-2005, 03:46 PM

Theres a program called Business Plan Pro 2005 I used it to do my business plan and it looked amazing. But I did a business course (for free of course) with my local Enterprise Agency and got help with all other aspects to setting up a business including funding, grants etc. I am sure that there will be something like this in your area and it only takes 2 nights a week for about 6 weeks.