Starting a warehouse business isn’t as in-demand as opening a fast-food restaurant franchise. But because more and more businesses set in, the need for warehouses increase, too. Home-based and online businesses would want to save on costs, so instead of putting up their own storage rooms, they rent spaces from warehouses.
When you see the opportunity to enter into this industry, here are 4 things to prepare before starting a warehouse business:
1. Information and background
Every businessman knows that the first step on entering the field is getting the right information about the business he’s about to get involved in. Get to know how much money you need to invest and allot for the warehouse. Research on the best locations where business would likely inquire on your services.
2. Funds
Another essential step in starting a business is gathering enough funds plus emergency money. Find ways on how you would finance your business such as applying for bank loans, getting investors, or using your own money.
3. Equipment and software
An effective and productive warehouse uses the necessary machines and system to make things run smoothly. Usual warehouse equipment and materials includes rolling ladders, carts, boxes, shelves or storage cabinets, pallet racks, and forklifts or hand trucks if needed. Aside from these, you should also familiarize yourself with the latest warehouse management systems available. A warehouse management software which could also double as an inventory system would be better to reduce the workload of the staff.
4. Employees
Before starting a warehouse business, you’ll be needing skilled workers who are knowledgeable on the field of work. You will need trustworthy and patient employees who would take care of your clients’ items. Also, they should be physically able to move around quickly and carefully because some items may be fragile, too heavy, or expensive.
To learn more about Starting a Warehouse and its Management, join Dr. Enrico Mina, Senior Lecturer and Director of Executive Master of Business Administration Program (EMBA) of Papua New Guinea University of Technology as he discusses on this topic on September 27, 2017 at the RCBC Plaza Makati.
For more information, visit this link.
