If you’ve decided to open a steel business but you don’t have any idea about how to get started, here is a complete guide and checklist to walk you through:
Steel is an essential metal that finds abundant application in many sectors such as construction, transport, energy, appliances etc.
Though there are tons of steel-related opportunities such as steel factory, steel fabrication etc you can choose from however here we will guide you about starting a business that involves giving a seamless experience to your local welders and fabricators by selling steel supplies such as angles, sheets, stripes, rods etc to them. Kick start your steel business with these 6 quick steps:
1. Write a business plan
Any business, whether big or small, needs to have a business plan, a roadmap that describes what and how you want to achieve your business objectives. If you need help in writing a business plan, feel free contacting us or you may seek the guidance of a local expert.
2. Secure documents
Fill all legal paperwork to get a business license and other mandatory permits by visiting to your city authority. Prior to filling forms, decide upon the legal structure whether sole proprietorship or partnership.
3. Choose a suitable location
Pick a location that is highly accessible and convenient for suppliers to deliver steel supplies as well as for your customers. Construct a tin shed in desirable dimensions for storing your supplies.
4. Compile your Investment
Decide upon the business size. Larger the size of your business, bigger the investment. If you can not afford the required investment, visit a local bank for a business loan or if there is any scheme provided by your local government, take advantage of it.
5. Procure steel supplies
Now you’ve got the budget decided, find reliable steel suppliers. Seek price quotations from suppliers through b2b platforms like Indiamart, Alibaba etc. Select one who offers maximum benefits and thereby procure required quantity of supplies.
6. Inaugurate a Meeting
Invite welders and fabricators for an inauguration meeting while sending invitation cards to them. Brief them about benefits of buying steel supplies from you. Handover your business cards to them while you end up the meeting.