CONSIGNMENTS

What is a consignment?
A consignment basically means we borrow goods from suppliers and sell it on their behalf.

What is there for us to earn in this case?
From the sales, we take a commission and the rest of the money goes back to the supplier. Excess goods will also be returned to them.

How much commission?
It depends on the terms set by the supplier. My job is to provide you with leads but I want you to meet up with the suppliers, negotiate with them, and go through the real life processes in running a business.

Advantages of consignment
1. We don't have to spend too much on purchases.
2. We don't have to risk unsold stock.
3. It sounds so cool to have goods on consignment. Imaging telling the customers 'Our goods are directly supplied by 77th Street or Converse or Nike... blah blah' rather than 'We bought our goods with our own money from the pasar malam and are reselling them for a profit!'

Disadvantages
1. WE GOTTA ACT FAST! Nobody will consign goods to you just a day before the event! We probably have to visit them a few times for negotiations!
2. I can't think of any other disadvantages, except that we must take extra care with goods consigned... if they get damaged or stolen, we gotta buy them up!


There are many businesses out there which are willing to support students in such events. But first, I need you to tell me which are the products you are interested in so I can try to sound them out!

With the exception of Nikita's group, the rest of you have been sitting too long on your bums! It's time to get moving and update Mrs Koh or me on what you have done so far!