The hours of operations should reflect what kind of business you have along with the business strategy you are using. The open hours will vary depending on if you’re a big time seller specializing in kilos or if you’re a small time dealer selling grams.
It is true that the longer you are open, the more business you will get, but we must always be aware of the risks. The risks that the wholesalers face is much more than what the retailers face. The wholesalers have a lot to lose because if they get caught or robbed, they will automatically lose $35,000+ right there. Plus, the jail time on the possession of multiple kilos carries a much stiffer sentence than that of possessing an ounce.
Judging by this, the wholesalers have decided to go with limiting their hours of operations and to limit the amount of orders they take. They may even expedite the work to other dealers so that they can avoid the risk. If we are wholesalers, we like to deal in the morning. The hours of operations will be 10am-12pm, only 2 hours per day. If the customer’s can’t fit that time, we let them beat it.
If wholesalers want to reduce their risk even more, we get intermediary dealers and set them up with our deals. These dealers will buy the product from us at our set times and sell to our customers. They keep the profit.
If we are retailers, we would want to do research on the competition to see their opening hours. We will want to remain as competitive as possible with them within the bounds of our risk. In order to do this, we must research the characteristics of the area. So if the area is a quiet one and there are rarely any cars running after 10pm, we would want to shut down around 9pm. We also determine our times according to how aggressive the police are. If the police are very aggressive, we like to shut down our operations before the sun sets.
As you can see, the opening and closing times between the wholesalers and retailers differ quite greatly. The amount of risk involved reflects on the hours of operations. Now we would like to focus on the hours of operations which reflect on the business strategy.
When you are just starting out, you will want to be more available so that you get more customers so your opening times will generally be longer. During this stage, you are more about customer acquisition and don’t care about the risk. But as your business gets stable, you will want to set your own hours so that your customers can follow.
If you are doing international business, you need to be aware of the time zones. If you have a client in Asia, their morning times will be your night time. We recommend setting a time to communicate so that you can negotiate the terms of the deal in one shot. The last thing we want is for the conversation to drag on for days. Our goal is to wrap up the deal within the hour.
And on one final note, when you promise that you are open certain hours, keep that promise. The more reliable you are, the more people will come. This is business and the customers want reliability in what to expect. If you close at 2am, leave your phones open until 2am. That is all.