Life itself is only a vision – a dream…RSS
It doesn’t really matter what distribution channel you’re working with, there are a couple of things that you have to watch out for in a source, like credibility, great after-sales service, consistency, and competitive pricing structures. On the other hand, it’s also going to depend on how intricate your distribution channel is — living in the middle of a country, in the middle of nowhere – since there are finer details that you have to remember when you’re structuring your business and who you’re going to be getting your goods from.
Take the time to really think about these tips if you’re a new guy or gal looking to start their own thing on the side or to even make it a lifelong hobby.
The wholesale industry is filled with an endless supply of benefits in many aspects. You have a bunch of activities that provide much more than just mere financial gains. The first thing I’m going to say is that you’ll be leading the innovation front with the latest technology and trends. As you continue to work in, nay, with the forum, you’ll start to see that a large number of people gather around the same posts, where you can market your goods and learn about new ways to manage your orders, and at the same time greatly increasing your experience.
Have you heard about shelf pulls? Well they’re goods that have been showcased in the aisles of big name retailers, and when the models season is over it’s liquidated or when the retailer needs to open up their storage facilities for new inventory. Lots of shelf pulls have been known to include new stuff, trial testers or even opened samples.
Even though the majority of the goods are in great condition, you might come across one or a bunch of the following traits:
As you’re surfing the world wide webs for wholesale articles or forums, you’ve probably read something about staying away from brokers or other middlemen and women, for the simple reason that they’ll eat up your profit margins. My advice will open up your mind to the hidden possibilities because it’s fairly obvious that the need for middlemen and women in any trade will slice up the profit pie among everyone involved. As a final outcome of this process, retailers are left with the task of scraping by with as much as they can produce. In even simpler terms, the more you work directly with the manufacturer, the more profits you’ll reap in the end. The thing about it is that the manufacturer, who’s making product in massive quantities, will be iffy selling humble quantities to an unknown name, and most have already signed up distributors and/or wholesalers to manage those type of sales.
Now that you’ve finally decided to supply merchandise to retailers or consumers, you’ll be a part of a neat game that you can treat as a hobby or as a lifelong career depending on how you look at it. The wholesale game is in full effect in today’s digital age as the demand for wholesale goods increases at a healthy rate. You have countless opportunities at the ready with a couple of clicks by managing every process of the supply chain from the comfort of your own chair. Even though you have to share a piece of the pie with others, you can still jump on the chance to build a great distribution channel and put a shiny new quarter in your pocket as well.
Now that people are embracing all the latest technological advancements, they’re also fighting off the lack of cash flow. A few years ago cash had power, and everybody and their grandmothers could buy what he or she needed in his or her life. But nowadays money of the past has fizzled down thanks to the complicated mess called this economy. People are having a hard time meeting the basic standards of living, and many other day-to-day things that never really mattered before. In spite of that fact, businesses are drawing up new ways to keep them relevant in the daily lives of the people who are struggling to get by so that they can still meet the demand, despite such dismal budgets. Import/export is probably one of the many ways that’ll help steer everybody towards a global solution by working a plan that is the most cost-effective. This is why it’s believed to be a solid trade amongst the people. Here I’ll briefly cover how import/export will bring back the light into people’s lives, and why it’s such a good business to build a foundation from.
We all know that it’s not an easy walking on a path of business without striving through hardships and unexpected obstacles in our lives. Every industry is besting tested for resiliency on top of the preexisting conditions that are unique to their situation. Being a wholesaler also has its own trials and tribulations in an industry with high risk for the budding entrepreneur. So no matter what business you have to run, you have to be fully aware of what’s going on around you. What do you think is the hardest thing facing the wholesale industry in general? Well let’s take a look see on a few of them…
By working with WholesaleForum, you have a number of added benefits that’ll open up new doors for you that you never knew existed six months ago. The very first thing you’ll realize is that you’ll be right at the tip of the latest trends that are going on in whatever industry you specialize in. Just like any other marketplace, a bunch of minds will gather at the same spot, discussing new ways to price their goods, how to properly handle their shipping methods, storage methods, etc., which can be easily implemented into the way you conduct business thanks to the feedback you’ll receive from like-minded individuals in the know.
So you’re finally thinking about starting an import and export business? Thanks to the power of technology, starting your own trade business is a simple and straightforward. Here are some tips to help you make it happen.
It’s all in a name
Without your own company website or at least a blog, you don’t have a way to network in the trade world. Get used to one platform that allows you to increase your online presence and further your reach beyond what is expected. The point is to keep the flow of communication coming, sell goods and grow your audience to bring in more business for your trade company.
So you think you have great product idea? Well prepare yourself to experience the sourcing and importing part of the journey. The goal of importing is to increase your supplier network, find the lowest price and build your profits; every part is a piece of global puzzle to become the man in the marketplace. Keep reading to paint a clearer picture in your mind about the entire process.
Buy as low as you can go
Spot the products you’d like to import from China. After that, click on through to one the reputable import directories on the web, send a message their way covering what you’re interested in, and begin the adventure of working with Chinese exporters.
See if they’re either manufacturers or third-party enterprise. Chinese manufacturers will be more diligent in the development stage, but third-party intermediaries will have a knack for ordering a wide range of products. Always ask them how long they’ve been manufacturing/exporting, which trade shows they regularly attend and big names they’ve worked with before. Talk to their previous customers to see if they’re more than happy with that supplier’s overall quality and customer service.
Importing from abroad has a lot of added benefits, including the humble prices, a greater resource pool and a quick turnaround time. This post will show you some of the tricks of the trade to paint a clearer picture of sourcing in general. But first, it’s vital to know what sourcing is all about.
Well, what is sourcing?
Sourcing is just importing goods and services from the global marketplace across a wide range of cultures and boundaries. Its goal is to refine the delivery of goods and services. This includes cost-effective labor, access to raw materials and other economic perks like tax incentives and getting around trade tariffs.
The idea behind sourcing is to find superb supplier from abroad, offering high quality and such a low cost.
What makes you happy? What are you most grateful for in your life? It’s creating something of value that humanity demands. It’s finding the next trend, setting yourself up to ride the coming wave, and enjoying the experience of it all. It’s about learning about your passion on a higher level. But you should always stick to these two cardinal rules when deciding which product to import:
Now let’s take it one step further…
Why aren’t more people actively continuing lifelong careers in the import and export business? Maybe they’re not born with the much-needed vision to make it work in the long haul? Maybe they lack motivation? Maybe they don’t see the point of it in general? Or maybe they’re held hostage by their own fears…
Reasons for change (ahem!), trade
Picture selling a shipment of shirts in the USA at $8 a pop that originally cost $0.50 (depending on supplier/order size/transport costs) to make in Vietnam – and all you have to do is seal the deal with your American buyer. Sounds easy, right? Well, it is.
If you answered a call from abroad asking for a price quote for two million pieces of X product, wouldn’t you jump on the opportunity? I know I would. What about you?
As the import and export universe continues to grow, you’re going to have to find unique ways to feel out the world across all cultural differences. It’s not just about the different lifestyles we all live, it’s about a philosophy, a mindset. This post, which I have been thinking about lately, includes certain insights that will change you as a person – your belief system, and the building blocks of your import/export career.
To have balls, you have to put yourself in the middle of the action, either by your own choosing or out of something that just happens, and fight through it. This is the one thing to remember since a couple of situations are either success or failure, win or lose.
For small businesses of any type, the rising opportunities in China are enormous. However, for most with little to no resources, breaking into that market can be daunting task for the less experienced entrepreneur. That’s especially true when you’re negotiating your way up the top with potential partners or suppliers, due to the cultural differences and language barriers. It’s a different ball game when it comes to negotiating in your favor.
Here’s what you must do:
Hire a skilled interpreter
So you’re thinking about becoming a customs broker? Huh? Have you lost your mind? Do you even know what a customs broker does? Well, keep on reading.
To begin with, you’ll have a hard time giving yourself a title. Your license might state you as one thing, but the proper regulations will state you as another. You could just shorten it by simply saying you’re in the import/export business, but that’s giving off a broad impression and implying you’re some international drug dealer. It’s the same song, just a different dance.
The average response time from a manufacturer in China is a couple of days. You should never come to a final decision based on a single quote. Try to get in contact with as many factories as you can. Don’t get your hopes up too soon. Create profiles for each factory you’re considering. How long did it take to find them? What was the average response time? Did they offer quotes with highly detailed reports? Were they open to each question?
You should only go into business with a manufacturer until you have built a relationship with them. Look into their background online. Browse through online forums and search for individual comments about their name. Google them and see what pops up.
Samples are generally free, but you should give the manufacturer your shipping account. Always ask for pictures before they ship anything. Shipping, even a couple of samples, can average about $50.00. One sample order here, another there, it quickly adds up. Make sure you know what you’re looking for.
If you’re requesting samples for a new product you’re designing, expect to pay for tooling and other labor fees. I suggest you obtain several quotes from a bunch of factories, that way you, and your business has a better feel about the whole process. Depending on the complexity of your product design, tooling can cost hundreds or thousands of dollars. Before you pay for anything, make sure the manufacturer understands what you want and the type of material you requested.
Always ask your contact to take a picture of the sample next to a ruler, so you have a reference point to base your idea off of. Remember, the Chinese use the metric system, but they are used to working with American standards of measurement, and they can work in inches. If they prefer to work only in metric, there are thousands of online tools that easily convert metric to inches.
One more thing, ask for the FOB price before you have your sample shipped. If the price is beyond your budget, what’s the point in ordering a sample? Most people get excited over a sample order that they don’t even negotiate a fair price. The price will always decrease as the order increases. Your contact will always want you to buy more than you actually need. Be strong, and let them know that this will be your first order, but the next order will be larger.
As you continue to contact with manufacturers, you’re going to experience their reaction to your requests. It’s always a good sign when they respond right away. Jot down notes to see if they pay attention to the finer details of your order. Are they attentive? Do you have to explain everything over and over again? Are they easy to talk to?
If your own personal experience is less than desirable in the first stages, you should keep on trucking. You’ll probably lose a few hundred dollars, but at least you’ve avoided losing thousands of dollars.
After you have received your sample order, and you are ready to place another order, be ready to wire them a deposit. The opening transfer is a third of the total order. To lower your risk, try to talk them down into accepting the humblest amount possible. Wiring money also comes with some risk.
Whenever I talk about importing from China and other Asian countries I tend to get some varied responses. There are the hardcore “I only buy made in America” patriots. Surely this is respectable to see things this way, on the other hand, it is an idea based from the industrial age of thinking. Nowadays, we are a part of a world economy, and in this world we have to fight even harder to claim our piece of the pie than ever before. The days of when importing was a risky move, it’s now an essential way of managing costs. But even if you talk about the idea of something being made in China, people still get all emotional about it, but why?
I decided one day to find out how some sellers on eBay are able to source products at such a low price. I remember thinking, “Where in the hell do these guys get their stuff?” The straightforward answer is overseas. But still, it took me half a year to understand the supply chain and how to become a part of it. I taught myself more than enough as I went through the whole process. Most of the stuff I learned the hard way, so I will try to keep it simple as I explain everything to you.
Do you ever wonder about the bravery it takes to expand globally? Whenever you embark on your exporting adventures, you will probably think that you do not have a unique enough angle for the business world. You just probably want to do something awesome with your business and increase overall growth. You will most likely lose countless hours of sleep trying to ponder the thoughts on how to make it all the way. The puzzle of the game is to do it all on a shoestring budget while employing the brightest people and the best materials you can buy. Take a look at your past, see that there is a pattern within yourself that will help you come out a winner in the international marketplace.
What is a wholesale supplier? Why are they so important for profitable sales? These are highly critical questions and even more tips you must understand if you want to increase the chance of becoming successful in the long-term. Wholesale suppliers usually sell to small and medium businesses with low volumes or to individuals directly. In rare instances, you may have to go visit their showroom or warehouse to get the order yourself. Certain wholesale suppliers will also feed the demand when distributors or other resellers will not deal in such small quantities for a finicky type of business. Additionally, a few wholesale suppliers can even act as drop shippers, stocking the products and shipping them right to the businesses or as an alternative, straight to the consumer.