The process of importing goods from one country to sell in another may seem complicated and fraught with danger at first, it really isn’t that difficult. Once you get to know the ins and outs, and you can understand the potential pitfalls, it’s a business model that anyone can do. So, read on to discover the tips and tricks of starting an importing wholesale business.
In this guide, you will find out how you can start an importing wholesale business and what you need to do that will allow you to live the kind of lifestyle you have always wanted.
Starting an Importing Wholesale Business
There is an old Chinese saying, “A journey of a thousand miles begins with a single step”, and so it is with importing products from overseas. While it may seem overwhelming to begin with, with the right knowledge, you will end your journey successfully.
Why You Should Start an Import Wholesale Business
One of the great things about starting an importing wholesale business is that anyone can do it. You don’t need any special qualifications, and you don’t need an MBA from some top American University. You don’t even need an office as you can do this from your own home.
The only thing you need is to understand is how to mark up an item, so it makes a profit, where to find the items you want to sell, and how to import them from wholesale companies in China or any other country. And, most importantly, how to sell your products for a good profit.
In other words, the reason why you should import wholesale is that you can, there is money to be made, and all you need to do to start is take that first step.
What Products Should You Import?
The trick to making money from drop shipping is to import goods that are in high demand. There are hundreds of thousands of products that you can import, but to make money, you need to import goods from wholesale companies that are hard to find or even completely unavailable.
The other trick is to import something available locally, but look for wholesale companies that have the product cheaper than anyone else has found. Then you can list that product on eBay at a lower price than anyone else is listing it for and rake in the cash.
The tricky bit of all the above is to find a product that is in high demand. To do that you are going to keep your finger on the pulse of ’emerging trends’ and ‘niche markets’.
What many people get wrong is they think that popular means the items that are in the top 10 of searches on eBay. However, you shouldn’t be looking for items that are already in the top 10. The key to the entire thing is what I just mentioned: ’emerging trends’ and ‘niche markets’. So, let’s think about what I just said, popular is not about how many people are searching for a product at any given minute of the day.
You Don’t Need to Be Top 10
So, what should you be aiming for? Well, one of the top tips and tricks of importing from wholesale companies is that you don’t need to be aiming for the top 10. All you need to do is import goods that are relatively popular. If you can sell 100 items a day, your product is not going to be in the top 10. Your product probably won’t even be in the top 100, but who cares? You certainly won’t if you’re selling 100 widgets a day and making a tidy profit.
Let’s take a great example, which I hope will illustrate what I mean. Think about stamp collecting. Even though the use of stamps is decreasing (because of email, social media, and messaging apps), the hobby itself is as popular, if not more so than ever before. However, go onto eBay and see if stamp collecting or stamps are in the top 10. Almost certainly not, unless 1000s of people have been reading this article.
The Media Is Your Friend
So, ‘niche markets’ and ’emerging trends’ are what you need to put all your energy into. Moreover, to find these trends, you need to pay attention to what’s going on in the media. Listen to what’s being talked and written about online, in newspapers, and on TV.
Take a look at magazine topics, newspaper headlines, social media posts, new product releases, the latest in street fashion, and even oddball inventions. Knowing what’s going on in the media will give you clues to what are the next emerging market trends and popular niches, and knowing what’s happening will help you make right decisions about what to import.
Here are some of the top product categories to help you get a better idea of what to import from wholesale companies.
– Home décor
– Fashion accessories
– Key chains
– Gift boxes and greeting cards
– Men’s watches
– Hair accessories
– Mobile phones
– Pet supplies
Remember, you are searching for products in your specific niche that potential customers are searching for on eBay.
Where to Start and What to Avoid – Tips and Tricks of Importing Wholesale
We’re going to look at the tips and tricks of importing wholesale in more depth in a moment, but before that, let’s look at a couple of things that you need to remember right away.
First, you need to think about the cost of shipping your products. The real cost of your product to you is the price of the product plus the shipping cost. This is why it’s better to pick products that do not cost a lot to ship, which means something small and like.
Let’s see an example. If you buy something in China that costs $5, but it costs $10 to ship it from China to wherever then the cost to you is $15. Don’t pay more for postage than the price of the product itself. Moreover, if you have to send the product back and have to pay for the posting yourself, that’s going to be expensive.
Don’t Get Fooled by the Fakes
Secondly, we need to talk about branded goods, fakes, and China. The sad fact is that anything that is a branded product that is made in China will almost certainly be a fake. Even if they claim its a designer product, it’s almost certainly not.
Branded goods are made in Europe or America, where the quality can be assured. Louis Vuitton is not going to get its products made in China, no matter how much money they might be able to save. Also, if there are any goods leftover, most famous brands will destroy any surplus stocks.
Plus, the possibility of getting in trouble legally is a genuine prospect. Selling cheap knock-offs will almost certainly get you into trouble, and your online reputation will stink as well, so just say no. It’s much easier to sell a pair of cheap Bluetooth earbuds for a $20-dollar profit the risk the wrath of the authorities.
Tips and Tricks of Importing Wholesale in Five Steps
Now, we’re going to look at the top five tips and tricks of importing wholesale. As a quick side note, this is not going to be very in-depth. For much better guidance, check out SaleHoo’s Drop Shipping Membership Program.
1. Do Your Research
This is by far the most crucial step to drop shipping. If you make a mess of your research, and import goods that you can’t sell, you will lose money. Do it too often, and you’ll run out of money altogether. Be sure that you will be able to sell what you import.
2. Find Good Wholesale Companies
Next, make sure you find the best suppliers. Don’t rush this step. There are many fraudulent sites in China, so take as much time as you need to get this right. Even if it means you miss out on a popular product, don’t worry; there’ll be another popular product along soon. Look for as many reviews and as much feedback as you can. Remember, reviews can be fake too.
If you become a member of the SaleHoo Drop Shipping Membership Program, you’ll get access to over 8,000 of the world’s best suppliers. Why not take out the stress of finding honest suppliers by letting Salehoo do it for you?
3. Contact the Supplier
Get all the details and order a couple of samples to gauge what the products are like. Another trick is to get a couple of family members to order the product. See if what they get is of the same quality as you received.
Drop shippers will often use one product as a sample and a much lower quality product to send to customers. Test how the product does, and if you get some orders, you can safely increase your order.
4. Place an Order
Next, you need to place your bulk order, sort out freight, and pay for both of them. When first starting your importing wholesale business, making sure you speak to a certified customs broker is vital. You need to know that you have filled out all the forms correctly and all the I’s have been dotted and T’s crossed.
5. Receive the Goods
Finally, pay all the customs fee and get your items online. By the way, you may also want to check out private-label branding so that your logo is on the product. Good for extra marketing. Now you can start making money!
If you haven’t worked it out yet, the first two steps are by the most important. I can’t stress this enough – take your time and only make your move when you are 100% sure that you have got everything right. Trust me; there is nothing than being scammed. Well, nothing worse except going into debt because you have been scammed.
I know I’m going on about this, but I don’t care. You might have to do a few days of research, a week’s worth of research, or even two weeks of research. It doesn’t matter; you must be sure. Moreover, if after two weeks, you are still not 100% sure, then don’t do anything. Better to delay your success, than never make it.
What You Should Do Next
If you think that selling goods online is for you, start by doing the five steps above. Remember to take your time and don’t do anything until you’re sure you are doing it right. You should also check out SaleHoo’s Drop Shipping Membership Site. They have more tips and tricks of starting an importing wholesale business than you can shake a stick at.
If you’d like more information about SaleHoo, feel free to check out my SaleHoo Review.
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