One of the keys to a successful import business is knowing the right products to source from the right foreign suppliers. While it is equally important to have a sufficient knowledge about importing, as well as to have a reliable and trustworthy freight forwarder, having the right products to sell or use in manufacturing has a more direct impact on the success of an import business.
Here are the key takeaways from the infographic below from Excelsior Philippines, which discuss six tips on sourcing goods for your import business.
1. Know what product you want to sell.
To know what types of products are hot in the market, you need to observe what’s trending. When planning to open a brick and mortar store in your city, you should conduct a research about the local trends. If it’s an online store you want to establish, you may want to expand your product line as your market reach is not as limited to your local area.
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2. Choose your supplier.
Depending on what type of importing business you are planning to open you will need to decide on the kind of supplier you want to use. The types of supplier include but not limited to manufacturer, distributors, drop shippers, and liquidators.
3. Search for sources online.
A simple search on the internet can help you find reliable suppliers around the world. Just make sure that they have a website so you can conduct further research when you need to.
4. Conduct a personal research about the supplier.
When you finally found a supplier for your product, don’t forget to conduct an extensive research about them. Research about their products, services, and testimonials from their past and current clients.
5. Negotiate with the supplier.
Negotiating with the supplier – which largely depends on the quantity of your order – may lower the cost of your import goods significantly.
6. Establish a good relationship with the supplier.
Your suppliers are essential to your business’s growth and success, so regardless of the size of your company, make sure to value them in your business. To learn more, check out the infographic below.
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