Hi there and welcome back to my video series talking about importing and how we’ve built a successful importing business for the past eight years. The reasons I’m making these videos is to just share our story and hopefully impart some of our learnings upon you if this is of interest to you.
So one of the other questions that we get asked a lot about importing is, well, I’ve done my market research. If I can find a gap in the market that I believe I can slide into, then how do I determine which product I should have manufactured and that product that is right for me?
That’s a very smart question. In fact, a really good question because it really is going to impact a lot of things.
Just say, for instance, you were interested in maybe the baby or the children’s marketplace, you determined that there was a gap in the market for say, children’s cots. That was of interest to you because maybe everybody loves babies. Most people have children or a lot of people have children, this is a really common product that people would go and research.
Well, if that was me, there’s a couple of questions that I would ask myself to determine if this product was going to be the right product, indeed, to import whether it was going to be imported into Australia, or America, or any other country, for that matter, and not forgetting the UK.
First of all, I would determine the size and weight of the product. Is it a product that I can handle? So does that mean I’m going to import it and put it in my garage and then post it out? Could I use a fulfilment company and their big companies that look after your products and ship them on your behalf?
How am I going to do this? Who’s actually going to ship that product for me? That’s probably the first thing I would determine.
The second thing is well, how much money is going to take to invest in a minimum order quantity? The thing is if you’re dealing with a manufacturer, a proper manufacturer that is, that there will be a more minimum order required to create a product from scratch.
You need to determine what investment you’d be comfortable with. Each and all of us have a level of risk tolerance. I would never suggest to anyone to go and invest a lot of money upfront.
If this is something that interests you and you just want to dip your toes in the water and test things out, then perhaps a smaller ticket item maybe the way to go first off. If you have a higher risk tolerance in business, then there’s nothing wrong with looking at products like that.
Also, depending on how big the item is. Well, are we talking about a 20 foot container, a 40 foot container, all these different things needs to be taken into account.
Then, you’ve got to make sure you get the samples and understand the requirements needed to import certain products. Are they into Australia? Into the UK or into America?
Each different country has different standards of requirements. There’s a little bit to think about.
I never let my business be ruled by my heart which is emotional. I always really use my head and ask myself… is this product something that interests me? Something I could become an expert in and understand exactly what it is I’m selling? Something that I can handle?
I need to get a sample and make sure it’s what I want? Mainly, can I afford to invest the minimum order quantity because in fact, there are millions and millions of amazing products out there that you can have manufactured and imported that are starting at much, much lower costs.
There’s quite a bit to think about and when we first got started, we did go big right from the beginning, however, I’m not suggesting anyone does that. Really think this out. Plan it out and the most important thing for you to do is start with the end in mind and work the business backwards.
By that I mean, what is your outcomes and what do you want this all to look like once it is up and running?
I look forward to seeing you in an upcoming video by talking about importing because it’s one of my very favorite subjects. I hope you take something from this and learn. Learn from our successes and learn from our mistakes.
Until next time, have a fantastic week and I’ll see you soon. Bye for now.