Tuesday, 14 February 2017

77. Business Update Week 7

Having spotted an interesting article a while ago about a young entrepreneur having invested just a couple of bucks in some items that he found to have a large margin. The simple comparison between Chinese sales prices and sales prices at his end of the planet resulted in a flourishing business model. Now, for quite some time I have become an entrepreneurotic. Continuously looking for side hustle and making extra cash. That’s why I figured it is time to put some thoughts on paper on becoming a Reseller of imported goods.

Hey there! Glad you’re back, checking my blog for what else is new and on my mind! Being out on an adventure again, there is no such thing as quick money in the position of a reseller. The investigation (If you’re not entirely sure of WHAT you’re going to import) actually takes quite some time. What I think the main problem is: if you’re not entirely sure of a product, I believe the odds that all of the stock items get sold is practically nil.

Symplified, people have to

believe in a product before they’re buying OR
need a product before they’re buying.

Now, I found it is very hard to stroll along the asian boulevards of broken entrepreneurial dreams and figure out what product we believe in ourselves. Therefore, can’t we look from a different perspective and think of what people need?

Now, just as a test case I have been looking around at products that require only a very low investment. Very low in this case is under 0.50USD per single item. Another restriction is that the Mrs Dutch Lake house doesn’t like our Dutch Lake House to become a huge stockpile of different items for sale. So what we’re going to sell should preferably be limited in size. Or inflatable. See? There’s a workaround for everything!

Stepping back to what people might need. Might be, that the following questions help us to identify business:

What special crafts or niches am I involved in where people make use of what certain features? Where preferably, this feature is something that is consumed and should be replaced or refilled over time.

Now that we’ve established a small group of people around us who might be interested, just make sure that they’re interested in receiving your sample products. However, first make sure that the goods have arrived. Calling off promises is a no go when doing business, startup or established. the internet doesn't care about your company's age.

Ironically, the internet is your blessing and your curse.

The internet is a great tool to showcase your company as a well established brand, where in fact you're running your shop from your dad's toolshed.Who knows, and actually who cares? As long as you sell the right quality to the right price. But on the other hand, your main competition will also be located (or is likely to be located) on the internet! Love and hate.

Let me keep you updated on further progress whilst following this route of reselling products. If you have any advice, comments or otherwise: please do share your input.

Have a great day!