THE REAL FACTS OF LIFE ABOUT FINDING THE RIGHT PRODUCT TO IMPORT
c2004 by Dennis Hessler
Importing needs a good PR man. It has a bad reputation.
Do you doubt this? What do you think of when someone says the word "Imports?"
You probably think of the small items found in cheap gift shops or poor quality tools and toys being hawked by the hundreds--maybe thousands--of marketers both on and offline. It doesn't sound like a field you'd want to be involved in.
But that's not importing--at least not the kind of importing I'm talking about. People in those fields seldom generate any real profits and many end up losing a whole lot of money. Fortunately, there's another way.
In many of my books and videos, I talk about how to be a successful exporter and it may surprise you to hear that the secret to success in importing is the same as success in exporting. That secret is FOCUSING ON A SPECIALIZED AREA AND TAKING ADVANTAGE OF YOUR EDGE.
How do you do this? You can start by forgetting about importing bobble-headed dolls or crude oil (the other end of the import spectrum) and instead begin looking a lot closer to home.
Do you work as a carpenter, for example? What are the tools and consumables you use every day (and preferably, use up every day) that could be imported? Now you're not following the crowd. You're looking at potential imports that you know have real value. Start writing down the names of these products.
Okay, let's get smart about your product line. This is the part that most new traders (importers and exporters) overlook. But it can be one of the most important steps you'll take. Folks, you gotta do a little work.
I read a sales letter today at a business opportunity website promoting a path to easy riches. This particular letter said all you needed to make your fortune as an exporter was to mail out a series of letters. Maybe someone has made a fortune doing this, but I've never met him. Anyway--here's my rant: If you're serious about making money as a global trader or in any business, you're going to have to do some work. You may hope there's an easy way to rake in the cash, but it simply ain't true in this business. Look forward to the work. Enjoy the work. But DO the work.
Okay. Rant over.
So now you've identified a list of products with which you're familiar. Now begin researching how much these products cost. The easiest way to do this is to simply check with someone who buys these products although you can also get some catalogs and review prices there.
You'll find something interesting happens when you do this. Not only will you learn product prices but you'll start getting smarter about the products themselves. You'll learn differences in quality and features. You'll slowly become someone who's not simply another joe-blow-off-the street, but a person familiar with the use and specifications of the product line.
By the time you're finished, you'll have a listing of products with which you're familiar and some idea of prices for those products. Now you're ready to do the easier part of the importing transaction--identifying suppliers.
Most new importers look for suppliers first but that can be a big mistake. You, on the other hand, have a product you know is in demand and you also have a pretty good idea what it should cost. You're not hoping a tourist will buy your butterflies-in-glass collection. You have a potential buyer or market because you've done your research.
Dennis Hessler is an international trade consultant and publisher who runs his own home-based trade and information company, Spyglass Point Productions. You can learn more about Dennis' international trade information products including how-to books, videos, software, newsletter and consulting services by contacting him directly or visiting his website.
Dennis Hessler Spyglass Point Productions PO Box 13141 Pensacola, FL 32591 U.S.A. Phone: 850-438-5527 http://www.spyglasspoint.com dennis@spyglasspoint.com
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