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  • #982807
    hyp121
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    I am planning on starting an importing business(I received the first order from a friend, but I don’t consider it as a real deal and he as a real customer). As I am a new starter, I do not have enough $$ to stock different model of products.. how do I manage my stock level? It would usually take about 30 days to have the products delivered from overseas, I don’t think I can take the order from customers and tell them to wait 30 days.. how do people start an importing business? Focusing on only few products at the beginning stage?

    #1138989
    RobynLee
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    how do people start an importing business? Focusing on only few products at the beginning stage?

    Hi hyp121,

    I think everyone probably has tried different things when starting out, so what worked for me may not necessarily fit what you are trying.

    I started off selling items that I could import quickly and cheaply, (tea–very lightweight to ship) so I had something to start off with while waiting for other items to arrive.

    I tried to have enough variety that my online store didn’t look too sparse and then gradually added more as finances permitted. I also order quite a few sample products whenever I’m importing something — they are sent along with my order, and I put them up online right away to see if they generate much interest. This way I can have quite a variety of items, test the market as far as sales go, without making a major investment into something I “think” will sell well (but doesn’t).

    The key for me is making sure I keep on top of my stock, once it arrives, so I do not run out of any item.

    #1138990
    LucasArthur
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    Hi Hyp

    Tend to agree Robyn’ comments.. what works for one doesnt mean will work for another… Although without know what you are importing (size, $$, method of shipping etc) it is difficult to assess completely.

    What ever the success is it will come down to several areas, i believe, being:
    1. What product YOU WANT or BELIEVE WILL SUCCEED (this should be your business plan or motivation for what you are about to do and create a core range with stock on hand

    2. Test the market with 1 or 2 additional lines/variations as you place a new order for your core range and assess the interest generated.

    3. track your web site.. see what key words are bringing people to your site, maybe even have a register on your site like a poll or suggestion of products you are considering bringing in simply asking your visitors ‘what they would like to see’..

    4. Forecasting, dont get your stock levels wrong… or try not to.. what i mean is always manage your core range with enough levels for 2 order cycles (you say 30 days so stock for 60 days at a minimum)…

    5. Asses the viability of holding stock, as sometimes it takes a big commitment (depending on items value etc) to commence any import business… Be comfortable in what you are about to undertake..

    Would love to hear how you go, what you develop and about your future journey.. Keep us advised..

    Cheers
    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1138991
    LucasArthur
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    hyp121, post: 158508 wrote:
    I received the first order from a friend, but I don’t consider it as a real deal and he as a real customer

    Allow me to say. CONGRATULATIONS.. any sale is a sale, if they are paying for the items if they are a friend or not it is still a sale.. CONGRATS… in fact, it may be your network of friends that helps you to become successful in what you are undertaking..

    Cheers
    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1138992
    hyp121
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    Thanks guys, some really good inputs and ideas, much appreciated.
    all the suppliers i have contacted are looking for 5000 MOQ.. I can afford 1 or 2 product orders but nothing more…
    Are suppliers really looking for that quantity? or just trying to fool me because i am a newbie to importing..

    #1138993
    LucasArthur
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    Hyp,,

    Again it is really hard to say without knowing your product… If your doing mobile phone stuff, ipads etc etc or smaller clothing lines (accessories) the demands on some MOQ’s can be high..

    If you have met with your suppliers (face to face) and built a relationship they can on occasions allow smaller sample orders and the likes. This can, however, take some serious navigating and emails and chats etc etc…

    Ask about samples, ask about smaller ‘sample orders’ etc.. play them off against other similar suppliers (if you can) and say ‘but i can get xxx from other supplier…’

    Good luck

    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1138994
    RobynLee
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    hyp121, post: 158728 wrote:
    all the suppliers i have contacted are looking for 5000 MOQ.. I can afford 1 or 2 product orders but nothing more…
    Are suppliers really looking for that quantity? or just trying to fool me because i am a newbie to importing..

    As Jason said, it does depend on your product but I have usually found it possible to re-negotiate minimum orders even with small or cheaper items. If dealing directly with a factory, they may not be willing to lower their MOQ much, but you can often find a trading company dealing with the same items willing to sell smaller quantities.

    #1138995
    hyp121
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    Thanks guys, I will re-negotiate will with them and see how it goes.

    My first order for friend was USB disk, I am planning on some small technology products and phone accessories.

    #1138996
    LucasArthur
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    Hey Hyp

    Good luck, its an interesting journey ahead of you..

    Those types of items, if dealing with manufacturer, always tend to have high MOQ.. its all based on volume, value etc… Not sure if you have done USB before, just be cautious.. ensure you have checked, double checked and quadruple checked as this is an area that can be undermined by some international sellers… meaning, you have a higher than normal chance of getting ripped off..

    Not trying to scare you, just advising to be cautious..

    Good luck,, keep us informed.

    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1138997
    Cat – GLC
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    Dear Hyp,

    Also be cautious and ask about what quality USB they are providing you with. You may find that they have A, B, C and D quality which all vary in price (and ability to work).

    Cheers

    Cat :)

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