The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Sourcing Goods For Import Business
The import business is one of the thriving sectors in the global economy these days. That’s why more and more people are moving their investment into this sector, while some have even established their own import business to leverage the benefits of the growing international trade today.
However, running an import business is not a piece of cake either. Aside from having sufficient technical know-how about importing, and an expert and reliable logistics provider, another key aspect of running an efficient importation business is strategically sourcing the import goods that one wants to sell or use in their production.
To help on this read, here are the key takeaways from the infographic below from Excelsior Philippines, which discuss six steps to follow to successfully source goods for your import business.
- Know what product you want to sell.
To know the kind of goods that are in demand in the market, you should conduct a research about the local trends.
- Choose your supplier.
The type of import business you will establish has a direct correlation on the type of supplier that is most efficient for you to use.
- Search for sources online.
Consulting established resources online, or conducting a simple search on Google can help you find reliable suppliers around the world
- Conduct a personal research about the supplier.
Once you 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.
- Negotiate with the supplier.
Negotiating with the supplier may lower the cost of your import goods significantly.
- Establish a good relationship with the supplier.
Your suppliers are essential to your business’s growth and success, so make sure to value them in your business.
Check out the infographic below to learn more.
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