You could be a seller who has expertise in importing and selling particular category of products. Or you could be selling one type of product for quite some time you acquired from local sources and you want to widen you horizons by looking at other sources for the same product overseas like the Chinese wholesalers.
Since you already have the knowledge of a particular product you need to outsource and your search will be narrowed down. Your focus now is on finding a good supplier for that particular product and making deals with them. The most difficult part is on how to figure out on the best product that will give the maximum profit with lesser headache.
The key here, whatever your overall business plans, you must do in-depth market research before you pursue with the project. Business student should know that each investment deals with money and that money should not be available for anything else except for that business you have in mind. The same goes for you energy and time. You must plan ahead so that you will have time for your business and stay focus on it.
How to Find Products to Sell
Essentially, there are two approaches you have to take in looking for new ideas on the saleable items to sell.
Strategy 1: Always play it safe. Be aware on the current hottest product in the market and jump into it. Look for cheaper prices but better quality products. You must have a better market penetration and be able to compete with other businesses selling similar products.
Strategy 2: Get Ahead of the Market. Always look for something new and unique products but is not that popular yet. Though you must always research to gain knowledge and background of the product be sure that it has selling potential.
STRATEGY 1 – Play it Safe
The approach should involve searching good wholesale sources of the products. When the product is an established hot-item in the market, you will be confident that there is a product for the particular product.
- Easy to find wholesale suppliers.
- Easy to market. People already knew the products so there is no need for introduction.
- Popular products or the current hot-selling items could be selling at high prices which will give you a good profit margin.
- Most often hottest items belong to the branded products.
- If you can find your sources, this means that other can find the same. Lots of popular sellers are already selling the same products.
- Once you ride with the popularity of the product, there will come a time that everything will slow down. Since most often updates of products are regular, if you still have the products at hand, you will be selling an out of date and depreciated products
STRATEGY 2 – Get Ahead of the Market
You should always attend trade fairs and if possible travel overseas to discover products that have an obvious selling potential.
- Lesser competition to worry about.
- Novelty value and uniqueness of the product which means that customer have the tendency to pay high prices.
- You will build up expertise about your products quickly as you research sources, and as the primary person to offer products you may increase respect and ”expert position” the Industry.
- You will have added marketing “legwork” to do, educating customers about the benefits of your product.
- Latest products may have unexpected / unpredictable downside such as electronics developing mistakes.
- Latest products could “ego out of date” quickly, particularly in the world of technology, where your product could be suddenly rendered outmoded by a new and improved product. At the least, products that are ground-breaking may drop in price very fast.