Find and purchase profitable inventory with the best tools for market research, product analysis, importing and wholesale.

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Find and purchase profitable inventory with the best tools for market research, product analysis, importing and wholesale.

120

LISTINGS

star

493

REVIEWS

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Ay Jay

Ay Jay

6 months ago

“My key takeaway from this fail: ALWAYS inspect your goods before paying 70% to your supplier!”

How? Should we put down 30% deposit then have someone inspect it before paying the outstanding 70%…?

Also where should the product be inspected, at the suppliers warehouse? At the port if its FOB?

And who do we get to inspect the product? Should we hire a 3rd party company.?

Mark Hetherington

Mark Hetherington

6 months ago

This is my advice for anybody doing something similar. The key takeaway from this is not to think you have an instant business just because you can throw money at it. It takes years, and lots of mistakes, to get things right to the point where you don’t have to worry about it. In fact retailers that have been around for decades are failing for all sorts of reasons, from buying the wrong products, following the wrong trends, even failing online because they’re not used to it. There are countless High Street stores in this final bracket because quite simply, they’re out of their comfort zone and don’t know what they’re doing. I don’t mean to be insulting, but there’s so much wrong with this I don’t know where to begin. For one thing, starting “small” isn’t buying 1000 units. It’s buying half a dozen. If they sell, buy another 30 – half a dozen from 5 different suppliers. Buying enough for 4 months? That’s commercial suicide online. You only need someone to come along who got a better deal and can undercut you, or one of the hundreds of thousands that think they can survive and prosper on 5%… Read more »

Alex

Alex

5 months ago

Hello Mark, thank you for sharing your experience. I have a quick question, which I wouldn’t post publicly. Can you write me at alex @ bindwise [dot] com

ScarfKing

ScarfKing

6 months ago

I appreciate this poster’s candor and helpfulness, and will respond in-kind. I’ve been importing from South America and Asia since 1984. I NEVER negotiate prices. I will say, “I can’t sell it at that price,” and then leave it to them to decide whether to lower the price or not, but that’s only if it’s true and I’m giving them a heads up. My feeling is that they gave me a price that works for them, and that’s it. Nobody can work for free, and it’s not to my long-term advantage to have them making little profit. In the first instance, when he negotiated the price downward from $2.67 to $2.19, he basically took away all his supplier’s profit after the supplier had made a low-margin, low volume order for him to develop the business. That told the supplier that only one of them was going to increase their profits as business increased, and that supplier was no longer willing to invest in the relationship. I view my supplier relationships as partnerships. Some last 30 years. I’ve seen their kids grow up and take over the business. If I’m making money and they’re making money, that’s a good thing. I… Read more »

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