What’s a mini importation? This is the first thing we need to define very well. In the world today, not all countries are endowed with the same natural resources. So, the availability of natural resources has made goods more present in some places than others. Countries, where there are shortages, buy from other nations where they have more. These resources are not limited to physical products alone but encompass all human beings.
China is one of the big countries of the world where goods are exported from because the country has some of the cheapest labour in the world. This helps their factories to have an economy of scale. If you read till the end, you will understand major concepts about mini importation, and how to be profitable. Equally, you find what most people find difficult-how to source products at a cheaper rate and the litmus test principle also the required capital.
Let’s go!
The world of commerce has been greatly redefined and redesigned by the internet. Mortar and brink barriers have been broken because of advanced technology that has enhanced trade among countries in the world. The logistics system has a major impact on trade. This has resulted in the timely delivery of goods to the final users through the use of swift means of transportation. So to start a mini importation business, you need the following:
Market Research
Don’t sell a product you know nothing about. Product knowledge is the first key to your success in the mini importation business. Research the product and get the necessary information on it. This knowledge should be preceded by what the market needs. You won’t want to buy what the market is not demanding. That will be a terrible mistake to make from the onset. Let me reveal a little secret to you, one of the best places to find products people are looking for is Facebook.
You know, Facebook is a community where people gather to discuss social issues. In the discussion of issues, understand that there are problems. These problems centre around some products. On Facebook, people talk about sexual issues. A good example is a man who can’t satisfy his wife in bed because of health issues. So he needs health products to address this. Women want to look beautiful, so they talk about 10 ways to look beautiful to your spouse.
One of the accessories to looking beautiful is a wig. Just try and type this in the Facebook search bar. Look for the responses from people. These will give you an idea of the problems and solutions. Don’t forget that, as a business person, you are in business to solve a particular problem. Don’t buy goods in large volumes, at the initial stage. Get a few samples to test the market first. This is called the litmus test.
Related Articles: How to Start an E-commerce Business in Nigeria
How to Become Kings Oil Distributor
How to Start A Profitable Diaper Distribution Business in Nigeria
Look for Vendors Online
Your suppliers are on the internet. Even if they don’t have an online presence, there will be agents who are acting in their capacities to deliver for them. You must be ready to find them. There are a lot of people who sell vendors’ lists, but be careful not to be scammed. A simple search on an online marketplace like AliExpress will give you access to these vendors.
At times, the Minimum Order Quantity (MoQ) on AliExpress is 10. This means you can’t buy less than this quantity. For bulk purchases, I would suggest you use 1688 and Pinduoduo to buy at a cheaper rate. Conduct extensive research into where you can obtain the products you intend to ship at a lower cost. Note that these are Chinese websites. Never limit your search to China alone. You can import from various countries like Turkey, India, the USA, etc.
But get a mentor for proper understanding. You need it in any business endeavor. And let me add this: if you are unsure about paying for your goods, I recommend that you use an escrow account that will act as a middleman for you. Some logistics companies can equally help with payments. The next step after receiving your goods will be discussed next.
Spread the Word About Your Products
These products are ready to be sold to your customers. You can’t keep it in your warehouse and expect a miracle to happen in depleting the inventory. Advertising is the medicine for fast sales. But you need to be strategic about it. The first step in the right direction is to know who and where your customers congregate.
If you know where they gather, then it will be easier for you to reach them faster. Different platforms, like Facebook and WhatsApp, are used as a means of getting to customers. You must know how to run Facebook ads into your WhatsApp or channel them into your email sequence to follow up on cold customers.
Your hot customers will buy immediately. Don’t worry if you don’t know how to run Facebook ads. We’ve got your back. Kindly reach us on +2348030756813. Let’s discuss business. Alternatively, create a blog around your products. It is a fantastic idea also. We will create a nice blog with content for you.
Information Business Machines
Capital Requirement
Capital plays a vital role in all businesses. Starting a mini importation business doesn’t need much money. Averagely you need 50-100 thousand naira to start. But the more capital you have the better. Don’t forget that you need to invest in some tools like phones or laptops, modems, etc.
Final Note
All the points listed above are very crucial. Please pay attention to them. You will definitely succeed. If this information is helpful, kindly share and leave a comment.
