I've been importing products from China for probably around 8 years now and with the exception of two products which i found by copying other sellers on Ebay the rest of my 300+ products are power related and database driven products. I've pretty much been the follower not the leader.
Here's how it's worked over the years, we research the parent product or copy a competitor (ie laptops, tablets or basically anything that requires a power supply/charger). We then find out what type of power supply it requires then list it on Amazon/Ebay using the model number of the product it works for. I've got 300+ products which covers over 60,000 models of electrical items. We sell in Uk, Europe and USA.
I have 2 staff members other than myself, 1 for customer services/accounts and the other for packing products. I'm charged with sourcing new power products and updating the database. Which leads me to get to the point regarding my post.
I've sat there today updating the database for power information of new models from a well known laptop manufacturer, it's taken me pretty much 7-8 hours. It's not a specialist job. It's simply database admin work. I've listed some these power products on Ebay and Amazon. Profit margins per sale are low $3-4 max.
I might sell some in the next few days, i might sell some in the next few months, i might never sell any. It's just one of those things in this type of business. We have to keep updating our database with the latest models or we will stagnate. It is however a business within a specific niche, a direction. If a device requires a power supply or charger we want to know what it is and supply it.
I could spend the next 5 years updating the database, will it keep my income steady, without a doubt. It is however mind numbing work without and ending and it's certainly not going to get me to $50,000 a month salary.
Then there's the other path. I know of people importing 1-2 products and selling $1000 worth a day on Amazon alone. Some people are doing $200,000 a month from a couple of listings. I do $80,000 a month from probably 80,000 listings!!.
At the moment i couldn't afford to take on a full time database administrator. Do i plod along myself doing it for now or should i completely forget about it and start looking for non related products i can sell to generate a)enough income to take that person on b)take my business to the next level.
My business turnover is around $750,000 a year. I want it to be $7,500,000 a year. Can i do from selling Power related products only, probably not with the competition. If i start finding non related products it's a massive area and where do i start, it's difficult to get a vision for a company that sells everything under the sun.
Hope this makes sense.
Thanks
Paul
Here's how it's worked over the years, we research the parent product or copy a competitor (ie laptops, tablets or basically anything that requires a power supply/charger). We then find out what type of power supply it requires then list it on Amazon/Ebay using the model number of the product it works for. I've got 300+ products which covers over 60,000 models of electrical items. We sell in Uk, Europe and USA.
I have 2 staff members other than myself, 1 for customer services/accounts and the other for packing products. I'm charged with sourcing new power products and updating the database. Which leads me to get to the point regarding my post.
I've sat there today updating the database for power information of new models from a well known laptop manufacturer, it's taken me pretty much 7-8 hours. It's not a specialist job. It's simply database admin work. I've listed some these power products on Ebay and Amazon. Profit margins per sale are low $3-4 max.
I might sell some in the next few days, i might sell some in the next few months, i might never sell any. It's just one of those things in this type of business. We have to keep updating our database with the latest models or we will stagnate. It is however a business within a specific niche, a direction. If a device requires a power supply or charger we want to know what it is and supply it.
I could spend the next 5 years updating the database, will it keep my income steady, without a doubt. It is however mind numbing work without and ending and it's certainly not going to get me to $50,000 a month salary.
Then there's the other path. I know of people importing 1-2 products and selling $1000 worth a day on Amazon alone. Some people are doing $200,000 a month from a couple of listings. I do $80,000 a month from probably 80,000 listings!!.
At the moment i couldn't afford to take on a full time database administrator. Do i plod along myself doing it for now or should i completely forget about it and start looking for non related products i can sell to generate a)enough income to take that person on b)take my business to the next level.
My business turnover is around $750,000 a year. I want it to be $7,500,000 a year. Can i do from selling Power related products only, probably not with the competition. If i start finding non related products it's a massive area and where do i start, it's difficult to get a vision for a company that sells everything under the sun.
Hope this makes sense.
Thanks
Paul
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
