My journey into importing has been a journey filled with roadblocks and mistakes that turned into lessons learned and allowed me to move steps closer to having success. I honestly felt importing was just a "buy overseas+ship=profits" process before I started and I would finally be close to having my fastlane freedom but it's a lot more to it than that. I feel the mistakes I made and my lessons learned can be of some value to others on forum who haven't started or to others who are importing products as well. I feel the need to give back to the forum because I wouldn't know what I know and be where I am without the forum.
It has taken great patience and persistence for me to get to a point where I understand the basic process of importing and can move toward providing value while gaining profit from unmarketed products not sold in the US. I came into importing knowing nothing and knowing that I could lose money in the beginning. But I would learn along the way while taking action.
By sticking with the process, seeking advice and being willing to make mistakes, I am more confident than I was when I first started.
The mistakes/roadblocks (problem) and lessons learned (solution) during my importing journey:
-Problem: Needed to get a good understanding of importing basics.
- Solution:
- Read through some of the top importing threads (@Vigilante: Addicted to Passive Income, @Walter Hay: Sharing my lifetime experience in export/import, plus a few more others)
- Took action and imported a couple sample products.
- Bought Walter Hay's very helpful book after I ordered my first sample.
- Problem: Finding new unmarketed products seemed challenging at first.
- Solution:
- Focused only on a couple categories and looked for the manufacturer's direct website because many manufactuers/suppliers do not post all their products on global trade sites such as HKTDC, Alibaba, GlobalSources, etc. But I also use the global trade sites to find some of the manufacturer's/supplier's direct website at times.
- Found that trade show websites and trade e-magazines are also helpful to find unmarketed products not sold in the US or other countries.
- Problem: Many manufacturers/suppliers wouldn't always respond to my initial emails at first or later throughout communication.
- Solution:
-Introduced myself in beginning, built rapport, and stayed polite throughout communication.
-Used the "Streak" gmail application to help me know if my sent emails were opened or not.
- Sent a follow-up email if my email was not replied back to.
-Problem: Was confused about why shipping samples by air courier was high.
- Solution:
- Found that shipping takes into account the actual weight or dimensional weight to decide the billable/chargeable weight. If the dimensional weight is more than the actual weight, then the dimensional weight will be used and it will cost more. So the size and weight of the package is really important.
-Problem: Gave the manufacturer/supplier my express account number before I received answers to all of the questions I wanted answered. Then the samples were shipped when I did not confirm them to be shipped and I received a unexpected $425 UPS bill for the samples (my first samples imported). The manufacturer was difficult communicating with and did not want to answer many of my questions.
- Solution:
- Now I always try to get all of my questions answered regarding quotes, shipping, lead time, sample photos, etc before giving out the shipping account number.
- If possible, its best to get the shipping pre-paid for air courier because huge unexpected fees won't be a issue.
-If a manufacturer/supplier was difficult to communicate with then I stopped communicating with the manufacturer/supplier.
-Problem: Bought my second sample for $260 (shipping included) and thought that it came in pairs but it was sold in singles. I figured it would be sold in pairs because of the particular product but I was wrong. I would have been able to make a good profit if it would have been sold in pairs.
- Solution:
- Made sure from now on not to make assumptions and clarify any assumptions with the manufacturer/supplier before making any purchases.
-Problem: Was shocked to find out how expensive bank fees were when paying for samples. I payed $45 for bank fees for my first sample.
- Solution:
- Will look for alternative banks that have cheaper bank fees or find a better solution so I won't have to pay such a high bank fee.
- Some manufacturers/suppliers give free samples so bank fees won't be a issue when getting free samples. But it will be part of expenses when paying for product orders.
-Problem: I was not focusing on small enough products that can fit a large enough quantity into a carton package so I can have a better value per shipment and shipping could be more simple for me.
- Solution:
- Thanks to @Vigilante, @Jamie T, @Kung Fu Steve, I decided to refocus my energy and direction towards unmarketed products that are small & lightweight that I can sell for a high enough profit. As I was looking for products too heavy and were not small enough to put a large quantity into a carton package.
I just received my third sample from a manufacturer and I am confident I can sell these products for a good enough profit but I have to take shipping larger quantities into account as shipping has been my most challenge so far. For now on I am going to get quotes from different shipping methods for various quantities. All costs should be quoted and calculated to minimize unexpected costs and can have a idea of how much profit will be made. Will also start speaking with and building relationships with freight forwarders so shipping will be more simple for me.
Through my mistakes, patience, and persistence, I have learned what to do and what not to do. I will get closer to having success with importing by sticking to the process and I hope others can learn from my mistakes.
It has taken great patience and persistence for me to get to a point where I understand the basic process of importing and can move toward providing value while gaining profit from unmarketed products not sold in the US. I came into importing knowing nothing and knowing that I could lose money in the beginning. But I would learn along the way while taking action.
By sticking with the process, seeking advice and being willing to make mistakes, I am more confident than I was when I first started.
The mistakes/roadblocks (problem) and lessons learned (solution) during my importing journey:
-Problem: Needed to get a good understanding of importing basics.
- Solution:
- Read through some of the top importing threads (@Vigilante: Addicted to Passive Income, @Walter Hay: Sharing my lifetime experience in export/import, plus a few more others)
- Took action and imported a couple sample products.
- Bought Walter Hay's very helpful book after I ordered my first sample.
- Problem: Finding new unmarketed products seemed challenging at first.
- Solution:
- Focused only on a couple categories and looked for the manufacturer's direct website because many manufactuers/suppliers do not post all their products on global trade sites such as HKTDC, Alibaba, GlobalSources, etc. But I also use the global trade sites to find some of the manufacturer's/supplier's direct website at times.
- Found that trade show websites and trade e-magazines are also helpful to find unmarketed products not sold in the US or other countries.
- Problem: Many manufacturers/suppliers wouldn't always respond to my initial emails at first or later throughout communication.
- Solution:
-Introduced myself in beginning, built rapport, and stayed polite throughout communication.
-Used the "Streak" gmail application to help me know if my sent emails were opened or not.
- Sent a follow-up email if my email was not replied back to.
-Problem: Was confused about why shipping samples by air courier was high.
- Solution:
- Found that shipping takes into account the actual weight or dimensional weight to decide the billable/chargeable weight. If the dimensional weight is more than the actual weight, then the dimensional weight will be used and it will cost more. So the size and weight of the package is really important.
-Problem: Gave the manufacturer/supplier my express account number before I received answers to all of the questions I wanted answered. Then the samples were shipped when I did not confirm them to be shipped and I received a unexpected $425 UPS bill for the samples (my first samples imported). The manufacturer was difficult communicating with and did not want to answer many of my questions.
- Solution:
- Now I always try to get all of my questions answered regarding quotes, shipping, lead time, sample photos, etc before giving out the shipping account number.
- If possible, its best to get the shipping pre-paid for air courier because huge unexpected fees won't be a issue.
-If a manufacturer/supplier was difficult to communicate with then I stopped communicating with the manufacturer/supplier.
-Problem: Bought my second sample for $260 (shipping included) and thought that it came in pairs but it was sold in singles. I figured it would be sold in pairs because of the particular product but I was wrong. I would have been able to make a good profit if it would have been sold in pairs.
- Solution:
- Made sure from now on not to make assumptions and clarify any assumptions with the manufacturer/supplier before making any purchases.
-Problem: Was shocked to find out how expensive bank fees were when paying for samples. I payed $45 for bank fees for my first sample.
- Solution:
- Will look for alternative banks that have cheaper bank fees or find a better solution so I won't have to pay such a high bank fee.
- Some manufacturers/suppliers give free samples so bank fees won't be a issue when getting free samples. But it will be part of expenses when paying for product orders.
-Problem: I was not focusing on small enough products that can fit a large enough quantity into a carton package so I can have a better value per shipment and shipping could be more simple for me.
- Solution:
- Thanks to @Vigilante, @Jamie T, @Kung Fu Steve, I decided to refocus my energy and direction towards unmarketed products that are small & lightweight that I can sell for a high enough profit. As I was looking for products too heavy and were not small enough to put a large quantity into a carton package.
I just received my third sample from a manufacturer and I am confident I can sell these products for a good enough profit but I have to take shipping larger quantities into account as shipping has been my most challenge so far. For now on I am going to get quotes from different shipping methods for various quantities. All costs should be quoted and calculated to minimize unexpected costs and can have a idea of how much profit will be made. Will also start speaking with and building relationships with freight forwarders so shipping will be more simple for me.
Through my mistakes, patience, and persistence, I have learned what to do and what not to do. I will get closer to having success with importing by sticking to the process and I hope others can learn from my mistakes.
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