HOW MUCH DO YOU NEED TO START YOUR IMPORTATION BUSINESS

HOW MUCH DO YOU NEED TO START YOUR IMPORTATION BUSINESS

I could remember vividly when I was still searching for opportunities in importation business; I bought and read many eBooks, articles and tips in order to sharpen my knowledge and understanding in the venture I just choose (importation business). Of truth I learned many things and get different peoples view on importation and how much an individual needs to start his importation business. Many people gave different figures and amount an individual will need to get a good start-up. 

After much research and steady study I could not accept the much advice given on the amount an individual will need to start-up except with few exceptions. A particular person said at least an individual will need to start with an average of 100 US Dollars while others raised the amount beyond that and some others went below. I know you will be waiting to hear my own part of the matter or my conclusions. Sincerely the fact that I disagree with their opinions does not mean they are wrong. My reason is based on the fact that we have different products with different unit prices depending on the nature, quality and quantity you are willing to order. Secondly, it also depends on the minimum quantity order placed on the products by the suppliers. 

Some products have minimum quantity to be ordered which means that you can’t place order lower than that which the supplier is willing to take. But this scenario is only meant for small importation businesses and not the bulk. So in essence if your capital can’t buy beyond the minimum quantity order, fine, if not then all the same. I can vividly recall a time when I want to order for USB HUBS for a customer of mine. All this customer needed is just ten pieces only. On getting on the import web site I found that most of the suppliers were not willing to sell or take order as low as that. Most of the minimum order I saw where 50, 100 and above. After much search I found a supplier who was willing to supply as low 12 pieces so I took the order. And since I just needed 10pieces and could not lay my hands on anyone that could meet it at a reasonable price then I opt for the 12. After giving the customer his 10pieces as requested, I sold out the remaining 2 at a reason price, almost triple of the original price I bought them. 

One thing I forgot to tell you is that I saw some suppliers who are willing to sell as low as 3, 5 and 10 pieces but their prices is what pushed me away. In business you should be ready to cut down expenses as low as possible in order to maximize profit. In conclusion, there is no specific amount you must set aside to start-up you importation business except you really want to go into large or bulk importation. Your capital capacity is what weigh and define your purchasing power and secondly the kind of goods you want to import also play a major part of it. 

Meanwhile, the quantity of goods you are willing to import is another criterion to be considered too. Don’t let anything hold you down. Go on search for what you can import and check if your capital can cover the quantity you have in mind. 

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By ADENIYI OLUWASEYI (@Leopridas)

Source: http://www.businesslide.blogspot.com