Times are bad, and everyone seem to be complaining about the economic downturn. But now is not the time to complain. All savvy business owners know that now is the best time to adopt a proactive approach. Maybe you can consider starting a new business. After all, purchases tend to be cheaper these days. Perhaps you can stumble upon some unbelievably good deals on the Internet.
But the Internet is a huge place. So where do you start? Here are some suggestions.
Step 1: Visit a trade lead directory.
If you are going to start a business online, might as well think big and go International. The Internet is a great way to connect with suppliers and customers from all over the world. Start by visiting a trade directory. You will see for yourself the wide range of products that are available. But don't do any buying yet. Proceed to the next step.
Step 2: Market research.
This is an essential step. If you skip this step, you are just risking your money unnecessarily. Make sure that there is a profit to be made before jumping on the wagon and placing a wholesale order. Otherwise, you may find yourself stuck with all that inventory, with no visible ways of getting rid of them. Poor research always lead to poor business decisions.
If you want to save a little time, you can always purchase a research report. For instance, if you are not sure if leather furniture will sell well in your country, you can buy a relevant report so that you can examine the numbers. Is there a rising demand for the products? Who are these people? Who are your competitors? You need to know the answers to these questions before making the leap.
Step 3: Have a marketing plan.
Knowing that there is market demand is one thing. But knowing how to reach out to your target customers is a totally different thing. Ask yourself how you are going to market those products to the customers. Will you do so online? Are there networks you can tap into? Again, this requires more research. But having a practical marketing plan is half the battle won.
Step 4: Actually doing it.
Don't let fear stop you if you have done your homework and you are confident that you have a good chance of success. Proceed to request for quotations. Choose your suppliers carefully. Don't just base your decision on price. You want a relatively hassle free shipment. If you choose the wrong supplier, you end up being the recipient of sub quality products.
Step 5: Manage your cash flow.
Your import/export business depends on how you manage your cash flow. Don't be greedy and place orders that will affect your cash flow adversely. Always leave room for error if you are unsure.
A good approach to adopt when you are just starting out is to place an order for a variety of products, each in a small quantity. With the products bundled together, you still get to enjoy wholesale prices. Once you determine which are the better selling products, just focus more on those products.
"The world is full of dreamers, there aren't enough who will move ahead and begin to take concrete steps to actualize their vision" - W. Clement Stone
But you got over the biggest hurdle, you took that first step and you actually created something.
Well done - you already did more than most. But once you've got started and you've maybe lost that first flush of enthusiasm with the day to day details of running your business how do you keep going?
There are several things to look at here:
1. What are you really good at and what do you enjoy doing? Make two lists - one of all the jobs you like and/or are good at, and one of all the jobs you hate and/or really don't do very well. Take the second list and have a look at what you might outsource or automate. Do you really love doing those accounts or would your time be better spent in forward planning while your accountant does the sums? Must you personally reply to every last enquiry or could you create a FAQ which you can post on your website and refer people to by autoresponder? Obviously in the early stages of your business you might find you don't have the money to pay someone to do the jobs you hate but you've got to think about what is best for you and your business long term. Be creative - could you swap skills to get the help you need? The more routine jobs you can outsource or automate the more time you have to plan and to market your business, and to think about even more ways to bring in all that lovely cash - not to mention you get to spend more of your time doing the things you really enjoy doing.
2. Why are you doing this? You really need to be motivated to start a business and keep it going and the best way to do this is to know what all that effort is for. What really moves you to get up in the morning and do what you need to do even when you don't really feel like it? Write your reasons down and stick them on your wall. Even better find pictures of that house in the country, the Lamborghini or that 'must have' holiday and put them where you can see them every day.
3. How do you deal with those inevitable bumps in the road? Not everything you do will be perfect - sometimes things you've tried will be a total disaster - but it's the way you react to problems that matters. If you curl up in a ball and give up at the first sign of failure you'd better not be in business. "Patience and perseverance have a magical effect before which difficulties disappear and obstacles vanish." - John Quincy Adams. It's all about attitude.
4. Have a plan and stick to it as far as possible but always be prepared to be flexible and open minded. Sometimes the most unexpected opportunities come up and you need to be ready to seize them with both hands - as Joe Vitale says 'Money likes speed'.
5. Get yourself a mentor - learn from someone who has done it before. Having someone to bounce ideas off and someone who can encourage you when things get tough is invaluable.
And most importantly, never let anyone put you down and never be afraid of failure:
"It is not the critic who counts, not the man who points out how the strong man stumbled, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena; whose face is marred by dust and sweat and blood; who strives valiantly; who errs and comes short again and again; who knows the great enthusiasms, the great devotions, and spends himself in a worthy cause; who at the best, knows in the end the triumph of high achievement; and who, at worst, if he fails at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat" - Theodore Roosevelt.
Both Gen Wright & Terry Frerker are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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