The Wholesale Forums

[MichaelUK]

Hi guys, just wanting a little advice. Im stuck for ideas of what i should do next.

Ive been selling on eBay and my own website since i was 18 and im now 20, ive been selling customized garments using machines which i purchased using my life savings when i was 19. Ive managed to save a total of just over £40,000 over the last two years and im now looking for new opportunities.

Im fully legit owning a business bank account and declaring my tax's for two years in a row, with no trouble at all.

Ive also dealt with importers by sending my designs abroad, then having them produced in 100's. Plus posing as a retailer for a specific type of tshirt which was being produced in china.

Im now abit tired of the garment customisation side of things and wish to get more into the importing side of things. I really enjoy buying and selling and always have since helping my dad sell his pin and coin collection at age 15.

I was thinking of taking a trip to china this year to try look for business opportunity’s and make some contacts. But im not sure that is the best thing to do, as i have no idea about how i would obtain those contacts.

I hope you guys can help send me in the right direction. Many Thanks, all help is appreciated.

P.S = im currently at uni doing web design, so i plan to create websites which will be used to sell my goods in order to make a living when im older.

[FiveStarWholesale]

Welcome done on your first business! If you want to get involved in importing I'd recommend doing a bit of research on the 'Import Process' then go to the Canton Fair in China in April.

I'd also check out the forums on Alibaba.com. Lot's of useful info on there. Just don't buy from anyone that sends you a message!

[MichaelUK]

I have a lot of reading to do between now and April then Can you recommend any books or eBooks which I could read around the house etc in order to enhance my knowledge.

What are the exact things i need to be learning when wanting to deal with the importers from china. It will all be totally new for new, so will travelling on business.

Many thanks for the reply FiveStar.

[greedyboy]

Well done a great story.

If you are in to producing garments I'd plan and arrange a buying trip in China and look to have them manufactured there. I know you want to get out of the business, but if you know it well you use your experience to springboard you in to other products.

There is no use shutting down a profitable business just because you are bored.

We all get like that, bored and lose motivation. Just change your business direction slightly and the hunger will come back when you see the orders coming in again.

[MichaelUK]

When i first started i really had a passion for the business, but over the two years ive had to work so hard every day printing, cutting and pressing garments. The business makes money and i am very happy with the profit, however i want to move onto other things as i think i can achieve more if i put my mind to it. My brother is approaching 18 soon and he's helped me a lot with stuff recently, i plan to pass my equipment and expertise onto him as I try and find something fresh.

I know this may sound extremely childish and naive but im willing to risk the money which ive made in order to make some more and gain more experience and know how. I don’t mean im willing to lose it, but im willing and hoping to use it wisely.



Thanks for the reply

[greedyboy]

Personally I wouldn't put all your money at risk. You need to set aside a budget (maybe £5K) and have a play, do some research, find suppliers, get products in etc. Once you find your feet, you can use the remaining money as cashflow to fund, get more stock and expand the business.

Remember every successful business needs cashflow and having a few quid in the bank really helps.

[MichaelUK]

Yeh thats what i meant i think ive give myself a good start by having money in the bank, its been hard to save but hopefully it will pay off. Now i just need to do the research and make the contacts, then hopefully things will flow from there.

Do you think its important i make the decision on what i want to be selling (importing) now, or can i make that choice once i set my 5k aside and attend the fairs in china.

Do you think its wiser for me to go abroad to make the contacts, rather than dealing with UK based wholesalers?

Appreciate the help 'greedyboy'.

[greedyboy]

The choice is yours. However initially dealing in China will either make you very rich or empty you bank accoun - even quicker if you don't know what you are doing!

You need to sit down and do lots of research. If you are looking for products, search for something innovative or different. Don't go looking for $500 items, look for stuff under $100 which you can sell for £150 - £300 each.

As for what product you go for, that is up to you.

But be different, don't go for a mass produced MP4 players for instance. The market is flooded and you will make more money marking up the postage than on the actual product.

You may find a NEW device which saves electricity (for example) for $3 and be able to sell them for £10.

You may find something you know nothing about? For instance a part for a tractor for $100 and then find that a few UK companies are selling them for £500 as there is no competition.

That's how you source in this business and that's what you need to be doing to make money buying from China. We have two kinds of products from China. Our day-to-day core products which we only mark up 50 - 100% and other items which we really 'rag the @*ss out of' by 10, 20 or even 500 times the initial manufacturing price!

There are no rules. Sourcing products is largely based on gut feeling (for me anyway). Other than that, don't hand over your money without checking the details over and over (and check again).

[MichaelUK]

From reading that post i know this is what i really want to do at this point in my life, being able to make my own choices and make calculated risks is something which really interests me.

I totally agree with what you said there, im not interested in popular ebay items like mp4 players etc. Im wanting something different and i believe trying to find that product in the fair's etc will be very interesting.

I take it internet access is recommended while in china? In order to check things etc? Or should all that be done back at home, when time isnt limited?

'greedyboy' i understand ive got a lot to learn and im willing to give it as much effort as possible before April. Will i find all i need here on the site or should i look elsewhere. Could you tell me some main areas i should be reading into.

Thanks, that last post was very informal, made me feel a lot more positive about this whole thing.

[greedyboy]

At this stage you do not need to visit China. You need to concentrate on building a solid and reliable supplier base. You can do this over the internet. I have some stuff manufactured from scratch using email and digital photos. I try to limit visits to twice a year for only a few days at at time.

Occasionally I have had to fly out the next day to sort problems out but the majority can be solved by email or by my people in Shenzhen simply visiting the factory and making decisions on my behalf. I have a few suppliers I have never met personally and we still have a great understanding of our businesses.

So you plan should be to seek out products, email suppliers, get samples, test the market etc. The try and meet them at trade shows in HK.

I spend my days now concentrating growing my business in the USA which I find even harder than buying stuff from China! Oh and not to mention you have to sell twice as much to make the same money