Increase your profit margin by making your products in Asia

By: Jackie Mikami JOLT Import Consulting

Start with a plan to profit form importing/ manufacturing your product overseas for less.

Did you know that profitable importing usually starts by spending at least $20,000 on product? Sounds like a lot to some but the reality is the more you spend on product the cheaper all your other costs become per item. Your shipping becomes almost insignificant when ordering a decent quantity.

Spread out the costs across more product and that means more profit for you.
So before leaping into importing do up a business plan, marketing plan, and especially do a financial plan. Budget to profit; make money, which is the idea isn’t it!

Be wary of spending large sums of money on setup costs, patents, trademarks etc before doing feasibility studies on your product or idea. These can be done for little or know cost by yourself or outsource it.

Google on the net for your idea or product, see how many similar if any items are out there already. List up in excel the price range of similar products. Ask around how to work backwards from a RRP (Recommended Retail Price) to an estimate of the cost of the goods from the factory.

In your costs you must factor in marketing costs – setting up an online store and hiring a publicity firm to promote your site/product. Without these two you can have the best product in the world but no means to sell it by. People cannot buy what they cannot see. Search the net or network sites for recommended suppliers.

Pricing strategy is vital to your success so sure you have all your costs clear before setting your price. Try not to publish your price before you have paid all your costs on your first order. Most imported goods for example have import tariffs of 5-10%. Some textile items are up to 17.5%.

Be sure to get you a rough idea of price for the product and a cost effective quantity and do not forget to get prices for shipping and delivery to you. So before you throw all your money into the idea play it safe, plan, research and get prices for the true costs of importing before making a big commitment.

Start making your million dollar dream a reality today – find the pot of gold at the end of the rainbow