What Should You do With A Great Business Idea?

Write your idea down, then develop it into a business plan complete with details and estimates about what you think it will take to get it developed into an MVP.

By writing everything down, you will be forcing yourself to actually think step by step and this will give you a chance to get organized Refine your plan and make sure you include everything you expect to need. Then, redo the plan The goal is to develop your idea to the point that you can actually present your idea logically to recruit a team or attract potential investors.

Since you don’t or can’t develop your app by yourself, the goal is to execute your idea up to the actual point that someone else can build the app based on the framework you have detailed.

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Since higher education is not necessary to get rich, why do so many people pursue it?

Not everyone has the maturity, skills, ambition, or passion to work for themselves or start a business. Especially at 18 years old, very few people actually have a clue about what they want to do when they grow up, you know, that old maturity thing rearing its ugly head.

Spending a few years learning how to learn, learning new skills, meeting new people, developing new relationships, and learning new interests has a very beneficial effect on many people. It doesn’t have to be a higher education at a university level, it could be a trade school or professional school level. It could be an internship or apprentice type of experience. Just go out and experience, learn, observe and get a clue about real life.

Remember, in the real world, having an education or not having an education has no effect on getting rich, and not everyone only wants to get rich. Some people have other priorities in their lives.

Getting rich requires hard work, ideas, skills, planning, and execution to do it and based on the new business failure rate, obviously, not everyone has what it takes.

What Are Some Questions You should Ask Alibaba suppliers Before Importing Products To?

You need to ask Alibaba suppliers the exact same questions you would ask any other supplier. You are handing them your money in exchange for their product. You must make sure you are getting good value, good quality, and good service for your money.

  1. Are they a manufacturer or simply a middleman?
  2. Do they keep inventory in stock or do they build product only when you order it?
  3. How long after you order, will it take to ship?
  4. What is their return policy?
  5. What is their payment policy?
  6. What are their order requirements and standard packaging? Minimum order quantity, how many pieces in an export shipping carton?
  7. Will they provide you with business references so you can check out their reliability?

What can happen if you sell replica, copy or counterfeit products?

It is not enough to just remove the brand name from a product and then try to sell it. If the original product has a self-identifying look to it that is part of the marketing scheme developed by the owner of the branded product, you cannot legally sell a replica, whether or not you have a brand name on them.

In trademark and copyright law, there is a little thing called trade dress that governs the look, design or images used to identify the product to it’s customers.

Here is the definition from Wikipedia, “Trade dress is a legal term of art that generally refers to characteristics of the visual appearance of a product or its packaging (or even the design of a building) that signify the source of the product to consumers. Trade dress is a form of intellectual property.”

If you are caught selling replica, copy, or counterfeit products the merchandise you have in inventory will be destroyed, and the owner of the brand may sue you for damages, your profits, penalties, and other potential charges for damages caused to the company image and reputation.  The results, financially will not be pretty.

How To Create Your Own, Unique Products.

An excellent way to get started in business is to buy in bulk and repackage into salable sets for consumer use. There are many products that are available in bulk at very low prices. A perfect example is mailing and packing supplies. A specific example is padded shipping bags. I can buy 1000 bags in bulk at a very low price. Individual customers don’t need 1000 bags, but often they will need 5 or 6 for a specific shipment. If you go to the office supply store you can buy 3 bags for $10.00. By buying in bulk, you can offer your customer 5 or 6 bags for $10.00 and make a 50% profit. Packing tape, cartons in common sizes, and many, many, more products can be purchased in bulk and sold in small consumer user-friendly quantities.

The choices available for bulk purchasing are endless. Electronic accessories like cables and connectors. Hardware products even as simple as nuts and bolts. LED Light bulbs. Tools sold in sets. Buy in bulk and repack your own assortments. Let your imagination run wild. All it takes is a few good ideas and a little hard work repackaging products. If you are selling online you don’t need fancy full-color retail packaging. Poly bags or plain cartons will do the trick. If you want to brand your products, have a simple self-stick label produced with your brand name, website address, and email address.

Top 10 Drop Shipping Mistakes.

Drop shipping is a convenient way to test products in the e-commerce marketplace without having to invest a lot of money on inventory, warehouse space, and staff to handle customers orders. It is also a great way to sell large, expensive, or hard to handle merchandise.

However, drop shipping is not an easy, no-effort way to make a lot of money selling on the internet. It takes a lot of hard work to do your market research to select potentially profitable products, hard work to check out your competition so you can price your items properly, hard work to develop unique and creative advertising and marketing methods to convince potential customers to buy from you, rather than from your competition.

  1. The #1 problem is when potential new sellers believe the advertising claims that drop shipping as an easy, no effort, way to make a lot of money by selling online.
  2. The # 2 problem is when potential sellers believe drop shipping is a passive business, easy to do with no effort at all.
  3. Failure to market your website to drive traffic to your items.
  4. Expecting potential customers to buy from you, even though your price, advertising, and pictures are exactly the same as everyone else’s. Selecting your products based on popularity without paying attention to the fact that your competition is already selling the same items is a fatal flaw. Amazon does not care if it has ten thousand sellers offering the same item. They only care that at least one seller makes the sale so they collect the Amazon selling fee.
  5. Not knowing or using research and data about your competition. Not doing necessary research about your customers and your market.
  6. Putting too many unrelated items on your website and expecting your customers to trust you.
  7. Expecting to make a lot of money drop shipping, even though you know that your suppliers add high fees for servicing your account.
  8. Failure to monitor your drop shipper’s shipping performance.
  9. Failure to monitor your drop shipper’s inventory level and price changes.
  10. Not providing rapid customer service responses to your customers.

How do I get good quality products from China?

China can manufacture any level of product quality foreign buyers want. Foreign buyers want products that they can sell profitably in their market. If the buyer’s customers want cheap goods, then the buyers will purchase cheap goods. If they want high quality, they will purchase high quality goods.

Sometimes retail buyers don’t have a clue about what it takes or how to manufacture quality products so they demand the lowest possible price from the factories without specifying their quality requirements. The factory wants to meet the buyer’s price requirements so they substitute cheap components or inferior materials.

If you want to buy quality products from China, make your requirements extremely clear. Choose factories that meet international manufacturing standards. Make sure the manufacturing process they use complies with UL, CE, TUV, Mil-spec, ISO, SAE, QS, or any of the other certification companies and systems available. Specify a bill of materials (BOM), and specific components you want to be used. Be specific. Get involved in the quality control process during every step of the manufacturing process. Check inbound components, check during the various stages of the manufacturing process, check the final product, check the packaging materials and printing quality, it will cost you a little more, but would you rather pay a few percent now, or deal with customer returns, loss of company reputation, and extra expenses later?

There was an old ad for FRAMM oil filters back in the late 1970’s and early 1980’s in the USA. The message was, “You can pay me now, or you can pay me later” and that applies to all types of quality issues.

Basic information new sellers must know.

If you want to try to buy, and then resell a product from a company that advertises itself as a drop shipper, then Yes, the market is very competitive and “Satisfied” as you put it.

Selecting products to resell is a very difficult process and a lot of new sellers on eBay and Amazon do not have any concept about how to buy and how to resell successfully.

As you have noticed doing your research, you will see listing after listing, featuring exactly the same product, using exactly the same photos and selling copy, all selling at similar prices. To be a successful e-commerce seller you have to give your potential customers a good reason to buy from you instead of from your competition. This means writing unique, creative sales copy featuring all of the features and benefits for the product and using unique photos to tell the story.

To sell properly you must understand the products you want to sell so you can explain why your customers should buy the product, why they need the product, and what benefits they will get from the product. To do this you need to have a good basic knowledge about the product so you can explain everything clearly and convincingly.

You also need to know how to buy properly. You need to know about the industry, about similar competing products, about market trends, and where to find good suppliers.

Keep doing your research. Narrow your focus to product categories you have interest in and become an expert in your category. Build a good reputation by providing, quality products, rapid shipping, good, quick customer service, and technical advice.

Good Ideas Gone Bad!

If you are selling a branded or a licensed item, and do not have permission or pay a license fee or royalty arrangement, you may have violated trademark and copyright laws. The owner of the IP can sue you and if they know it is an illegal item, can also sue the sales platform and payment processor you use to illegally sell the merchandise. If the owner of the trademark or copyright sues you and wins they can also ask customs to seize your shipments and destroy the merchandise. You wind up paying for the merchandise, shipping fees, and any customs handling charges to dispose of the merchandise. The owner of the copyright can sue you for actual damages, confiscating any profits you have made, sue you for damage to their brand name or image, and also ask the court to award penalties.

The best approach is to follow the law and get the license or royalty agreement if you can. If you can’t reach an agreement, stop selling illegal products.

I assume you are selling t-shirts or other similar items with a branded image. Since you are drop shipping I assume the orders are small so you may stay under the radar for a while, but since your payment gateway is asking, I have to assume you have been busted already and may lose credit card processing privileges over this matter if you cannot provide reseller permission.

I am not an attorney so seek out qualified legal counsel to protect your company and assets if you have engaged in this behavior.

How can we find international buyers for exported goods?

Finding buyers is all about advertising and marketing. You develop a unique and creative ad campaign or marketing approach demonstrating why you or your products can be of value to potential customers and then advertise in media that your research shows your potential customers frequent. Check out advertising opportunities in magazines, newspapers, trade shows, trade association publications, online forums, SEO and PPC advertising. There is a whole world of choices out there you can use. Personal networking aimed at like minded individuals also works well. You can never beat that personal touch if you have something of value to offer.

Then, as they say on the shampoo bottle, lather, rinse, repeat until you succeed.