1. Source your products
Websites like Alibaba and Made In China are great ways to make contact with a wealth of suppliers all around the world. Suppliers can send you samples at the drop of a hat!
2. Know where and how you’ll be selling
Selling goods online is a fantastic way of finding customers quickly. Sites like eBay and Amazon are the big players but don’t rule out selling through your own site too
3. Establish how much it’ll cost to get the products to your door
Ask your supplier to confirm that the shipping terms and give you the estimated volume and weight of your shipment. With this we’ll give you a single price to get them to your door.
4. Don’t forget duties and taxes
When your goods land in the UK you’ll have to pay UK duties and taxes on them. Now’s the time to estimate these costs. Use our free calculator.
5. Ensure it is profitable… do your calculations
Before you part with any cash this is the time to make sure that the figures add up. If your planned selling price – (cost to buy the products + cost to import the products + cost to sell the products) = PROFIT, then you’re probably onto a winner!
6. Decide the structure of your business
Are you setting up as sole trader, as a partnership, a limited company or something else? Find out what best suits you and get registered.
7. Be aware of the transit time
Pay your supplier for the products and ask us to book the transport to you but ensure you know approximately when your goods will arrive so you can plan ahead.
8. Check the details, Know the plan inside out
If using sea freight then delivery of your products may be 6 weeks away so you have time to plan exactly what will happen when they arrive. Where will you store them? What’s the best way to get them to your customers? Get your processes in place so you know exactly what happens from your customer placing an order to them receiving it.
9. Be ready for delivery
Make sure you know what you’ll have to pay before your goods arrive, along with what kind of vehicle you’ll need to meet your delivery requirements.
10. Start trading
good luck, you’ll be great! …
(Don’t forget to ensure you know when you need to order the second batch when the goods are flying out the door!)