Technology has changed the face of business, turning virtually all businesses into online global companies. Even a brick and mortar store often sells a big portion of their inventory through the internet. And because of the nature of the web, once you sell, you’re in the global game. That’s why it’s so important to utilize the tools available to us.
With so much competition, the Chinese resources and economy can become a huge asset to you and your business. It can give you the advantage you need to stand out from competitors. Not only that, but through FBA service found in Amazon and other sites, you can run your business almost anywhere in the world with full automation and services.
That’s why there are thousands of cases of online sellers who have made a fortune for their companies by buying from China manufacturer. In this article, you’ll learn about one person that literally changed his life simply by following a few universal steps to create a great online company.
But first, let’s look at why China can give you the advantage you need. China is the number one source for finding great products to sell for your business.
1.Labor costs are low
a.Low costs to make goods create great margins for you. As a business owner or manager, you know labor can be one of your greatest expenses. When getting your product made or delivered to you, low labor can give you the advantage.
2.China is the world’s #1 manufacturer
a.China has the companies, trained executive staff, and infrastructure to develop products at efficient costs and speed. When your business relies on China, you can expect the world’s best partners to work with you.
3.It’s strategically located
a.Some of the biggest national economies are developing countries close to China, like India. Getting your products from China can give you the network and access needed to connect with millions of consumers.
4.Raw materials cost less
a.Another reason for the affordable cost of goods is the access to abundant raw materials at low prices.
5.They use the best technology
a.China is famous for advanced technology, especially in the industrial sector. You get the most advanced machinery and processes available to make great products.
6.Supply chain perfection
a.Over the years, China has perfected its supply chain and process to make products. It has evolved time and time again to create a competitive choice for companies all over the world. It’s also great for building your business to scale. With their efficient practices, you can grow your company with little limitations.
China gives you an advantage as an online seller. There are thousands of success stories out there. As you read this, you’ll follow Albert’s path to reach more than what he could have ever imagined because of his partnership with a Chinese manufacturing company. Learn about his steps so that you can mimic those same results.
The Life-Changing Moment for Albert
Albert was a regular guy like the rest of us. He enjoyed business and wanted to find a way to provide for him and his family. But we all know how difficult our first business success can be. It’s riddled with moments of failure and trials, and if we’re lucky, we might make it the first try. Most often, people fail. That’s why a good support system and process is key.
Albert studied hard before starting his online business. He used Made-in-China.com to find the right product in his niche. He researched Amazon as a platform to sell his products. Albert worked his best to find the perfect product to sell, market it, and find an audience that loved it. All his hard work paid off when he began making $20,000 a month revenue in his Amazon business in less than 6 months!
“$20,000 a month revenue in his Amazon business in less than 6 months!”
Imagine making those kinds of sales in only a few months. It was unbelievable. When Albert saw his success, he made sure to document all the steps it took to get where he was. We’ve decided to share them to you.
The Secrets of Success
When Albert began searching for a product, he did so with a few basic rules in mind. They aren’t complicated, but they’re crucial to your success.
Here’s a quick rundown of what he came up with.
1.Build your statistics (and follow them)
a.It’s important to know what you’re dealing with. How much do you want to make per product? What’s the highest or lowest you’ll go for a return on investment? These guidelines protect you from failure and increase your chances of success.
2.Find a niche
a.A niche is something different, an unmet need in the market, with a small passionate community that’s willing to invest in you and your product. Seth Godin, marketing thought leader, words it better as finding a “minimum viable audience.” In other words, an audience that has the most potential for you to meet their unmet need and grow your business.
3.Build a strategy
a.Success is hardly achievable without a game plan. Creating an intentional path to success will increase your chances of building a profitable business.
Let’s cover each of Albert’s principles and how it can provide value to you.
Albert’s Statistics to Follow [Build Your Statistics]
Businesses can’t survive without profit. And profit is made by the value you create. If your products cost more than the selling price, you’ll lose money. If it costs less than the selling price, then you will gain. That can only happen if the customer sees the value of your product as worth more than the price they pay. Because of this principle, it’s important to set guidelines.
Robert Kiyosaki, in his book Rich Dad Poor Dad: What the Rich Teach Their Kids About Money— That the Poor and Middle Class Do Not!, he recounts a moment where one company was undervalued and later became one of the most profitable in the world.
“[Alexander Graham Bell] had just patented his telephone, and was having growing pains because the demand for his new invention was so strong. Needing a bigger company, he then went to the giant at that time, Western Union, and asked them if they would buy his patent and his tiny company. He wanted $100,000 for the whole package. The president of Western Union scoffed at him and turned him down, saying the price was ridiculous. The rest is history. A multi-billion-dollar industry emerged, and AT&T was born.”
Bell saw value that might not have existed the moment he tried to sell his company. But he was able to create it. Albert saw the same thing and created statistics to follow and identify winning products to choose from.
It Needs a Minimum of $2 Profit Per Unit
Every product has to have a guaranteed minimum of $2 in profit. Anything less spells way to high of a risk and a big disaster. The higher the profit you can get the better, but having this rule will prevent you from making any drastic choices.
Your Product Should have a 25% Return of Investment
With anything you sell, you want to make sure you’re making a 25% profit of what you spend. This makes all your work worthwhile. For example, let’s say you go for a minimum of $2 of profit per product. At a 25% rate of return, that means the price you bought it for was no more than $6 and you are selling it to customers for $8. In other words, you want to make 25 cents per dollar that you invest. Stick to those metrics, and you’ll be successful.
Plan on Selling It Within 30 Days
The longer your product is waiting, the higher risk you are at losing money. Tim Cook was a genius in his early days working for Steve Job. He pioneered Apple’s Pull manufacturing system. Instead of ordering tons of inventory that took up space and cost money having it sit around, Cook created a process that gave them just enough product for the right time. He also utilized the scarcity principle for Apple. Ever wonder why Apple always runs out of their new phones a few days after release? That scarcity creates urgency in customers, which therefore creates more value for the company. When you buy a product, plan to sell it as soon as possible. Profit shouldn’t wait and neither should you.
Eliminating the need for all, or most, needs for warehouses also lowers your cost of goods. By working with Chinese manufacturers, there are hundreds of opportunities like Fulfilled by Amazon and drop shipping, where you can have minimal contact with the actual product. It might mean simply dropping it off at a packing facility or having it shipped there. All this saves you money and increases profits.
Find a Niche
In Seth Godin’s book, Purple Cow: Transform Your Business by Being Remarkable, he tells his readers an interesting story.
Imagine you’re on a road trip with your family. You are passing country roads and begin to zoom by the local farms. There are dozens of dairy cows grazing the fields. It catches your children’s attention because they’ve grown up in the city. The point to it and you tell them a fact or two about cows. Your spouse, who is in the passenger seat, might even snap a picture on her phone. After that moment, you past several other farms. You keep seeing the same cows. Now, it’s not so interesting. It’s actually boring and you no longer pay attention.
Then, imagine you pass one farm and you notice something in the back. All the way at the end you see a glimmer of purple. You look again. For some crazy reason, you see a purple cow. Wow! You swerve to the side of the road. You have the kids get out of the car. You take multiple pictures. You ask questions like, why is it purple? What color milk does it make? That whole moment makes your trip memorable. Why? Because you had never seen anything like it. It was remarkable. [Paraphrased].
That’s what business is about. What makes your product remarkable? There are tons of businesses that promise the best, but we know often times they let us down. With so much competition and marketing, every product online begins to look like those average cows. If you can develop something remarkable for your customers, they have no choice to pay attention to you. It’s like a purple cow, they have no option but to stop what they’re doing and figure out what you’re about.
Choosing a niche is a lot like that. Albert was able to find a small but profitable audience that had some passion and was looking for a product to meet their needs. There were other companies selling products that they could’ve settled with—made it work—but there was nothing that really hit it on the spot. When Albert found his purple cow, the one product that would really win them over, they had to buy it.
Find a niche that needs you. Provide value to them and you’ll see your sales grow.
Build a Strategy
Once you develop your rules/guidelines and find the niche for your business, all you need to do is find a winning game plan. How do you plan on sourcing your product? Where and how will you sell it? How will you reach the right people to market and tell them about your product?
All these questions will help develop the right strategy for your business.
Marcus Lemonis, serial entrepreneur and host of CNBC’s The Profit, openly shares his strategy to create a winning business.
People
Are you, your partners and employees developing a healthy culture for your business? Do you respect and care for the customers you serve? Are you adding value to those customers?
Process
Do you have a good process to source your product and bring it to the market? Chinese manufacturers provide huge cost-saving and resourceful benefits.
Product
Do you have a quality, remarkable product that meets the needs and wants of your customers?
Another important aspect is deciding where to sell your product. Albert used Amazon to make his $20,000 a month. It’s a great way to get product from China, have it sent to Fulfillment by Amazon, and reap the profits and rewards. The system has evolved to become one of the most competitive and advantageous ways to run a business.
“Albert used Amazon to make his $20,000 a month. It’s a great way to get product from China, have it sent to Fulfillment by Amazon, and reap the profits and rewards.”
Albert lived his dream. By finding the right product from a Chinese manufacturer and bringing it to market, he was able to make monthly profits that literally changed his life. If you follow his guidelines, you maximize your chance to reach that same level of success.
Leadership expert, John Maxwell, once said, ”If you have great people around you, they will take you higher than your dream will. Leaders are never self-made. Those closest to you determine your level of success, so choosing the right companions as partners in pursuit of your vision is an important decision. My advice is to surround yourself with talented people who will challenge you, help you grow and inspire you to maximize your potential.”
When you follow people like Albert, you eventually reach that success. These steps will help you get there.
Find Your Niche
We know how hard it is to find the right product and audience. Actually, it’s probably the hardest part. People spend years finding it. But we’ve made it easy for you. You can find the right niche fast with our website. AtMade-in-China.com, you’ll find dozens of categories and subcategories that filter out great, value-adding products. With these search features, you’ll find your niche in no time.
