Starting An online Import Business (Part 2)

In the previous post, we looked at the role the internet has to play in running an import business. We stressed that online import business is being made possible due to the presence of internet. This is because the internet has created a meeting point for both buyers and sellers. Also, we highlighted four factors that should be considered before venturing into the online import business.

Now, let’s take a look at each of these factors:

 

The Market

 

As a business person, the first thing you should consider before starting your online import business is the market. You need to take time and study those things needed by people around you. I believe you don’t want to import goods that will be lying dormant in your store, shop or home due to lack of customers. Find the right market first before choosing a product you wish to import. In other words, find a need (the market) and then import products that will satisfy that need.

Products that are always in constantly high demand include mobile phones and their accessories, computers, jeweleries etc. You however need to find the particular thing needed in your vicinity and fill the gaps. If you stay in an area dominated by students, what you will import may not be the same thing with that person living in an area dominated by nursing mothers. Without this critical consideration, your online import business is heading for the rocks.

 

The Price

 

After spotting the right market and determining the perfect product for the market, then you need to put into consideration the price at which you will be getting the products.

Since your primary motive for venturing into the online import business is to make profit, thus, you need to ensure that the price you will be getting your products is lower than the market price. Also, the price at which you will be selling them should be a little bit lower than the market price so as to beat the competition and attract customers.

If you plan to import laptops, get it at a very cheap price and sell it to your market at a price lower than the local market price. This will make your satisfied customers refer others to you.

So far, we’ve been able to see what online import business entails and some factors that should be considered before venturing into the business.

We will continue with the rest of the course in the next posts. Until then, take good care of yourself.


If you have any questions or comment, kindly drop them in the comment box below. I will love to hear from you.