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Perfect Product Syndrome (PPS) is a real, and problematic, area of stress and frustration for entrepreneurs who are struggling to source and sell physical products online. If you’re spending too much time trying to find that “Perfect Product”, or spending too much money on an existing product that is not returning a healthy profit margin, then you are suffering from PPS.
After more than 35 years in the physical product business, we’ve seen PPS slow, and even cripple, the growth of businesses that should be successful. Yet, in today’s world of online marketing, finding, sourcing, importing, and selling the perfect product has never been easier – or more profitable.
So, what’s the secret to finding the perfect product?
Finding and selling the perfect product is not so much about actual merchandise as it is about understanding the process; the process of sourcing, importing, and offering the products that you know will sell.
Product Sourcing: The Entrepreneur’s Key to Success
If there is one thing we’ve learned in more than 3 ½ decades in this business it’s this – product sourcing is the key to your success as a physical product entrepreneur, with private labelling and importing a close second and third.
The first step to sourcing hot products is to find something that peaks your interest and research what others are selling. Frankly, if you don’t care about the products you’re importing, you’re probably not going to commit to it. Then too, if no one is buying from your category of products, you’re going to be wasting time, energy – and money.
The Import Success Formula – What are the numbers telling you? You need to find sources that will enable you to keep your products small and lightweight. Sell products that fit within a modest price range. Your selling price should more than cover your cost for a good profit margin. Do not ALWAYS assume that your best source is overseas. You may be able to find a great source locally, or at least nationally! However, international trade shows are a great place to find the perfect source for your perfect product.
Step 1: Find products that interest you. What kinds of products make you want to spend money? What do you buy that solves a problem for you? What do you gift to others? What would you like to receive as a gift?
Step 2: What are others selling? Is anyone selling, and making money, on the types of products that interest you? find multiple products to generate multiple income streams.
Step 3: Research your product. Check out the size and weight of your products to make shipping less expensive and easy. What is the best price range for your product, and can you find a source that allows you to stay within that range? Try to find a unique product, or group of products that fit within the niche you’ve determined is best for you.
Step 4: Products to avoid. Heavy, bulky, and illegal items must be avoided. Stay away from trademarked goods, unfamiliar food items, animals, and seasonal items – don’t want to get stuck with seasonal inventory.
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Step 5: Good products to source. Small and lightweight items tend to be the best products to import and sell. The most popular price range is $5 – $50, with a margin that is 3Xs your cost.
Step 6: National & International Sources. While overseas sources like China and Vietnam are popular, make sure to check national sources too. You can even find local sources where you can pick up clearance deals that you can offer online, on eBay for example.
Step7: Find your best supplier. International trade shows are the easiest place to find sources. You can also find great suppliers using online resources Alibaba, Alli Express, and Light in the Box.
Step8: Communicate with your chosen supplier. When you get in touch with your supplier, make sure you include all relevant information. In this case, more is better. Also, ask for all of the information you need to do business effectively, including: types, sizes, colors; packing details; minimum quantities; carton sizing and weight; and any special certifications that might make the product more attractive to your target market.
Step 9: Get your product samples for free. Do not simply ask for free samples. That will likely not work. Instead, present yourself as a serious business with a real client base, who is looking for the best available source for your product. In most cases, a potential supplier will be happy to send you samples – because they want your business.
Step 10: Analyze your samples. Ask for three samples from each supplier to enable a good evaluation: one to check for quality, one as a reference, and one to sell as proof of concept.
Step 11: Pick our supplier and begin importing product.
Of course, there is a great deal more information you’ll need to find the best sourcing for your perfect product, which we can’t really share in the limited space of a blog post.
The good news is, we recently presented a webinar on sourcing for the perfect product. Now, you can view our webinar, “The Uncensored TRUTH to Finding the Perfect Product and Selling It Online!”, and learn how to overcome Perfect Product Syndrome, by clicking the link. And – it’s FREE!
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