Is Product Sourcing the Biggest Secret to Money Making Success?
Today I want to share with you what may well be one of the biggest secrets to making money ever…
It’s a secret that’s used by all the top famous household name companies in the UK – like Tesco, Argos, John Lewis, Next, Marks & Spencer and Currys to mention just a few.
And better still you can use exactly the same secret to make big money for yourself in your own smaller but still highly lucrative way.
In my opinion, the multibillion pound business success secret of these companies is down to one thing first and foremost…
They are product sourcers
Yes sourcers. They don’t make anything as such. They’re not creators or inventors. They just source things that other people make, add a margin, and sell them on.
It is a classic buy low-sell high business model.
Now you might not think you could copy Tesco’s and many other successful retailers’ business models and enjoy the same superlative profit margins that they do (albeit on a more practical scale) …. but you can!
Here are a few pointers on how to become a product sourcer:
* Choose the right products. The answer here is fairly simple… consumer products. You don’t want to be messing about with commodities, parts and components, industrial machinery and that sort of thing. Consumer goods enjoy a massive demand and are simple and straightforward to source.
* What sort of consumer products exactly? You need to look for something different and something unique. Preferably something you can make your own. If you can, try to find a new product that no one else has discovered yet. Do some research to get some ideas. Look at what new trends are trending and try to find something that fits.
Consumer products like electronics, household goods, toys, gifts, gadgets and clothing would all be a good place to start. They don’t call for any previous experience or expertise.
* Source from the best places. In many cases this will be abroad. There are two very good reasons for this: Firstly, consumer goods can be sourced incredibly cheaply abroad, particularly from low cost countries in the Far East. Couple that with the fact the UK is in worldwide terms a high priced/high living cost country and that means your profit margins are potentially massive when you source from there.
Better still, there are lots of products produced abroad that aren’t obtainable or on sale in the UK. So you get to find that all-important exclusive product that you can make your own.
* Sell on in the right way. I’m not suggesting for a single minute that you open a chain of supermarkets like Tesco right across the country as a way to sell your products. (Running supermarkets – building them, overheads, staffing them and so on is very expensive.) What you need as are some really low cost, cost effective ways to sell on the products you’ve sourced as a product sourcer.
Fortunately there are plenty of those to choose from nowadays: By using eBay or Amazon you can plug into a massive ready market for your sourced products at relatively little cost. Or you can set up your own niche website. Or you can do mail order selling or direct selling. Or even set up your own ‘pop up’ shop. Or even a good old back-to-basics market stall. If you wanted a bigger business you could even sell wholesale.
All these are really low overhead, cost effective ways of selling. You can even run them part time, and sometimes from home, if you like. Add them together with some interesting, well sourced products and you’ve got the recipe for a business that could be every bit as successful as Tesco or John Lewis in its own small way!
If you’re interested in product sourcing you’ll find The Secret Source Directory is an invaluable source of contacts including wholesalers, distributors, importers and product manufacturers. Details here