Hi, Brendan here from China Import Formula. Now, one of the most important things that you need to know about when you start your importing business is how to grow and scale that business.
Now I have 5 tips for you today for doing that.
The first is this, have many different SKUs. SKUs are the importing terminology that we use when we’re talking about having different product line. So bring in as many different products as you can because if one of them makes you money and another one makes you money, then of course, the more the merrier.
The second thing is also to have a different variety of sizes and colors. If your product is working really well for you, then why not have a basic version and then deluxe version and all different ranges of colors. Some will apply more to women and some will apply more to men. So cover all bases and have all of those offerings to your customers so they can buy more.
Third tip, cast a wide net. Instead of just having a single fishing rod in the lake going for one product, alright? Imagine casting out a hundred different rods or a really, really big net that can catch all the fish and all the different products.
The fourth thing is that if something’s not working for you, if it’s not making you large profits or it’s making you a small loss or you can’t even sell the product because maybe something went wrong with the quality because of your quality control then my recommendation is you just discard it, you cut your losses and move on.
And the fifth tip is always be looking for the next product. If something’s making you a lot of money that can actually be a curse in disguise as a blessing because you might rest on your laurels. You must always be bringing more and more products so that you can hit the next gravy train.
So I hope those tips are helpful and stay tuned for more tips coming out real soon.