Are you a professional importer or a hobby importer?

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Are you a professional importer or a hobby importer?

http://waldviertler-neurofruehling.com/?rest_route=/oembed/1.0/embed In my business I meet many people who are dabbling in importing– I call them ‘hobby importers’. They are prepared to take on greater risks; they hope that one day their import business will turn from a hobby into a full scale business; and they also dream about one day become an internationally recognised brand owner.

buy Lyrica online uk Whilst there is nothing wrong with being a hobby importer, I rarely see these hobbies commercialize into serious business ventures. Perhaps its time for some of you to do a stock take of where you really want to be by now…

Tick the box that applies to you and see where you sit on the scale of importer seriousness;

Professional importers
 have a strategy on how they will achieve this goal
 do their research
 take on board expert advice to improve their operations
 can quantify their goal and usually have a time line
 understand the risks and plan for them
 know their true margins
 know their own strengths and weaknesses
 know the value of their own time
 now the importance of due diligence and budget for it
 use contracts and tools to protect their interests

Hobby importers
 can’t tell you whether their China supplier is a factory or a trading company
 are prepared to do business with people they have no idea about
 send money to a bank account in China not knowing if it’s a personal or business account
 don’t like consultants-their too expensive!
 think the risks are nothing compared to the massive profits they can make
 tell you law means nothing in china and contracts are a waste of time/money
 send their designs to 2 or 3 different factories without having a confidentiality contract in place
 don’t know the value of their own time
 change their plan on a daily basis
 think becoming a recognized brand is about luck as opposed to hard work
 don’t have a back up plan and have never considered due diligence or risk management

Think about this; “If hard work is the key to success, most people would rather pick the lock.” Claude McDonald.
If your score is not what you expected, perhaps its time to get serious!

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