Are you a professional importer or a hobby importer?
enter site 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.
enter 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;
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
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!