Advice on cheap imported product to sell on

Hi folks.

I am forever trying to think of products/ideas that i could bring to market and recently ive warmed to the idea of perhaps buying in a product extremely cheap to make and selling it on at a profit. My idea was for beanie hats for winter and baseball/trucker caps for summer in various designs and colours and i identified a possible place to bring them to market.

The benefits i identified are

• Cheap to buy (not sure how much to get generically made to sell on though)
• Affordable product for consumers, while at the same time possibly profitable
• One size fits all.

I had thought about finding a manufacturer in china who could manufacture and ship these hats to me and i could sell them on to certain shops in Ireland.

Now i merely want to dip my toes in the water to start off with if at all possible and shipping in and selling on as small an amount as possible. My circumstances are im currently in college on the BTEA but hoping to finish year 3 with the degree in Business in May.

1. What are the pitfalls i have to look out for other then poor demand?
2. If i shipped them in when exactly would i have to inform Revenue/SW?
3. Could i wait to sell before declaring profit to SW/Revenue?
4. Do i have to register as a sole trader/company beforehand even though i may not sell anything?
5. Will i have to register a business before I import goods?
6. The best medium to meet manufacturers
7. What is the rate in import taxes i would have to pay per unit?

So basically id like to find a profitable venture but as i said i dont want to go full on until i know there is demand, but at the same time i want to be able to meet demand if there is any so maybe if was to only dip my toes and demand exceeded expectation i would be in a position where i was understocked. The other side of the coin is i dont want to end up ordering stock that i cant sell.

Hunter21

Deleted User wrote: »

1. What are the pitfalls i have to look out for other then poor demand?

Pitfalls are endless with these products.
Anyone can buy hats, selling them at good volume is another matter.

Have you found a niche for your two types of hats? Are they just going to any market or have you found a certain area where a particular type of hat is in demand at this time.. Note I said "time" as clothing and hats are seasonal or in fashion every so often.

Also notice I highlighted the word "two", you have two products.
Your not exactly a go to person for shops that are looking for stock. They want a good choice, something that is different and lots of it.
But you have massive massive competition all around you, getting your foot in would be very hard could take years and mental amounts of cash to do so.


My advice is find a niche for the hats, but beware it might not last long.
If you plan on sticking with clothing, find a bigger stock of various items.

But my advice really is, find a product that new and innovative or invent your own product. These products could be a real profitable venture, hats not so much unless you do something big.

Might sound all harsh, but this is business.

riveratom

Would have to agree with Hunter. You'd have to examine why you reckon that hats are the product you are thinking of. The competition is bound to be massive, I don't think I've ever been in a clothes shop without seeing a hat rack in the corner or alongside a wall. I only bought a couple of beanies in the past month or two, happened to lose both but they only cost me like a fiver each or something. I got both in Champion or Lifestyle Sports and there was a whole wall of them there.

So they are ten a penny really and as mentioned, you would have to be ordering them in bulk or at least significant quantities in order to get them at a sufficiently good price to enable you generate a profit from selling them on. That's without even factoring in the cost of marketing them, or storing them somewhere!

Marketing in particular is something that people hugely under-estimate, at least until it's too late, i.e. after they have already invested in securing the product / spent money on developing a website, etc.

rainbowdash

If you are about to complete a business degree surely you would have learned that the revenue website will answer most of your questions except 1 and 6.

I would also have thought your degree would enable you to answer question 1 for yourself.

As for question 6 if you just google this forum for the word "China" you will learn all about sourcing stuff from China.

rainbowdash

rainbowdash wrote: »

If you are about to complete a business degree surely you would have learned that the revenue website will answer most of your questions except 1 and 6.

I would also have thought your degree would enable you to answer question 1 for yourself.

As for question 6 if you just google this forum for the word "China" you will learn all about sourcing stuff from China.

Thanks to both Hunter and riveraTom for their contribution

Perhaps i stated it wrong but im merely trying to gauge from peoples various experiences the pitfalls of importing and selling on.

I have identified a niche in the market for my product and a potential market place for them but i cant really go too much into detail. My course is fairly broad and general and not based around starting up a business.

As for sourcing from China ive looked at alibaba etc to see the prices but again i suppose im trying to gauge peoples experiences.

I find your post particularly smart arsed tbh. Others were able to just give their opinion without resorting to this petty behaviour. What exactly is your beef? You dont know what my degree entails of you just know its a 'business degree' which is a fairly broad general term in fairness so best not to make judgement on it if you know naff all details to begin with eh?! If you have nothing helpful to contribute please just dont bother and just go off and troll someone else.

I come across such decent posters probably 999/1000 on boards but there is always one that has to throw their weight around from the comfort of their own living room.

All i wanted was advice

riveratom

rainbowdash wrote: »

If you are about to complete a business degree surely you would have learned that the revenue website will answer most of your questions except 1 and 6.

I would also have thought your degree would enable you to answer question 1 for yourself.

As for question 6 if you just google this forum for the word "China" you will learn all about sourcing stuff from China.

Yes or no answer only - is everything you know, all of your experience and skills, and all of the decisions you make based on stuff you learned in college and from books or the internet?

Hunter21

Hunter21 wrote: »

Pitfalls are endless with these products.
Anyone can buy hats, selling them at good volume is another matter.

Have you found a niche for your two types of hats? Are they just going to any market or have you found a certain area where a particular type of hat is in demand at this time.. Note I said "time" as clothing and hats are seasonal or in fashion every so often.

Also notice I highlighted the word "two", you have two products.
Your not exactly a go to person for shops that are looking for stock. They want a good choice, something that is different and lots of it.
But you have massive massive competition all around you, getting your foot in would be very hard could take years and mental amounts of cash to do so.


My advice is find a niche for the hats, but beware it might not last long.
If you plan on sticking with clothing, find a bigger stock of various items.

But my advice really is, find a product that new and innovative or invent your own product. These products could be a real profitable venture, hats not so much unless you do something big.

Might sound all harsh, but this is business.

Just on the highlighted part there Hunter, you make great points but i see this product as more of a short term thing really if im being honest but could expand if demand was anyway reasonable, and the market i have identified, given the designs i have in mind is not the high street retailers but more or less the Supermarkets and in particular the smaller supermarkets like Musgraves, Gala, Londis and Spar, etc. My plan was to order a small quantity and test the market locally first. Not sure about marketing or the need for a website but i might have to pay extra in certain stores to get the product into a location where it is noticed.

rainbowdash

Deleted User wrote: »

Thanks to both Hunter and riveraTom for their contribution

Perhaps i stated it wrong but im merely trying to gauge from peoples various experiences the pitfalls of importing and selling on.

I have identified a niche in the market for my product and a potential market place for them but i cant really go too much into detail. My course is fairly broad and general and not based around starting up a business.

As for sourcing from China ive looked at alibaba etc to see the prices but again i suppose im trying to gauge peoples experiences.

I find your post particularly smart arsed tbh. Others were able to just give their opinion without resorting to this petty behaviour. What exactly is your beef? You dont know what my degree entails of you just know its a 'business degree' which is a fairly broad general term in fairness so best not to make judgement on it if you know naff all details to begin with eh?! If you have nothing helpful to contribute please just dont bother and just go off and troll someone else.

I come across such decent posters probably 999/1000 on boards but there is always one that has to throw their weight around from the comfort of their own living room.

All i wanted was advice

How was I being smart arsed?

You asked 7 questions, I've told you that the answer to 5 of them are on the revenue website. The correct answers are on there, so now you can research them and answer them for youself, can't see how thats unhelpful.

Its you who mentioned China, its been done to death here already, just search "china" as I suggested and you will get a wealth of information to help you answer question 6, along with info. on import duty, the number to ring in Nenagh etc.. I think there was some discussion on people inporting similar products from China previously. Again I don't see how that is unhelpful.

As for Question 1 I would have thought a business degree would include analysis of business strengths and weaknesses, how to time a product being introduced to the market, online or bricks and mortar business models etc., but maybe I was wrong on that.

If you have aproblem with my post and you think its trolling then why not report it instead of accusing me of being smart arsed and resorting to petty behaviour

rainbowdash

riveratom wrote: »

Yes or no answer only - is everything you know, all of your experience and skills, and all of the decisions you make based on stuff you learned in college and from books or the internet?

Of course the answer is no but I don't get your point? 5 of his 7 questions are answered correctly on the revenue website. If he searches for "China" there are multiple threads with a wealth of information on question 6, so that only leaves question 1, and if a business degree does not answer a lot of that then its a poor reflection on the people running the business course and not the OP.

riveratom

rainbowdash wrote: »

Of course the answer is no but I don't get your point? 5 of his 7 questions are answered correctly on the revenue website. If he searches for "China" there are multiple threads with a wealth of information on question 6, so that only leaves question 1, and if a business degree does not answer a lot of that then its a poor reflection on the people running the business course and not the OP.

You're missing the point - it's a discussion forum for people to discuss their experiences based on their own particular expertise and life experience. It's got nothing to do with business degrees or doing a search on past topics. Besides, do you actually believe that a degree is going to teach you about the real world, or be immediately relevant to every particular scenario or situation?

You're adding no value to the discussion thus far.

rainbowdash

riveratom wrote: »

You're missing the point - it's a discussion forum for people to discuss their experiences based on their own particular expertise and life experience. It's got nothing to do with business degrees or doing a search on past topics. Besides, do you actually believe that a degree is going to teach you about the real world, or be immediately relevant to every particular scenario or situation?

You're adding no value to the discussion thus far.

Except tell him that 5 of the 7 questions are anwswered on the revenue website.

Maybe next time I should say

"Ignore the revenue wesbite as its all confusing jargon, get an accountant day one and pay him €700-€1000 for some proper advice.

And don't search any of the old threads on importing from China, thats all out of date information anyway, all the lads that answered these questions previously have nothing better to do than answer them all again for you"

:rolleyes:

riveratom

rainbowdash wrote: »

Except tell him that 5 of the 7 questions are anwswered on the revenue website.

Maybe next time I should say

"Ignore the revenue wesbite as its all confusing jargon, get an accountant day one and pay him €700-€1000 for some proper advice.

And don't search any of the old threads on importing from China, thats all out of date information anyway, all the lads that answered these questions previously have nothing better to do than answer them all again for you"

:rolleyes:

I had my first meeting with an accountant last week, an initial consultation. Fee: €0.

Think you need to grab a beer dude

Hunter21

Deleted User wrote: »

Just on the highlighted part there Hunter, you make great points but i see this product as more of a short term thing really if im being honest but could expand if demand was anyway reasonable, and the market i have identified, given the designs i have in mind is not the high street retailers but more or less the Supermarkets and in particular the smaller supermarkets like Musgraves, Gala, Londis and Spar, etc. My plan was to order a small quantity and test the market locally first. Not sure about marketing or the need for a website but i might have to pay extra in certain stores to get the product into a location where it is noticed.

Just a point to note, Musgraves is a corporation so they are far from small.

They meet with loads of potential suppliers every week, to get your products into very well know supermarkets or any well know retail outlet for that matter you will need to be very specific.
Say for arguments sake;
You have only hats in your portfolio.

Your market could be raising money for charity through hats with a slogan or logo.

This would/could impress the large retailer.
They might not make much time for someone selling hats unless you really have found a business niche thats very specific.

I won't ask what the niche is you think you found as this is a very public place, ideas could be taken as quick as you think of them.

Also drop a PM to RUDOLF289 on here, he's a genius when its comes to importing from China.
Also he has a lot of very informative posts on this section of boards about importing and all associated with it.

rainbowdash

rainbowdash wrote: »

Except tell him that 5 of the 7 questions are anwswered on the revenue website.

Maybe next time I should say

"Ignore the revenue wesbite as its all confusing jargon, get an accountant day one and pay him €700-€1000 for some proper advice.

And don't search any of the old threads on importing from China, thats all out of date information anyway, all the lads that answered these questions previously have nothing better to do than answer them all again for you"

:rolleyes:

If you dont want to contribute then DONT!!!! No one has a gun to your head. It really is that simple. Are you moderator of this forum? No your not. Maybe i should have looked at previous threads but my situation could possibly be different then the next posters so i wanted an answer specific to MY QUESTIONS. That is all. You dont want to answer them then fine DONT!!!

You didnt have to put your contribution the way you put it but perhaps your generally rude and dont actually realise the level of your rudeness.


:rolleyes: to you too. Have a beer and relax

Hunter21

Hunter21 wrote: »

Just a point to note, Musgraves is a corporation so they are far from small.

They meet with loads of potential suppliers every week, to get your products into very well know supermarkets or any well know retail outlet for that matter you will need to be very specific.
Say for arguments sake;
You have only hats in your portfolio.

Your market could be raising money for charity through hats with a slogan or logo.

This would/could impress the large retailer.
They might not make much time for someone selling hats unless you really have found a business niche thats very specific.

I won't ask what the niche is you think you found as this is a very public place, ideas could be taken as quick as you think of them.

Also drop a PM to RUDOLF289 on here, he's a genius when its comes to importing from China.
Also he has a lot of very informative posts on this section of boards about importing and all associated with it.

Thanks for everything mate.
Supervalu/Centra are Franchise owned though? Would it not be at the discretion of the owner of each shop whether they would decide to stock them? Would be handy if so because i often see him in there

rainbowdash

Deleted User wrote: »

If you dont want to contribute then DONT!!!! No one has a gun to your head. It really is that simple. Are you moderator of this forum? No your not. Maybe i should have looked at previous threads but my situation could possibly be different then the next posters so i wanted an answer specific to MY QUESTIONS. That is all. You dont want to answer them then fine DONT!!!

You didnt have to put your contribution the way you put it but perhaps your generally rude and dont actually realise the level of your rudeness.


:rolleyes: to you too. Have a beer and relax

So far you have accused me of trolling, being smart arsed and rude, there's no need for the personal insults, if you have a problem with my contribution just report me.

It's a public forum and I will reply all I want, you can't expect every reply to be music to your ears.

I just searched the word China briefly on this forum and the answer to your question on duty and import tax popped up several times. No matter what different people's situations are the import taxes will be the same. I really can't see how pointing you to old threads with relevant information is being unhelpful.