The interesting thing about online buyers is they are extremely

price sensitive. A survey done by Forrester Research shows that

73 percent of surveyed online buyers expect prices on the

Internet to be cheaper than in stores. No wonder auction

marketplaces are thriving. Among the most popular auction

marketplaces growth of eBay is especially notable! Its market

share is growing at roughly twice the pace of the over all

market. So, it? only natural if you like many other wannabe

entrepreneurs thinking seriously to start an eBay business. Say, after spending long hours on the eBay and doing much

research offline and online, you finally have come up with a

niche category of products to sell. But, there is one little

problem! You don? have a slightest clue where to get regular

supply of this product for wholesale price. Often, entrepreneurs

with great product ideas fail to materialize their dream business

plan just because they are unable to find a right supplier. How

to tackle this problem?Finding a local supplierSuccess in any trading business depends not only on how good you

are in selling, it also relies greatly on your ability to source

the product at right cost. If you have a fairly large list of

products that you are considering to work with you have a variety

of options to choose from. You may start your eBay auctioning

business based on local liquidators, closeout dealers, government

auctions, newspaper classified or Drop-shippers

(http://ezine. rusbiz. com/article/39). But to start a real niche

business you need to find a constant source supplier, which could

be a manufacturer, a distributor or a wholesaler. Obviously,

Internet is the easiest place to get the initial contact

information. Try http://www. thomasnet. com/ or

http://www. tgrnet. com/ - both websites are good information

sources for industrial products manufacturers. Bear in mind that many manufacturers simply aren't able to handle

small orders and don't sell products directly to retailers. Some

times, the minimum sales lot is way too big for a small start-up

company to manage. However, even if the manufacturer does not

sell directly to retail levels, they will provide you with

information on their products and refer you to their wholesaler

or distributor companies, which will be in a position to cater

your needs. For some category of products, your best option is to attend

trade or industry shows in order to locate a supplier. Check out

websites of some exhibition centers in your vicinity and find one

or two trade shows of your area of interest. Make sure that

participants of the trade show are distributors and wholesalers

as oppose to large manufacturers. After all, you need to find a

supplier who will agree to work with your initial small orders. Trade journals or publications of your related field also could

be a great source in your quest to find a supplier. Trade

journals publish information on industry trend, articles on major

players, various industry related event schedules such as trade

shows, and often carry classified sections. Sometimes, they also

publish specialty issues such as a buyer's guide or a who's who

issue. You may consider getting those issues by contacting the

publishers. Professional and trade associations similar to local chamber of

commerce and other groups offer a variety of services, which are

extremely useful to members and general people a like. Promotion

of the industry and its products and referral services for buyers

trying to find specific products are some of the services that

they offer. You should not hesitate to contact these

organizations for help. ImportingCompetition in world? largest electronic marketplace is fierce!

If you have to buy products from a middleman, you may find that

your prices are not workable at all. What to do? Since most of

the consumers products are imported any way, you may consider

outsourcing your product from a foreign country. Today, thanks to

globalization importing products are no longer as difficult as it

used to be! If you are trying to buy a labor-intensive product,

the best places are probably China? which is the hottest at this

time, India, Thailand, Vietnam, Bangladesh and some other Asian

countries. If you are looking for medium quality electronics and

computer parts, your options are China, Taiwan, Korea, Singapore,

etc. For high-end designer products Italy, Germany and France are

your best bet. For intellectual property related products, Russia

and other Eastern European countries are still a paradise. There is a good chance of finding a supplier through online B2B

portals. If you are looking for a supplier from China you may try

www. alibaba. com and www. globalsources. com. Two of the largest

trade leads aggregators on the Internet. For products from India

you may try searching the database of both www. indiamart. com and

www. trade-india. com. For products from Russia and other CIS

countries www. rusbiz. com is a great option. Here are the steps you must take in order to import products

successfully:?Locate several suppliers either through online resources or by

contacting Trade Commissions of respective countries. ?Contact the suppliers and see if they are in a position to

deliver the right product. Make sure that the suppliers are not

your direct competitors. Many foreign suppliers are actively

selling products through eBay. ?If you find their price and quality of the product are

acceptable get several samples. It is very important to give them

an exact copy of the product you are looking for. Without a

prototype you might end up getting something far different than

you expected. ?Work out your cost, which include buying cost, packaging,

shipping, insurance, customs duty, excise duty if any, financing

and handling charges, etc. You may also incur other expenses

depending on products and your location. ?Check out your supplier. If possible make a trip to visit the

supplier. Ask for references. Contact their bankers if necessary.

Importing requires absolute due diligence. ?Check with a logistics consultant about shipping and exporting

rules of the country. ?Contact a customs broker to verify latest duty and other

regulations related to importing of this particular product. ?Don? forget to consider product life cycle, shipping time,

seasonality of the product and other characteristics specific to

your product. Importantly, do your homework! You can sure make money by

importing and selling goods on eBay. Thousands are already doing

this. But, the key to success relies on your entrepreneurial

spirit, due preparation, sound judgment and hard work. If you

think you are ready, go for it!Nowshade Kabir, is the founder, primary developer and present

CEO of Rusbiz. com? a Global B2B Exchange with solutions to

create e-catalog, Web store, business process management and

other features to run a business online. You can read various

articles written by Nowshade Kabir at http://ezine. rusbiz. com.

Author:
Nowshade Kabir