I'm Getting Started with WHOLESALING

Hello everyone, this post is from WSO, this guy is my partner in Philippines.
I noticed him for one month, and I admired his plan and small test. So, we started our cooperation.

His post as follows:
Date: 02-28-2013
I love trying different ways in making some good money on the internet and I have been successful so far with all of them and I'm doing this fulltime for a year now.


This time, I would like to branch out with selling physical products. Today I tried buying some products from my dropshipper. I know they are not the good people to buy some wholesale items from. I should buy direct from the manufacturers (which I will do later) or maybe my dropshipper is a manufacturer (not sure really). Well, I don't care about that now. What I care about is the result of this approach.

So here's what I did:


I ordered some sample items from a China based company because I'm thinking about buying some items to sell locally. I still need to learn how much time it will spend to get to my address and how much money (total) including custom tax will I be spending.


Ordered 5 items for $32.65 total + $4.9 shipping and insurance (I paid for the cheapest shipping which is a registered Mail). The item is shipped today and they provide tracking. I'm going to wait for it and I'll observe how much tax will I be paying.


TARGET MARKET: Local


Sell the items for profit.


PLANS:


If this goes well, then I'll order more products and sell more and advertise on the internet.


I HOPE TO GET SOME GOOD RESULTS TOO>


I'll keep this thread updated.

Date:04-01-2013


UPDATE::::


I took me almost forever to update this thread. I do apologize. I almost lost hope because I thought the package was lost.
I found out that the item arrived last March 15, 2013. 15 days after the shipping date however the post office did not tell me. I went to the post office to inquire and they said that it was there and they apologized. I don't want to tell the whole story here. I held my temper during that time.

EXPENSES:


$32.65 total + $4.9 shipping and insurance = $37.55
Custom Fees = $8.75
TOTAL = $46.3 or last just say $50 for some extra sweat (I walked to the post office because it's 10 minutes away from my house on foot). The post office people in here are d^*U)cks. They didn't even tell me about the package.


I had 5 items which I can sell for $18 - $20 each. Pretty much awesome ROI.

MY CURRENT TARGET: Sell the items within 1 week and order some more.


LESSON LEARNED:


1. My post office sucks - I need to check the package every now and then.
2. Importing small items isn't hard in our country. The custom fees are affordable.
3. I can sell the items real good.


I am planning to sell the items locally (in our town) in the first 3-5 days. If not all items are sold, then I will post them in Facebook or Ebay.

Date:04-01-2013
Hello,


I don't know if anybody is reading this thread because nobody has replied to my post. Anyway, I just want to post an update today.
Last April 1, 2013 in the morning, one of my wife's friend told my wife regarding the item that I have for list. This is the one that I ordered from China.

I told him that I can give the item to him for Php 600 or $15. I told him that I am selling the item for less because he is a friend and if he likes it he can tell his friends - (something like referral thing). I paid it right away and I got my first item sold with $5 profit.
I know it's small amount but this is just a test and I know that I can make this big.

I decided to take pictures and post them in Facebook and Sulit To my surprise, I got 3 sales in Facebook and my price for it is Php 700 each or $17.5 as a discount price for the first 3 buyers. And the 4th buyer will have to pay Php 900 or $22.5 . Well, they felt the urgency and my Facebook post went viral.

I also sold the last one for Php 900.

No more products in my end and I got lots of people who want to buy. LOL.


MY PROBLEM NOW IS HOW TO TELL MY CUSTOMERS THAT I DON"T HAVE THE PRODUCT ANYMORE.


Maybe, I'll tell them that they are sold out and I'll inform them once more products are in (after 15 - 30 days DAMN). Well, at least I have a list of buyers.


SUMMARY:


EXPENSES : $50
REVENUE: $90
PROFITS: $40


Not really good if we take a look at the time I spent waiting for the product to arrive but if I have lots of items then I would make a killing.


I'm Buying more items now. Maybe around 10 - 50. I'm going to grow slow because I want to test the CUSTOMS now.


I will update this thread.


Please leave your comments.

well keep on updating i will keep an eye out good luck dude

Date:04-14-2013

It's been 7 days since my last post in this thread. I was too busy managing my business.


My affiliate website has been making sales like crazy. Got 9 eBook sales and 2 physical products in the last 2 days. Anyway, that's not what I'm going to talk about here but that's what keeping me too excited and planned for my next affiliate website doing research and planning the contents and everything for my next project.


OKAY, here's my wholesaling project update:


My next batch of items haven't arrived yet. I actually reinvested all the money including the profits so that I can get more items to sell.


I'm going to grow this one. I invested $50.




SUMMARY OF MY FIRST BATCH OF ORDERED ITEMS:


TOTAL INVESTMENT/EXPENSES: $50
Revenue: $90
Profit: $40


I reinvested all $90. This time I purchased 10 and added new items/designs of products in the same niche.


I will keep this one growing until I can reach thousands of $$$$.


Please let me know what you think or if you have any suggestions.


Thank you very much.

04-21-2013
UPDATE:


I think this is the right time for me to post an update.


I reinvested my $90 (original investment was $50 + $40 profit for the first investment). I got my items in the post office last 2 days ago. All of the items were actually presold. I already got orders before all of them arrived. Now, I have $190 with $100 profit now.


NEW FOUND OPPORTUNITY (An angel sent from heaven?)


If you're going to take a look at the thread posts. Somebody, (chenyanroger), he offered to source my items.


I was hesitant to contact him because there are a lot of scammers on the internet nowadays but I contacted him and I said to myself "maybe I can take a little money at risk. Well, businesses have risks and it's better to try than do nothing".


We chatted in Skype and I found out that Roger (his real name) is a very professional small business owner in China and he is very kind. He said that he likes my ideas and he wants to help me. And he offered something really great (cooperation and partnership for long term basis). We agreed on something which I won't provide the details to make the story short.


He sourced for me. We chatted for long hours which is healthy for both of us to get the business going and to make it grow. I shared my plans and he shared his. Our plans jive and we agreed to make it big. He sourced every product that I had on my list.


I actually listed 15 products which I found to be profitable and hot selling in my country. I purchased my number 1 from a trader website since I only had $50. Now, he purchased almost all in my list which is pretty awesome. We decided to purchase just small quantity to verify my research. Now, all the items are on its way to his office and he will ship them on Monday through Express shipping.


I'm getting too excited.


He did all the job of sourcing the products, and he did a very good job.


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MY TASKS:


Roger did the sourcing stuff which he did pretty much fast and he was able to get high quality products for low prices because I purchased directly from manufacturers. He knows how to deal with them better than all of us because he is from China.


My task is to sell the items. Now, here's what I am doing.


1. Preselling


I created a Facebook page where I sold some of my items I purchased from my dropshipper. Now, I'm using it to announce the items.


RESULT -- Got orders and I know which ones are really hot items to sell based on the people who contacted me. Got 17 people contacted me after within 48 hours. The Facebook is getting more likes now.


2. Getting the Items.


We are split testing the shipping methods.


a. Through EMS which will go to our post office.


I'm gonna to pick up the items and pay the taxes in the post office.


b. Through DHL.


DHL will collect the taxes from me.


We're going to check which ones better when it comes to speed, custom, etc. I'm not going to provide all the details about this. I'm going to discuss this in my next update.

04-23-2013

Quote:
Originally Posted by chenyanroger
updated:all sourced items arrived at my office.
They will be shippped by 1 DHL package and 2 or 3 EMS packages.


---------------------------------------------
all items were collected by express.
2 EMS packages, 1 dhl package.


DHL asked me to pay extra 30 usd for remote area
Yes,


EMS tracking is already showing that it's on its way now. Too excited to see the packages. It's my first to get such quantity.


Roger and I decided to send in different packages to test it. We don't want to put all our products in one package just to make sure that we won't lose a lot of custom or anything becomes crazy.


We are still in the testing phase so I will keep this thread updated. This should also provide all Philippines based businessmen who want to get started with importing a little guide on how they can get started. I think I'll be creating my own WSO soon for Filipino Businessmen.


Roger really is very helpful in making this into a reality.

at present, they are all on way to Philippines.

I am surprised nobody has posted yet! I'm enjoying reading your thread. Hope this works out for you.

update:

DHL has arrived in Manila this morning,
DHL can pay tax first, then we do not know how much tax we should pay.