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Most of you probably don’t know this, but one of the very first profitable businesses I ran was an importing company.
My friend Devan Earle is thinking about getting into the import arbitrage business and mentioned it to me last night. How do you eliminate the risk of scams and bad shipments? Our conversation got so in depth that I decided to turn it into a blog post.So this is basically going to be an A-Z guide on what I would do, step by step, if I was going to start over again at importing products from Asia and selling them online.I’ll also include some insights on what made me choose these steps.If you plan on trying this out, I would suggest bookmarking this blog post and referencing it in the future.I am planning on it being a complete guide and will be continually adding to it based on questions I get from readers.I encourage you to go through step by step and not jump around, as I put it in this order for a specific reason.
This is the order I would do things in, and the order that I learned them in.
I will also tell you the story of my rise and fall in the importing industry – or at least the interesting parts 😀 Note – I have since written a follow up to this post called “Step-by-Step Guide on How To Find A Profitable Product To Sell” You have to understand going into this business that it is a risky one.
Dealing with Asian businesses is very, very different than dealing with American ones.
If you go into this not knowing that there is a lot of risk involved, you will probably end up with ,000 worth of i Phone 2 knockoffs in your garage, or ,000 worth of nothing at all…
That being said – if you are careful, understand what you’re doing, and know what to avoid, you can make a KILLING with a relatively small amount of work.
As with any other project you are trying, make sure you have a really clear understanding of what you’re going to be doing before going into it.