How do I determine which type of product I should work with?
I am planning to start my own import business and becoming a supplier in my country,
but I'm having trouble determining which type of product to work with.
Is there any type of study that could help me solve this issue? Is there anything I should know about starting this kind of business and choosing a type of product to start of my business with?
Thank you in advance.
You already received very good answers, I can only second them and add that you should work with goods or services you are familiar with; nothing can replace first-hand experience and knowledge of an industry. So I agree with you that choosing the right type of product based on what sells in your country makes sound business sense, but in order to become an expert in your field, it has to be something you are truly on board with.
Regarding the competition, I don't know how strong Amazon and others are in Lebanon. If they are not very present now, how about in 5 years? It's important to find a niche that will be somewhat spared by the giants in your field.
Patrick Della Santa, Switzerland
CEO at Daily Flowers
Thank you for asking. I would suggest you visit Aliexpress and Amazon to start with. Go to individual categories, select bestsellers based on that category and start to select the products with the most customer reviews and a rating of 4+. These are the best selling products. If they sell well on Amazon and Aliexpress, they will sell well in your home country too.
If you have Google Chrome installed on your computer, add unicorn smasher, search for a product and click on unicorn smasher, it will show you the estimated average sells per month, margin and profit.
Also, install Jungle scout (costs money) as well and see for yourself. This is Why I'm Broke is one of my favorite places to go and research interesting and unique products. This site lists the best products on Amazon, worth a check as well: https://productsyoucantrefuse.com/
I'm sure you'll get similar responses from other experts on here.
There's a fundamental problem with your question. You see, business is about solving problems and providing solutions that meet the needs of people (usually a target demographic) and If this need is big and diverse then it means the solutions can be (scaled) developed or designed to meet the changing and growing needs.
Even if you're buying and selling a product, the concept remains the same - however that makes you a vendor. You need to go out and research your market. Find out what people (preferably a lot of people) want and then if you can source it and sell it at a competitive price - differentiating youself from the competition (why they should buy from you), then you could be on to a good start.
Take a look at this - http://www.thinkbiznes.com/business-development/ideas-to-business.php
Hope this helps and feel free to connect of I can be of further help.
Best of luck