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Private Label Sourcing – Private Label Strategy (step 6 of 10)
What’s the most critical prelude to sourcing?
Define what you’re looking for first!
China manufactures 80% of the world’s products. Its selection is just vast. Your job is to drill down.
The simplest starting point is: alibaba.com
Elimination is the name of the game
* Filter on Alibaba: √ Gold supplier √ Assessed Supplier
* Filter by responsiveness: Do suppliers answer your email? Answer your questions?
* Filter by Sample: No point negotiating unless the product is quality. Time to get a sample!
* Run the numbers: Go over your entire supply chain for your projected Profit & Loss. Know your numbers before you negotiate.
* Negotiate: Agree Price, Quantities, Design & Freight.
* Quality Control: Define exactly what you expect and all possible defects. Clarify that you will inspect.
* Place your order: Detail everything then exchange documents & arrange to send money.
Watch my full discussion of Private Label Sourcing - Private Label Strategy
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By Michael Veazey
4.5
2626 ratings
What’s the most critical prelude to sourcing?
Define what you’re looking for first!
China manufactures 80% of the world’s products. Its selection is just vast. Your job is to drill down.
The simplest starting point is: alibaba.com
Elimination is the name of the game
* Filter on Alibaba: √ Gold supplier √ Assessed Supplier
* Filter by responsiveness: Do suppliers answer your email? Answer your questions?
* Filter by Sample: No point negotiating unless the product is quality. Time to get a sample!
* Run the numbers: Go over your entire supply chain for your projected Profit & Loss. Know your numbers before you negotiate.
* Negotiate: Agree Price, Quantities, Design & Freight.
* Quality Control: Define exactly what you expect and all possible defects. Clarify that you will inspect.
* Place your order: Detail everything then exchange documents & arrange to send money.
Watch my full discussion of Private Label Sourcing - Private Label Strategy
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