Visiting the Hong Kong Mega Show last year was a real eye opener for me. So much in fact, that I am now changing my whole business model, as a separate entity, to sourcing products from Asia to sell to the Western European and US markets.
The profit margins I earn on the affiliate offers I currently promote are handsome, however they are nothing compared to the profits available via sourcing and selling hard good products yourself from China (and having affiliates under you selling YOUR products).
Here’s an example:
One of the first booths me and Matt come across while at the show sold very pretty wooden boxes that I guess would retail at $300+ in a home decor store in the UK. We were gobsmacked when we found out that if bought the boxes in bulk, the per unit price would drop down to the $20 range. After doing some simple math ($10 for shipping, $50 to affiliate, $20 for staff/overheads = $200 to play with), I quickly got the see the big picture.
The more I look into sourcing products from Asia, the more I’m discovering how much there is to learn. From making sure the supplier is financially secure, to handling shipping, to understanding regulations and import/export taxes, to special economic zones and factory tours…. there’s a lot to learn.
What I need, and what I want, is an informal way to learn the basics of all of the above and more, from those that have been doing this jazz for years. How cool would it be to sit round a table while feasting on great food and wine, picking the brains of 2 experts who know what they are talking about in the sourcing and manufacturing business?
Yeah, I think that would be cool too.
And that’s exactly why I am creating the Asian Sourcing Network and Dinner Event.
The plan is pretty simple. I will hire a plush private dinning room in Hong Kong the night before the Hong Kong Mega Show commences (19th October) and invite 2 guest speakers who have tones of experience with sourcing and manufacturing in China and Asia, to share their wisdom, knowledge and advice.
The event will be limited to 30 people, and the ticket price, which I’ve tried to make as affordable as possible, will include a great 3 course dinner. Attendees can expect to meet a lot of people who are in the same position, which will provide great networking opportunities, and of course, you’ll learn heaps too from the 2 guest speakers. As far as I know, there is no other event that provides this level of intimacy with people who really know what they are doing in the sourcing and manufactouring markets.
I’m heading over to Hong Kong at the end of the month to meet potential guest speakers and to check out the venue (if I get the place I’m thinking of hiring, the attendees will be blown away!). In the mean time, if you are interested, head over to the site and sign up – we’ll email you once all of the fine details have been organised with a 10% discount code as a way to say thanks, for showing an early interest in the event.
Check out the Asian Sourcing Network and Dinner Event.
Now you will have to be a supply chain expert. You will need to know everything from procurement, to logistics, to sales.
Are you going to sale mainly online? I think its not so difficult to do the sourcing, and logistics but the sales part is most difficult.
I was a procurement specialist for 7 years for 2 Fortune 500 companies, and I’ve thought of going to China to source items to the Western world, but how to get corporate buyers?
Anyway, I think you can do it and I urge you to go for it. Its a great challenge.