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September 5, 2019

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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Michael Veazey


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