Private Label Sourcing – Private Label Strategy (step 6 of 10)
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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