Why many importation businesses fail!
After working with thousands of importers since inception, it is safe to say that we have seen the good, the bad and the rigorous challenges of the business. Not many business owners survive the challenges that come with being an importer. In this article, we will share 5 major reasons many importation businesses fail.
1. Buying the wrong product
This is the top reason why a lot of importers fail. Nothing sucks like buying the wrong product. This drains all your enthusiasm and energy about your business. Making this huge mistake will not only set you on the wrong foot but also affect your finances because the wrong product is basically going to affect your business in one way or the other. Buying products without adequate information about the product can cause you to fail.
2. Buying cheap and substandard products
Nothing messes a business more than buying substandard products. Just because a product is cheap doesn’t mean you should jump on it as an importer. Do your due diligence to ensure that you know the quality of the product you are buying before going ahead to buy. This is why ordering a sample product is necessary to avoid losing your money in the end. Buying from China comes with a lot of risks and if you purchase blindly without doing due diligence, you might be risking your business which may lead to ultimate failure.
3. Not using the right supply chain partner
You cannot do your importation business alone. Buying from foreign countries or companies comes with a lot of risks. If you go ahead and buy without using experts who have the knowledge and experience to help you make the best purchase or handle your transaction, it may backfire tremendously. This is because supply chain experts like Naiyuan Mart have not only the territorial knowledge of China but also a dependable network of different supplies across major industries. Using experts comes in handy to not only save you stress but also protect you from importation blunders.
4. Not staying consistent
This goes without saying, the lack of consistency in anything has consequences even in the importation business. If you are not consistent with your business, you won’t get the desired result. Many importers start without the end goal in mind. They want everything immediately. They want customers, brand visibility and recurring growth rate almost immediately and when this is not happening, they give up easily. Starting and growing your importation business takes a lot of patience because you need to learn the ropes and this doesn’t happen overnight.
5. Not investing in marketing
In this age of social media, where attention span is less than 3 seconds, not investing in the marketing of your importation business is like selling in the dark. Many social media platforms have organic reach but you have to use Ads to attract your kind of customers. If you don’t do this, you will get frustrated growing your business organically in the long run and you might just give up on building your business.
How Naiyuan Mart Helps
We are here to help you succeed in your importation business. We are a first-class transborder Supply Chain Management company created to bridge the gap between Chinese Suppliers and businesses around the globe.
With a presence in Mainland China 🇨🇳, Hong Kong 🇭🇰 and Nigeria 🇳🇬 We are poised to ensure all parts of your supply chain, from sourcing to final doorstep delivery is as smooth, stress-free and profitable as possible.