When starting a new business, finding a product to sell can sometimes be challenging. There are various factors to consider like quality, price and more. Since price seems to be one of the major factors any new business considers. It seeks to procure these products from China because manufacturing costs in China are more affordable. Here is a list of places to consider when procuring from China.
Taking a trip and visiting a wholesale market is a resourceful method to procure from China. You can physically browse a wide range of products at affordable prices. Taking into consideration the Yiwu market which is the largest wholesale market in the world, this is a good place to start. Unlike the trade fair, the wholesale market is every day throughout the year except on Chinese holidays. A keynote for the wholesale market is that you have the opportunity to physically inspect the goods, test the quality and walk away with them or have them shipped to your warehouse. It also gives the opportunity for you to build a personal one on one relationship with your suppliers.
Chinese Trade Fair Shows
Attending a Chinese trade fair is another resourceful way to buy from China for your small business start-up. There are different types of trade fair events that happen in China throughout the year, but we will discuss two of the main trade fairs and when they happen.
Canton Import and Export Trade Fair
The Canton Trade Fair event is the biggest of its kind in the world. The trade show is so big that the venue is bigger than 200 football fields put together. It happens twice a year during April/May and in November. This is a good opportunity for a new business to source for products in China.
Global Sources Trade Show
This is another trade show you should attend if you have interest in procuring from China. This event is held annually in Hong Kong. It features only special categories like fashion and electronics. The majority of people in Hong Kong communicate in English compared to mainland China, so this makes it easier to get around and communicate.
Online Chinese Suppliers
This method is mostly adopted by new and small businesses because you don’t necessarily need to be in China, which means it saves time and money. Sourcing for suppliers online is one of the most popular avenues businesses take by using online directories. You could either search using search engine tools or visit business to business directories that feature thousands and even millions of suppliers.
Here are the major names to consider: Alibaba, DHGate, Aliexpress, Global Sources and many more. While they all function in a slightly different manner, all you need to do is type the name of the product you are seeking to buy from suppliers and a list shows on your screen with different suppliers offering that product, prices and more.
Here are few tips to follow whether you are buying from an online supplier or at a physical store (wholesale market or trade fair)
- After establishing contact with the potential vendor, you must request a sample of the product you are interested in so that you can do a full evaluation and test the quality.
- Now that a decision has been made, moving forward with the supplier you have to discuss and agree on the payment method and if there is a requirement for an initial deposit.
- As a business owner buying a product in wholesale from a supplier, you need to ask for trade assurance or money-back guaranty.
4. The last thing to consider is shipping. Freight shipping is cheaper than air shipping but it takes longer to arrive at its destination. Depending on the type of product and time, you have to make the right decision.