How to Choose a Product to Export
What gives you the most fulfillment as a businessperson? Is it creating value by meeting consumer demands? Is it the challenge of spotting a trend, positioning yourself to take advantage of it, and striking it rich? Or is it the chance to spend your time dealing with a commodity you love?
You have two viable reasons for choosing a product to export.
1. Because you know it will sell.
Finding the perfect product to sell is often the most critical step in creating a profitable and growing import-export company.
Choose a product and niche with a small but sufficient market size. For example, a product that caters to animal owners is probably good. But a product that caters to cat owners who have a black cat with green eyes (as shown) between the ages of 15-17 will likely be too narrow. It will be harder to find customers, more expensive to acquire them and the small market size will limit your potential global growth substantially.
2. Because you like it.
You gotta love it! How else will you be able to talk it up? Keep in mind, if your product can be bought locally, how are you going to differentiate yourself and convince people to buy from you?
Choose a Product That Sells
Start with a product that you know will sell -- if not everywhere, at least somewhere. At the very least, start with a product that you would buy! Google's, Apple's and Samsung's electronic gadgets became global successes because the companies' founders created high-quality products and services they'd be glad to buy or use themselves.
They were packaged exquisitely and sold at a value. On the way to global success, the founders talked about their products to their family, friends and media.
You might try the same tactic: when you find a product for exporting, show it to anyone who will listen to your pitch. If every person responds positively, you are onto something big.
If, on the other hand, you receive a lukewarm response from most listeners, you need to find another product fast. And remember, once you find the right product, you have to find the right market.
Also, you will improve your odds of picking a winner if you cultivate a knack for tracking trends, or even spotting potential trends. Getting in on the ground floor and exporting a product before it becomes a super-seller in its country of origin could be the business breakthrough of a lifetime!