Product Sourcing and the “Next Big Thing”Grant McGahey
Every entrepreneur has, in one point in their life, wondered if their idea was worth pursuing. The act of creating, running, and maintaining a business is a long journey — A journey that no doubt has its positives, but will also be full of time, effort, exhaustion, hardship, and in some cases even grief. Before you decide to take the big leap with your idea, it would be beneficial to see if people would even want it in the first place. Many start-up teams get so wrapped around their own idea that they forget who it’s for. It’s not for the- It’s for the consumer. Making sure there is a demand for your product is absolutely crucial.
As entrepreneurs, our way of thinking seems to always revolve around the word, “next”. The next iPhone, the next Tesla model, the next Uber or Facebook. We obsess over the future. It shows our tenacity and desire as people hoping for progress.
The best “next big thing” though, does not have to be revolutionary. It doesn’t have to be the first Apollo Spacecraft that landed on the moon, or the world’s first machine that can turn a dog into a cat. Take Uber, for example. It is not a revolutionary idea. It isn’t a teleportation system. It is just cheaper and much more convenient service than a taxi. Why did it take off? It provided a unique value proposition that wasn’t being offered by any other company: A ride service that was cheaper and more convenient.
That being said, how can you produce products that provide value to your end consumer?
With product sourcing, it is easy to figure out what consumers already want (not to mention the product will already be manufactured). Find a way to purchase demanded products for cheap and sell them online for more.
The web is full of success stories of people who are going from tens to thousands of dollars in a matter of weeks just from product sourcing. They use sites (along with suppliers they can find on their own) like Alibaba, DHgate, Thomasnet to create orders and then they sit back and wait. In many cases they don’t even touch their products. They are making money because there is a demand. A demand for everyday things that over 220 million people who are buying goods online in the US need. You can provide those goods for them at cheaper prices. That is why so many people are making money product sourcing and why so many people are gaining profits from it.
Do your research, find suppliers that sell for much cheaper in bulk, white label/give your particular product an identity and sell it for more. This will give customers goods at lower prices and in a more efficient manner. Revolutionary? Nope. Cheaper and more convenient? Yup.
As an entrepreneur though, where is the room for innovation and creativity? It is said that the best ideas and solutions to problems are discovered by people who are hard at work. You have the ability to tweak these products to the specifications that your customers value the most. So, while you are waiting and thinking of a big idea, or innovation, why not start making some money? Sell a product, learn the industry, build your brand, and once you’ve been hard at work product sourcing (and making extra cash), one day that lightbulb above your head may pop up. You may even discover “the next big thing.” Then, with that experience and cash you’ve earned, run with it.