Online importation business is over…
You can’t make money from it as it were back then…
As a matter of fact, it’s impossible to invest in it and make your capital back, talk less of making any profit.
Maybe it’s time to focus my energy on something else…
If the above assumption is your perspective, then am sorry to burst your bubble!
It’s still very much possible to make money from the importation business, as a matter of fact, now is one of the best time to make huge profit from the business.
The reason for this is not far-fetched:
Everybody knows that a dollar is currently being sold for about #200 in the official market, so it is expected that the price of imported good would be expensive, which means when you tell customer about price inflation, they would have little or no reason to challenge the price changes.
The truth here is that, the price did not really change from your end, but rather, you want to enjoy the tide of the current issue and make more money for yourself.
So in this post, I’ll show you clear-cut, time proven ways of making money as an online importer, despite the poor economy of the country at this point in time.
- Don’t Stock Goods!
It’s a good idea to buy and stock items when the exchange rate was fair to some extent. You can buy in bulk from china and keep them in your store to sell off bit by bit. But it is not a good idea right now; as a matter of fact you should avoid stocking items.
If you’ve made a name for yourself in the business, I would advise that you create a request list and make a list of items needed by your customer, tell them the price before you get the item and order it specifically for them. The good thing about importation business is that, most goods we import and sell are not needed on emergency basis. So you can always promise a customer to check back in a week or two while you place the order specifically for that customer.
The main reason why I said you should avoid stocking items is because of the unstable rate of the currency, it might crash anytime and that would affect your investment capital because you might have gotten the item at a relatively high price.
- Buy PayPal In Black Market.
This is a bit complex, but I will try my best to explain in a very simple way.
Recently, PayPal added Nigeria to the list of countries where they operate, however, we are still unable to receive payment with Nigeria PayPal account, but you’re allowed to make payment online with the account.
The idea of buying PayPal money in black market is very simple, all you need to do is connect with bloggers, affiliate marketers, freelance writers and other online business workers that receive PayPal payment from their clients. Normally, a larger percentage of them cannot withdraw money from PayPal because their account is either not verified or it’s not allowed to receive payment (Nigeria PayPal).
On your own part, you would go a bit extra mile in getting a verified PayPal account, it would cost less than $10 in setting up a verified PayPal account that would be able to receive and make payment anywhere in the world.
There are people that offer the service of creating and verifying a PayPal account on your behalf, they would charge you certain amount of money and your account will be ready in about two weeks. If you want to do it yourself, it’s very easy and simple, provided you follow the guideline religiously.
The first thing is to create a US Paypal account (using VPN IP to access PayPal website) after creating the account, you can head over to Payooner.com (It’s an online banking website that will create a verified US bank account for you) follow the procedure on the website and apply for a US Bank account,. Once this is done, you can then use the US bank account from Payoneer to verify your US PayPal Account.
The benefit of this method over hiring somebody to create the verified paypal account for you is that, Payonner will send you a credit card which you can actually use to withdraw your money anywhere in the world!
This post is not about creating a verified paypal account, so the information might not very explicit, but I might write a post on the procedure in the nearest future, if time permits.
Now, let’s see how you can make money from the verified paypal account and use the money to boost your online importation capital.
Remember I said earlier that most bloggers and freelance writers are always looking for somebody to buy off their PayPal Money, they are every where; on nairaland, facebook e.t.c. If you look in the right places you would make contact with a handful of them that would be able provide a steady supply of PayPal Money when needed.
Now, here is that catch…
PayPal Dollar is sold at a cheaper price in the black market by bloggers and freelancers, mainly because they need money quickly, or they don’t want to pass through the stress of verifying and withdrawing the fund in Nigeria. You can take this to your advantage, by buying off the dollar at a cheap price and using it to make purchase at the normal exchange rate.
As as the time of compiling this post, the current black market price for $1 paypal fund ranges between #170-#180 if the seller is selling less than a $100, but it can be up to #185 per dollar is the seller is selling above $100 at a time, either ways, it’s still to your advantage.
Certain precautions should be taken when venturing into black market purchase of PayPal, you would want to refrain from buying PayPal from fraudster, and also you want to ensure that the money is transferred into your account before making payment.
As far as your PayPal account is concerned, you should also make sure that you access it with VPN and US IP to avoid being banned in the long run. To be on the safer side, refrain from accumulating funds in the account.
- Buy From Cheap Websites.
If your main purchasing websites is aliexpress, then I am sorry to inform you that you’re not yet a seasoned online importer.
There are various websites where you can buy from Asian market at a relatively cheap price. Check through this websites to get the best deal before making any purchase. Put every safety precaution in place and make the best of all deals.
Example of websites where you can make cheaper purchase from china is 1688.com, I wrote a free comprehensive ebook on how to make purchase from this website at maximum profit, click here to download the e-book for free
- Search, Negotiate and Negotiate the more.
If you’ve ever been to computer village before, you will understand what am about to say very well.
Let me share a little secret with you before I proceed. On retail websites like Konga, or Jumia or Kaymu e.t.c, a retailer can list the same items more than once, and put different price on each listing. Take note that the listing will have the same description and configuration, the price you would buy the item depends on the link you eventually stumbled on.
The lesson here is to make sure you conduct a very wide search before you decide on where to purchase the item, take your time to search through the website, compare the price with what other retailers are offering and choose the best price.
After deciding on where to make the purchase, you can then begin a real time negotiation with the seller.
One of the methods I have used in time past is to tell the retailer that I have a long term goal of importing hundreds or thousands of the product on weekly basis, however, I would like to test the market over here and see how the business moves before I begin importation on a larger scale, so he should consider me a long term partner and reduce the price because I would eventually come back to make larger purchase. This method works all the time and you would be surprised at how much the price can drop mainly because of that
In conclusion, it’s important to take note that there is opportunity everywhere, you can still make money from the online importation business provided you follow the right guideline and avoid the common errors.
All you have to do is study the market, know your audience and sell as appropriate.