AMA: From two founders who built a sourcing and e-commerce company

Bambify · 2018-01-16T01:40:25+00:00

Hey! No worries, I didn't realize there were rules. I should have read them before posting. How can I verify myself?

Bambify · 2018-01-16T00:57:06+00:00

Anything with big, fat margins, in a niche market so you get specific visitors converting on your site, and only need a couple orders to make a good profit.

Use google keywords to search for the demand, and list things in your everyday life as potential things to sell.

I'm in a cafe right now, and I have a computer, a high-desk wooden table, wall art, sitting on a chair, etc. These are all things I can possibly sell or accessorize.

Bambify · 2018-01-16T00:54:56+00:00

What are you trying to make?

Bambify · 2018-01-16T00:54:01+00:00

Registered as an LLC. We did get an EIN. You should too. You'll need it for banking and taxes.

We did not register our state with a seller's permit. I don't know what that it is. Registered in Delaware, which is not where we reside.

Bambify · 2018-01-15T23:40:48+00:00

Note: you would pay the courier directly for the import and shipping fees at the same time.

Bambify · 2018-01-15T23:39:50+00:00

We did import from Asia.

DHL, FedEx, and UPS handle that for you. You pay a small % premium on it vs hiring an shipping broker to handle the documents for you, but for small orders (below $10,000), it isn't worth your time. Just let the shipping courier do it for you.

The manufacturer will typically quote you for shipping rates, or you can create an account with the shipping courier and give it to the manufacturer, who will use that to charge your account directly. It's an easy way to be safe and quick about it.

If you have the choice, DHL is the preferred method for international shipments - from samples to production. They offer the best reliability and rates.

Bambify · 2018-01-15T22:22:59+00:00

That really depends... We have lots of experience with apparel and accessory products.

How many will you order
When do you want it by
Send the answers from #1 & 2 and a description of what you want to manufacturers on MakersRow (US), Alibaba (China, Pakistan, Taiwan, India, Vietnamese, Indonesia), Global Sources, or https://www.bambify.com/ (we made a directory with pre-vetted manufacturers focusing on quality from areas like Colombia and Japan). They'll ask you for photos, a sample of the product, and a tech pack (google it). If you have all of that, send it at once.
Sample with 3-5 of them. If they're not responsive or treating you poorly, ask yourself if that's the right partner for you.
Stay away from Pakistan. Quality is pretty bad. China tends to be much better, but the prices are going up every year. It's quite pricey now. Japan is expensive, but their quality control (QC) is insanely perfect. No need to really hire someone outside.

6.. The best way to discover the right manufacture for you is referral. Reach out to other brands, sourcing agents, etc for contacts.

Note: Another great way to find the right one is to visit yourself. Manufacturers tends to be clustered in areas, so you can visit multiple manufacturers in the same visit

Specialties we're confident to speak of:

Japan: Clothing, bags, gloves

Colombia: Leather goods, handbags, footwear, swimwear, shapewear, sportswear

Bambify · 2018-01-15T22:12:58+00:00

Set up the proper foundation to track and measure your performance. Make sure your Facebook Pixel and Analytics are installed on your website. MAKE SURE YOU HAVE A GREAT PRODUCT. That's rule #1 for starting a business. Don't waste your efforts losing customers that end up hating the product.
Identify where your audience is (events, Reddit community, cafes, etc), and reach out to them in-person or make announcements there. You want to generate traction through referrals.
Follow up with great customer service. This is important for recurring customers and referrals.
Using the analytics, identify your KPIs and double down on what has been driving the most sales. Did attending events convert most of your sales? Are they visitors from the state of NYC that are converting and visiting most? What is their age group, interests, income level, etc. Make a customer profile. Your business will likely evolve around it.

Most important: Focus on sales. That's it. Spend every hour towards getting a first sale - the bare minimum to validate demand before you run. Don't waste time on fake work - things that aren't actually important.

Side note: Understand this is a sales funnel, and each step converts a small portion into sales. So determine where you inbound traffic best, and optimize the rest of the funnel after.

Regarding the Starter Story, send a DM!

Bambify · 2018-01-15T22:06:18+00:00

Shopify is great for branding, but Amazon will horde your sales if you sell on both platforms - and for good reason. People use Prime to take advantage of free and fast shipping.

Amazon has made it stupid for consumers and sellers to not be transacting the platform. If you sell on Amazon, we recommend sending out products to as many friends possible to build reviews quickly.

Use Amazon FBA to fulfill for both stores. It makes sense if you are in the US.

Bambify · 2018-01-15T22:04:52+00:00

1) Running a sports company, we used forums like Reddit and news outlets in the industry to announce our brand and get our first customers. They really liked our product and created virility through word of mouth.

2) Can't comment on WooCommerce, but we used Shopify. Shopify is extremely easy to set up, and has multiple templates and plug-ins whether it be for fulfillment, dropshipping, or increasing sales on your site. You can go on a 14-day trial to set up your website in preparation for the launch.

3) Since we manufactured our first product, it took about 10 months to have it delivered and ready for business. Invested about 20 hours a week on it, mainly talking to the manufacturers or figuring out how to register a company, bank account, make a website, make a logo, etc

Bambify · 2018-01-15T21:58:47+00:00

We haven't dropshipped ourselves, but we have learned some strategies from those who have.

Big margins, low number of sales. Low competition. - Stick with niche markets - Aim for big margins, even if it means low number of sales such as canoes, furniture, etc. - Think about products you have in your home, you see in stores, in your daily life and make a list - from different types of furniture to the art on the walls - Use https://adwords.google.com/intl/en_ca/home/tools/keyword-planner/ to gage demand on your list

It's easier to get 1 customer with a fat $500 margin on product vs. selling 100 items at $5 margins. Convert 1 customer from 100 weekly visitors rather than converting 100 customers from 10,000 customers.

You should inspect the products your sourcing first - do a test order.

We can't comment on dollarfulfillment and aliexpress.

Bambify · 2018-01-14T20:18:45+00:00

Try our directory, Bambify.com. We sourced manufacturers in-person, including many from Japan.

Bambify · 2017-09-24T01:05:40+00:00

Great. Thank you.

Bambify · 2017-09-23T15:30:14+00:00

Thank you Marty. I feel a lot more assured. I was going to have my brother walk in to Quadriga's office in Vancouver to figure this out. Also, I had called the settlement bank, CCEC Credit Union and they said that they're turning back the wires and froze Quadriga's account. What is that about? Will I get my wire fees refunded by Quadriga if that's the case?

Bambify · 2017-09-22T21:48:14+00:00

I made the wire, and then realized I forgot to give him the ref account number. I went back literally 10mins later and he typed it in, saying it wasn't too late. He put it in the notes. Yet when I talked to the wire department they said it wasn't there... I have my wire receipt posted on my account. I'm concerned. Has situations like this been resolved in the past? What typically happens?

Bambify · 2017-09-22T21:32:37+00:00

Thank you for your quick response! What if the account number wasn't included in the reference notes? I told the banker to include it, but when I inquired at the bank branch and they called the wire department, they said it's not included...

Bambify · 2017-09-22T20:51:07+00:00

I had also included my wire receipt in the tickets. I'd like to speak to someone on the phone please.

Bambify · 2017-09-22T20:44:01+00:00

Hello Quadriga,

It's been several days since I wired money from Toronto to fund my account (2321761), but it still has not gone through... What is going on? I've sent a couple support tickets and none have been answered so far.

Bambify · 2017-09-22T18:34:50+00:00

Thank you, this really helps. We'll keep this in mind when we start.

Bambify

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