Bangladesh and Cox’s Bazar port : Questions answered

Part 1: We need to talk.

My philosophy is that the Riches are in the Niches. The more unique a product you can sell (if there is demand for it), the more you can stand out when potential buyers are searching for your products. Let’s take a deep dive into transitioning from selling commodity items like generic clothes and shoes to specific markets like handbags, jewelry, beauty, sneakers, and more.
Let’s figure out why you are selling generic items in the first place. I am going to speculate about the reasons – you tell me if I am correct:

• You don’t have sources for unique, niche, or high-end products
• You don’t have enough money to buy quantities of unique, niche, or high-end products.
• The risk of buying these types of products keeps you from making the leap

Sources. Money. Risk.

What else am I missing? Tell me in the comments or in the Unlocked Reseller Group since this is a living document that will evolve over time to help you break free from selling what everyone else is.
Most people think the main issue is finding sources for these niches, unique or high-end products. They are wrong. If I gave you a source today that could sell you $25,000 worth of Louis Vuitton handbags at terrific prices, could you (would you?) come up with the capital to buy those handbags? The main issue for most resellers is money, so let’s talk about that first.

Part 2: The Money Mindset.

If you have access to unlimited capital and can spend as much as you need to source niche, unique and high-end products, you can skip this section and move on to part 3: Sourcing.

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For the rest of us, cash is king and queen, and we need to learn how to get it cheaply, manage it, and keep enough of it to grow our business. And before we jump into a discussion about money, the last section of this post will focus on RISK and how that plays a huge factor when thinking about how to use the money for your business. Be sure to come back for that post!
It takes money to make money. We all know this is true, but it is even more poignant when you are a reseller. You must come up with the cash to purchase the items you want to resell, and you have to be smart about how you use that money.
In this article, we will cover the following topics about money.

• How much do you need?
• Where to get it
• How to use it

How much cash do you need for your business? I can tell you from experience that my first response is that you always need MORE. If your business is growing fast, access to capital is critically important to keep the engine of growth fueled.
A better way to figure out how much cash you need is to work things backward. Start with how much revenue (total sales) you want to generate each month, then calculate your expected profit margin after deducting expenses for the cost of goods sold (COGS) and selling fees (SF). COGS is what you pay for an item, and the selling fees will vary depending on how and where you sell your products. Some marketplaces like Facebook don’t charge fees, eBay typically charges around 15%, and Poshmark is 20%. I like to use the most expensive fee structure in my Cashflow System so that I am not surprised by higher costs than expected, but that’s just me.