All You Need To Know About Mini Importation

This article will give you an insight on the things to know and pitfalls to avoid in mini importation.

What is mini importation?

Mini importation simply means buying/importing goods at a lower rate and selling at a higher rate. It is arguably the best way to become a millionaire. In this video, I introduce you to all you need to know about mini importation.

The statistics below shows in a simplified form how mini importation works.

If you buy 50 units of a product at the rate of $3 per unit and import the product at $200. The cost price of a unit will be $150 (50 × $3) plus $200 divided by 50 and this will amount to $7 per unit. If you sell at the rate of $35 per unit, the total sales will be $1750 ($35 × 50 units). You can spend $250 on adverts if you spend an average of $5 to sell a unit. You may also spend $250 on delivery if you spend an average of $5 on delivery of a unit. Profit will be total sales minus the total cost of product minus advert cost minus delivery cost ($1750-$350-$250-$250) which is $900.

Mini importation requires sacrifice and knowing what to do at every point in time. A lot of questions of concern may be raised. Some of which include; what makes this article different from others that you’ve read, how long it will take to sell 50 units of a product among others. A lot of people want to sell different products and advertise these products at the same time but Mini importation does not work that way. There is a high probability of folding up. Mini importation is about focusing on a product or a maximum of 2 products at a particular point in time.  These products can be sold using the power of the internet. Advertising on social media and delivery agencies can be adopted for advertisement and delivery.

It is easy to be a millionaire but sustaining the status is the challenge e.g. if you sell 2000 products with 5000 profit on each, you’ll become a millionaire in tens. You can also sell 5000 units of a product with 2000 profit on each, you’d still be a millionaire in tens.

Assuming you have been failing or have failed in mini importation, it’s either you don’t have the tenacity or you are scared of failure. If you are doubting the sales of 2000 units of a product, consider the total population of people living in your country, for instance, A lot of countries have a population in their millions, getting 2000 people to purchase is not even up to 1% many the entire population.

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What does mini importation entail?

Mini importation is good because it involves and requires minimal capital. You can become a mini importer with just $100, 50,000 Naira, 600 Cedis etc. depending on your country.

Mini importation is not time-consuming. You can venture into it, irrespective, of whether you are already working or not. You just have to purchase your product, run an advert, people place their orders on your site and you process the orders without having to contact them in person.

Mini importation also involves automation. Gone are the days when you call and receive calls all in the name of a transaction. You can automate the process and attend to your customers at ease. You can determine when to start your advert and when to stop or pause it.

Mini importation takes time, dedication, sleepless nights, learning, unlearning, relearning and tenacity to work and succeed in it.

Also Read: How To Choose The Perfect Niche For Your Online 

Why you can fail in mini importation

Fake product: People fail because they purchase fake products. The price of fake products is usually lesser than the usual or normal amount. Don’t underprice product and ensure you request the standard product from the merchant.

Weight: This is very important in mini importation. As a mini importer, you must not buy a product that is more than 0.5kg because of the cost of shipping and clearing.

Products with many variants: Do not buy products with many variant e.g clothes, shoes etc. Cloths and shoes are in sizes, colours and this may not suit the taste of your customers. Products to sell should cut across virtually everyone irrespective of gender, age, complexion, stature e.t.c. it should have a fixed specification. For instance, no one chooses the colour of medication. The colours of trackers are also irrelevant

Lack of tenacity: How tenacious are you? I have failed a lot but I learnt from my failures. Take out discouragements, learn from experience, mistakes and failures until you get it right.

How to sustain your wealth as a Mini importer

A lot of people make money with nothing to show for it. In 2018, I sold a product and made a lot of money from it. I was spending as I was getting the money. Around November 2018, I imported about 50 units of the product and there was no more demand for it.

Lack of demand isn’t the problem but mismanagement of wealth because the cost of purchase of the last product isn’t up to one-tenth of the profit I had made from the previous sales. I waited for over 6 months after that, looking for and testing other products to know if there will be high demand for them. This means that one can sell more than 2,000 products within 2-3 months and may not sell anything for months after then. So, if one is not careful, he/she may run into debt. After more than 6 months of no sale, I discovered another hot product and in less than 6 months, I sold over 3,000 units of the product.

While selling a product, you can search for other products that you can sell to avoid being out of the market. You need to diversify. You can venture into other business, buy products that have weight and invest to sustain your wealth.

Now, I believe you are familiar with all you need to know about mini importation.

I am delighted that you read this article, kindly share this post with others. Drop a comment below as this will encourage me to write more articles and also answer any of your questions, doubt, or where you need clarity.

If you are ready to start Mini Importation Business in Nigeria, I can give you and head start with a blueprint of my step by step process. This is like me moulding you.

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