Wallets
Rich Dad Poor Dad author Robert T. Kiyosaki claims to have made is first fortune by inventing the “Surfer Wallet? The business went down due to a lack of legal protection for the idea and cheap copies produced in the East.
What better idea then for us to breathe new life into?
Given the number of surfer wallets for sale, or given away as company promotions it is clear that someone is still making money from this tried and tested product, so why not you?
Remember that we are not trying to get rich here, just to build a low cost, sustainable business which will bring in a meaningful additional income, and teach you about running your own business. What Mr Kiyosaki left behind; may be the ideal starter business for you.
As with most products the possibilities are endless, a quick brainstorm might give the following: -
Provide to other retail businesses
Sell to small/local companies or clubs as promotional items
Sell online via EBAY
Allow customised design via website
Open your own shop for wallets/purses
Sell online overseas
1 & 2 are similar in that you will need to take some samples to retailers and show them around. Let the potential buyer touch and feel the quality of your product and take the opportunity to understand whether they are able / willing to sell it for you before you order more than the initial samples from your suppliers. This approach is heavy on legwork and will require some visits to potential buyers during work hours so will not be suitable for full time employees. The advantage is that it allows you to sell larger quantities more quickly than other methods. In order to find potential buyers look in the Yellow pages under shops, and clubs or societies. At the right price (i.e. if they can also make a profit) even local charities and schools may be interested.
3 is pretty straightforward. Have a look online and understand what the product sells for. Try advertising your product and stressing the fact that it is available within a certain locality. Many buyers want to see a product before they hand over their cash even when they are shopping online. They also like to know that they can bring it back if there is a problem. You may be able to charge a small premium for this level of service.
4 is more complex as you will need to find a supplier who can support this on a bespoke basis. It should be possible providing you (and therefore your customers) are willing to pay a bit more. You will need pretty strong web design skills, or be prepared to spend the money on this. You will also need to market your website heavily and this might include trying to get the idea published in your local paper, getting young relatives to spread the word at school, cub scouts etc.
5 would require a range of products and therefore a range of suppliers. You need to find a location where there will be plenty of foot traffic and it may also be wise to publicise the store online, using local versions of EBAY etc to enhance sales while you build your trade. Another alternative that may be cheaper in terms of rent might be to take on a market stall as opposed to a full blown shop.
6 requires very high end merchandise, but you may be able to buy at retail prices and still make money. For example Louis Vuitton, Celine etc. sell in Europe and the USA at much lower prices than they do in Asia. Check out websites in Hong Kong, Taiwan, Japan and Korea to see how much items sell for and then trot down to your local store to see what they sell for. You should be able to advertise online for buyers and then run down to the local store with your credit card before shipping the item out. I would try to ensure an up front payment including enough profit to cover the shipping charges, or a trusted payment mechanism such as PAYPAL.
If you go for option 6 then buying at retail works. Another alternative that I have seen used effectively is to buy from designer outlet stores where you can get end of line stock at a knock down price, which will increase your margins considerably. Do not underestimate how in demand the big labels are overseas but do your homework first and make sure you know what you can charge if you plan to buy stock before you sell it. There should be enough mark up for you to use a quality delivery service such as Fedex, or USPS to ensure safe (registered) delivery of your stock.
Apart from option 6 you will be looking for the cheapest possible suppliers. These are likely to be either in India or China but you may find some surprising bargains if you look in Vietnam, Thailand or Indonesia.
Easy sources include: -
www.Alibaba.com - search for Wallets or Purses to find a number of sources
in China.
www.Google.com -search for Wallet or Purse Suppliers and the countries listed
above
You could also look out for bankrupt stock in your local newspaper
Dealing with suppliers
When you find a supplier that carries what you are looking for you can make
contact and ask the following questions: -
Minimum order size? Whether this is per style or can be made up of mixed styles?
Whether samples are available?
Whether they can handle Shipping and export procedures?
What quality control is in place?
Can you return unsatisfactory goods, if so under what circumstances?
Prices and bulk order discounts available?
When you get the first quote from the supplier do not bother haggling. Get a number of quotes from different suppliers if possible. Once you establish that you have a market and want to go ahead then you can play the suppliers off against each other to get better terms. You will soon realise that there are numerous suppliers and some will be more flexible than others.
This will be hard work and you will get frustrated.
Every step you get through will teach you lessons that you never learned in
school
If you plan to look back make sure it is to appreciate what you have learned
and how far you have come
When you get that money for your first sale you are officially in business