How and Where To Source Products for Your New Startup

Are you launching a ecommerce businessnew and looking for suppliers? How and where do you source products for your startup?

You can develop a good business idea and even the motivation to realise your goals. However, entrepreneurship is not as easy as eating cake.

In essence, there is more to entrepreneurship than just launching your new startup. As a business owner, you will have to put in the efforts to ensure that you are able to achieve your business goals and growth.

Furthermore, a business owner will also have to source profitable products to sell as well as reliable suppliers to provide them.

Additionally, ecommerce businesses may also need to make use of order fulfilment service providers in order to get orders to their customers.

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What’s product sourcing?

Table of Contents

What’s product sourcing?
Where can businesses source products?
References / Resources

So, what is product sourcing and how does it work? Product sourcing is all about procurement which is an indispensable element of business operations as we all know that businesses must procure their goods from suppliers.

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In essence, product sourcing is an integral part of the business, especially when it comes to launching and running a new startup business.

As a matter of fact, every business has to get its wares from somewhere. This is why product sourcing is all about finding the right and reliable product suppliers, and at the right price for your business.

Furthermore, product sourcing is how companies find the products or inventory to sell, and it is an essential part of business process.

Where can businesses source products?

Every business owner knows the importance of product sourcing, However, it’s not that easy to source the products and then find the right suppliers.

In the ecommerce industry, where access to virtually any product in the world is just a click away, it can be daunting to figure out where to source products.

There’s almost too much information and choice. In this article, you’ll find a few good places to start.

#1]. Source from wholesalers (bulk-buying)

Also referred to as buying in bulk, wholesale offers so many advantages for small businesses that are selling established products.

The fact is that, wholesalers often sell products that they sourced from someone else and it’s a good place for a new business to start.

With wholesale pricing, businesses can acquire vast quantities of items that meet the demands of evolving markets and make excellent savings.

Wholesalers usually offer decent prices for large orders, but you could have a high initial cost because you’re buying in bulk. However, make sure that you have the demand before committing to purchasing from a wholesaler.

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#2]. Source from manufacturers

We all know that entrepreneurs can find themselves in a tight corner when it comes to products sourcing for their new startup. However, going straight to the manufacturers offers one of the best ways to source products.

As a matter of fact, good products are not always easy to identify or source whether you plan to manufacture something of your own or find suppliers to purchase from wholesale.

If you are excited about a new product concept but don’t know how to make it a reality, manufacturers can help bring your idea to life. Working directly with the manufacturer can essentially save you money.

This is because the option gives you the opportunity to go straight to the source and get products from where they are actually being made. It offers a good opportunity to get custom-made items unique to your business.

#3]. Source from dropshipping

Dropshipping is arguably the easiest way to source products. As a matter of fact, dropshipping companies help supply products and fulfil orders of already-made or existing brands and products directly to your customers.

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Technically, dropshipping is also product sourcing to some degrees, however, you are only getting products from a vendor.

In actual fact, you use your platform to sell the products but you never actually physically see the products you are selling.

With a platform like Spocket, you can discover top dropshipping suppliers of original US/EU products. It allows you to choose the best products to sell from thousands of dropshipping suppliers all over the world.

In reality, the vendor will take care of everything after the sale on your behalf. Dropshipping is a good option if you want to take a lot of the hassle of product sourcing out of the equation.

#4]. DIY products sourcing

Do it yourself (DIY) offers another great option for entrepreneurs to source products for their new businesses. It is the method of building, modifying, or repairing things by oneself without the direct aid of certified experts.

If you’re running a smaller business, you always have the opportunity to create and sell your own products. This is a good option for low-count items or products that you want to have a crafted, artisan-made feel.

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For instance, a platform like Printify helps you create and sell custom products online. It is a print-on-demand company that lets you choose from a large catalogue of products to customize with your own designs.

Moreover, you can also use the opportunity to order product samples from the suppliers to confirm product quality before you start promoting them. You can create and sell beautiful custom-products in minutes.

The kind of products you can source are t-shirts, posters, embroidered hats, sweatshirts, phone cases, etc. Printify prints, and delivers 950+ products at the lowest prices around.

However, one potential problem with DIY is that you can’t produce items as quickly as a bulk provider can, so demand may outpace supply.