Start A Product Sourcing Expert Business - Business Ideas

Updated: September 15th, 2022
Start A Product Sourcing Expert Business

Please note that the data provided in this article are estimates and may vary depending on various factors, and should not be considered as perfect or definitive.

Product sourcing specialists help companies reach more efficient sourcing processes to save costs and maximize profitability. As a product sourcing specialist, you will negotiate with the suppliers to obtain goods, materials, and services at the best prices.

To excel as a product sourcing specialist, you must have strategic sourcing approaches and extensive knowledge of the commodity industry.

Starting a product sourcing expert business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell product sourcing expert, or selling product sourcing expert online, you can use this page as a guide for everything you'll need to know.

Key Stats

market size
$2.72T
starting costs
$11.7K
gross margin
90%
time to build
210 days
growth
SEO
time investment
Full time

Startup Costs

Min Startup Costs Max Startup Costs

Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$150

$250

Website Costs

$223

$7,015

Business Formation Fees

$600

$4,700

Software Expenses

$162

$2,894

Advertising & Marketing Costs

$0

$1,400

Total Startup Costs

$1,135

$23,259

Successful Businesses

Business URL Rank

Southern Company

southerncompany.com

21,409

FreeUp

freeup.net

48,791

Algopix

algopix.com

59,616

jingsourcing

jingsourcing.com

85,860

Sourcify

sourcify.com

123,204

SourceCon

sourcecon.com

183,679

Smurfit Kappa

smurfitkappa.com

268,385

InnoCentive

innocentive.com

360,986

Tax News, Tax Articles and Information

taxnotes.com

363,983

ExpertHub

experthub.info

364,673

SiliconExpert

siliconexpert.com

375,581

Pros & Cons

Pros Description

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Little startup costs required

The cost to start a product sourcing expert business costs significantly less money than most businesses, ranging anywhere from 62 to 23,259.

Rewarding work

Starting a product sourcing expert business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

No overhead costs

To get your product sourcing expert business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!

Cons Description

Crowded Space

Competition is high when it comes to your product sourcing expert business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Longer Sales Process

A product sourcing expert business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Work can be inconsistent

As a product sourcing expert business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.

Lack of benefits

With a product sourcing expert business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.

Isolation

Often times, as a product sourcing expert business, you typically work alone and do not have much face-to-face interaction with other team members.

Taxes

As a product sourcing expert business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.