Where to start?

[benjihubbs]

Hi Everyone,

I've found a fantastic product that currently sold in Canada that I really believe there to be a market for here in the UK.

Other than reaching out to the company to see if they'd be interested in supplying me, where would you suggest I begin?

Would I set up a company in the UK as a subsidiary of their company? I.e Company Name (UK) LTD?

Any advice or pointers would be greatly appreciated to help me decide if it's a worthwhile venture.

Many Thanks,
Ben

 

[HFE Signs]

First of all, is anyone else selling it in the UK? If not and it is so good and you really believe in it you really want exclusivity over the selling rights within the UK. If they are in agreement, then set up the company as you suggest. Sounds quite exciting

 

[Mark T Jones]

Market research is always a good starting point, though there is no harm I opening conversation with Canada first (just don't agree to anything)

 

[benjihubbs]

It just seems a little too simple, but perhaps I'm overthinking it.

Obviously I know there'll be a lot of hard work to get it out there and get it sold!

How would things like branding/social media/website work? I appreciate I'd be responsible for getting it sold in the UK.

How long would you suggest I'd be looking at trying to negotiate exclusivity for?

 

[Clinton]

Would I set up a company in the UK as a subsidiary of their company? I.e Company Name (UK) LTD?

A subsidiary? Do you know what a subsidiary is?

How would things like branding/social media/website work?

Er, you don't already know how to do all that?

Why would this company in Canada even want to deal with you?!

If I were in their shoes, I'd be interested in selling to the UK, yes. But if I were looking for a UK partner, I'd be looking for someone who has extensive experience in business, preferably in establishing new businesses.

And someone who has done some market research in this sector, who has some solid data.

I'd also want to know what kind of funding they've got behind them.

When you approach this Canadian firm, what are you going to tell them about what you can do for them in the UK (apart from saying you think their product will sell here)?

 

[benjihubbs]

A subsidiary? Do you know what a subsidiary is?

I couldn't really think of a better word.

 

[Mark T Jones]

Others will know more than I do about thus, but you can effectively be an agent, where you run your own business which happens to sell their product (with negotiated exclusivity if possible) or a licencee, where you effectively become a UK branch, though bearing the risks of running the business

There are lots of areas for negotiation- as a start point, just see if they have existing arrangements

 

[DoolallyTap]

Other than reaching out to the company to see if they'd be interested in supplying me, where would you suggest I begin? -- This has to be your first research, any thing else may be a waste of time, they could say NO.

As always just start with this and then move on -
Forget what you call your main question, and any other thoughts about registering anywhere for anything, that can all come later.
Start with How much cash do I have?
Can I afford to loose ALL my cash?
Write a short business plan, even if you don't want or need to borrow money, write it for yourself, short, back of an envelope style, then research, research and more research and when you think you have done ALL the research do it all again.
What are you going to do? Make it? Buy and resell it?
Now produce you P/F forecast, be pessimistic, this will show you how much you need to invest and how many month/years before you see any profit.
Whatever you do, eBay, Facebook, Etsy, Amazon, Website, shop, market stall, whatever, you will need stock, (assuming you are not making something very special on private commissions)
Where do you get your components if you make it? or finished product if you buy to resell, back to more research, then consider buying from Alibaba, Import, wholesale? Back to question 1.
Somewhere to put that pile of stock, back bedroom or warehouse? warehouse costs will be in the P/L
Processing your orders, picking, packing, postage or other delivery methods. Is it a big product, need a van, costed into the P/L.

 

[Mr D]

Hi Everyone,

I've found a fantastic product that currently sold in Canada that I really believe there to be a market for here in the UK.

Other than reaching out to the company to see if they'd be interested in supplying me, where would you suggest I begin?

Would I set up a company in the UK as a subsidiary of their company? I.e Company Name (UK) LTD?

Any advice or pointers would be greatly appreciated to help me decide if it's a worthwhile venture.

Many Thanks,
Ben

Be wary of taking up a product that isn't already sold in the UK. You would have to generate interest which can be very expensive and time consuming.
Something already sold here but by different companies is much easier.

Get a great vacuum cleaner? Great, already demand here and you know people are buying products.
Get a different type of cleaning device never used here and you'd have to convince people to try it.

 

[drcbuckingham]

Hi Everyone,

I've found a fantastic product that currently sold in Canada that I really believe there to be a market for here in the UK.

Other than reaching out to the company to see if they'd be interested in supplying me, where would you suggest I begin?

Would I set up a company in the UK as a subsidiary of their company? I.e Company Name (UK) LTD?

Any advice or pointers would be greatly appreciated to help me decide if it's a worthwhile venture.

Many Thanks,
Ben

Agree with HFE Signs, but also, in terms of research, you state: "I really believe there to be a market for here in the UK", this needs backing up with some evidence. This thing obviously sells in Canada, but is that because of cultural factors unique to that geography?
You have a hunch, which is fab, but you need to check you will have customers/users here in the UK market before spending further cash.
Good luck.

 

[Marbman]

Does this company have an affiliate program? If so sign up and start promoting the product. You will then be able to test it out in the UK market at zero cost to you.

To find out if they do have an affiliate program, either go to their website and look for a small link (probably in the footer) saying affiliates or partners.

If you cant find anything on the website then just google it by typing "Company name affiliate program"

 

[fantheflames]

Looks like it's already been said but market research is key!

You will be able to identify potential opportunities and threats that could impact the success of the product. You'll evaluate trends in the industry and make informed decisions about product positioning, pricing strategy, distribution channels, competitive edge against competition, and more.

I would make sure that the market research is as in-depth as possible so I can make the right decision as to whether or not it's a good investment!

 

[Paul Kelly ICHYB]

Will the product work in the UK?
Does it need UKCA approval?
What about EU sales?