Rico Ngoma | What A New Buyer On A Small Budget Should Know Before Buying From China

In this episode... Rico Ngoma, CEO of Source Find Asia, joins Renaud to share his advice for entrepreneurs and SMEs who want to get started with manufacturing in China. You'll get loads of great tips such as: How to reduce your product development costs Steps you can handle yourself to keep costs low Steps that you shouldn't skip and should budget for How crowdfunding works Basic terms you need to agree with your supplier ...and much more!   Show Notes 00:14 - Introducing our guest: Rico Ngoma, the CEO of Source Find Asia, a Guangzhou-based sourcing agency. 02:27 - Introduction to Rico's new event, the SourceFinda Asia Digital Summit. The SFA digital summit is a free manufacturing program for entrepreneurs and businesses on a low budget who want to get started with manufacturing that brings together around 16 expert presenters from Rico's network. ***** 05:26 - To echo the SFA digital summit, we'll go through some of the topics that new manufacturers need to understand in this episode.  06:33 - How to develop a new product on a low budget? 11:35 - The stair-step approach to manufacturing.  12:38 - Sourcing & vetting suppliers.  15:20 - Sourcing tips from Renaud and Rico for when on a low budget.  24:01 - What are the basic terms you'll need to set with the supplier you select?  29:12 - The need to take responsibility for your own product approval process. 34:28 - What to do before you start production?  40:26 - Why very technical products aren't a good fit for first-time manufacturers on a tight budget.  42:24 - How adherence to compliance regulations can be expensive.  46:54 - Packaging compliance.  48:26 - Shipping & Logistics.  50:50 - Wrapping up.   Related content... Sign up for the SFA digital summit for free! Listen to Rico's podcast: Made In China Podcast If you are starting to manufacture a new product soon, read our guide: An Importer’s Guide to New Product Manufacturing in China Listen to our podcast series on how to vet Chinese suppliers. Sofeast's expert team can source great suppliers in Asia or you.   Get in touch with us Connect with us on LinkedIn Send us a tweet @sofeast Prefer Facebook? Check us out on FB Contact us via Sofeast's contact page Subscribe to our YouTube channel   Subscribe to the podcast  There are more episodes to come, so remember to subscribe! You can do so in your favorite podcast apps here and don't forget to give us a 5-star rating, please: Apple Podcasts Spotify Stitcher Google Podcasts TuneIn Deezer iHeartRADIO PlayerFM Listen Notes Podcast Addict