Ep. 34 Top 12 Ways to Reduce Your Sourcing Costs with Norm “The Beard Guy” Farrar

Welcome back to the Sprint to Profit Podcast for Amazon Sellers. In this episode, Kirsty and Isaac talk with guest Norm “The Beard Guy” Farrar about 10 different ways you can reduce your sourcing costs.

In this episode, we are going to be speaking with Norm Farrar “AKA the beard guy” who has had ooodles of experience in marketing in the 80’s and ecommerce in the 90’s – so he’s a veteran! He’s an active Amazon Seller, the founder of prREACH, founder of AMZ.club, AMZ and Beyond, the Chad Agency, a partner in Sponsored Profit, and also the founder of Honu Worldwide which are companies that focus either on Amazon training and solutions or building your brand and reputation.

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Talking Points
00:20 Hello and Welcome
03:34 Norm “The Beard Guy” Farrar’s story
09:15 Introduction to rules and quick overview
12:03 Rule #1: Avoid using large sourcing platforms
21:20 Rule #2: Use a currency exchange company
29:05 Rule #3: Know when to negotiate
42:10 Rule #4: ExWorks or EXW for shipping
44:10 Rule #5: Mix up your shipping
48:05 Rule #6: Don’t get your manufacturer to ship it DDP
51:50 Rule #7: FInd someone to consolidate samples
53:50 Rule #8: Use the correct HTS codes
59:00 Rule #9: Look to source somewhere where there are no Trump taxes
1:00:00 Rule #10: Get inspections done in China
1:04:15 Bonus Rules: Pro-forma & Chinese trademarks
1:11:35 Summary and what to do next
Resources / Links