#29: The Art of Negotiating
w/ Afolabi Oyerkun
About This Episode
On this episode I have sourcing expert Afolabi Oyerokun. Afolabi is the co-founder and my partner of HONU Worldwide a global product sourcing and logistics company. In this episode we talk about the secret of negotiation. We give out our best negotiating strategies when dealing with suppliers (including our #1 tip at the end of the episode), and understanding the difference between the lowest price and the best price.
Sit back. Relax. Enjoy the show.
About The Guest
Afalabi and he was one of my business partner with HONU Worldwide. For those of you who don’t know, HONU Worldwide is a sourcing and logistics company that helps you get the lowest prices while sourcing from China.
Date: August 31, 2020
Episode: 29
Title: Norman Farrar Introduces Afolabi Oyerokun, Co-founder and his Partner at HONU Worldwide, a Global Product Sourcing and Logistics Company.
Subtitle: The lowest price is not the best price
Final Show Link: https://lunchwithnorm.com/episodes/29-the-art-of-negotiating-afolabi-oyerkun/
In this episode of Lunch With Norm…, Norman Farrar introduces Afolabi Oyerokun, co-founder and his partner of HONU Worldwide, a global product sourcing and logistics company.
Afolabi Oyerokun is a sourcing expert and he is very passionate in finding things. He discussed the secret of negotiation and understanding the difference between the lowest price and the best price.
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In this episode, we discuss:
- 3:45 : Afolabi’s background
- 6:28 : Difference between lowest price and best price
- 10:22 : Things to consider when dealing with sourcing platforms
- 13:24 : Peeling the layers
- 18:00 : Setting your profile right and choosing your supplier
- 20:01 : Spotting a broker
- 21:58 : Product development
- 28:01 : Two types of pricing
- 33:58 : Avoiding fraud
- 34:22 : Never negotiate on the final product
- 40:04 : Using the proper currency and negotiating your price
- 49:13 : Inventory strategy
- 55:01 : Sourcing products in the US and Canada
- 58:07 : Afolabi’s tip on negotiating prices
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Explore these Resources
In this episode, we mentioned the following resources:
- https://honuworldwide.com/
- savings@honuworlwide.com
- https://www.linkedin.com/in/afolabi-trillion-oyerokun-32748667
- afolabi@honuworldwide.com
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