Learn How To Import Products
Are you looking for advice on how to import products from other countries? Is there much to learn about importing goods? Are there many problems one can experience?
Whether you are starting up or growing your existing Import business, a sound business plan is your road map to success, seeking venture capital, and continue learning how to import products. There is no business without capital.
While the success of your business certainly depends on the decisions you make, it is a business plan that gives you a path to follow, outlines research you need to do, measures the results, allocates resources, and outlines step by step actions how to import products that you need to take towards achieving your goal.
The first step in learning how to import products is to select the goods you are interested in. This is a time of information-gathering, a time to conduct market research, this can be done by conducting surveys in the markets you are interested in or simply going online to research demand and competition.
Basics on how to import products
Importing goods is the act of selling a product or service from a foreign country for use in trade. Imported merchandise is then provided to local consumers by the importing company or individual. Importing goods provides the backbone of international trade.
The process how to import products generally requires involvement of customs offices in the importing and exporting country.
Prepare in advance:
Before doing business with any country, you need to know the requirements. Find possible suppliers via the internet and word of mouth before arranging a meeting.
One country to visit for getting information on how to import products, is China. Each country has its own requirements for importing goods. China has lower wages and overall costs, prices for wholesale imports are almost unbeatable. It’s logical to import products that fit your market strategy from China. You need to be patient to locate possible suppliers in China.
In the United States, all imported merchandise must clear customs; it’s a good idea to hire a full-service, licensed customs broker. A customs broker prepares all the documentation needed for importing goods, just as a freight forwarder does for exporters. Customs brokers are licensed by the U.S. Customs and Border Protection Service. Licensed brokers must have the expertise in the entry procedures, admissibility requirements, classification, valuation, and the rates of duty and applicable taxes and fees for imported merchandise. The company or individual importing goods must declare the dutiable value and the classification number of the merchandise.
In most countries, the importer must pay any processing fees and duties associated with the goods. The importer will also be responsible for ensuring that the goods meet admissibility requirements and safety standards, and that any required permits have been obtained.
Get the goods home safely:
It is important to get the goods quality-checked before they are shipped. If they are defective when shipped you will have to settle for more goods to be shipped and send the others back. This means paying for the delivery three times and you risk letting customers down. The quality-checker can either be your own employee or an agent. You also need to visit at least every few months, not just for quality control but to maintain relationships.
When you import you have to pay duty and VAT and be aware of which code to use. HM Revenue & Customs produce some useful leaflets and I used their helpline. You can also use contract shipping companies.
There is a lot to learn online on how to import products and remember that you are not restricted to sourcing from just suppliers in China and in other countries, there are other ways to getting hot products from reliable suppliers. You just need to know how to import products for your own business.
I hope this information helps you in your process of learning how to import products.
If you enjoyed reading about Learn How To Import Products then see our next article about Import Export Education.