8 Essential Tips for an Easy and Successful Import. Importing goods overseas can be a challenging process that involves handling various legal and logistical issues. However, with the right tip and knowledge, it’s possible to simplify the process for a successful import.
In this article, we covered 8 important tips for an easy and successful import. Whether you are a novice importer or an experienced one, these tips will help you navigate the import process with confidence, ensuring that you avoid common mistakes.
8 Essential Tips
1. Ensure there is import demand
Whatever you import will need to be sold to make a profit. Without profits, your efforts and money spent become useless. To ensure that such doesn’t happen, carry out import demand research before you research where to import from.
There is nothing as painful as bringing in goods that lacks demand. You’ll lose a lot of money. So ensure that whatever you import has good demand before you even decide to choose the retailer to import from.
2. Calculate the costs involved
It’s essential you do calculate the charges and costs related to importing your goods before signing the necessary documents. You want to ensure that you have the money to cover all the costs so you know the profits you stand to gain beforehand.
Aside from your product, here are some extra costs to add:
- Transport costs
- Insurance costs
- Freight forwarder fees
- Duty and fees
- Finance charges
- Storage costs
- Licensed customs broker fees
- Storage costs
3. Review costs carefully
There are a lot of costs associated with importing. To be informed, review all the costs involved, from customs duty and other related fees. You can liaise with a licensed customs broker to ensure that all necessary costs are included in your budget.
4. Get professional help
For a successful import, you need professional help, especially with tasks that you cannot handle. And one of these tasks is customs clearance.
For customs clearance, you’ll need to liaise with a company that offers import customs brokerage services to ensure that you comply with the law and save money. Plus, these professionals can also help ensure that the clearance process is seamless and speedy.
5. Carry out competitor research
Competitor research is important in every facet of a business, including when it comes to importing. It’s important you study what your competitors are doing to determine their lapses and successes, so you can avoid what is not working and adopt what is.
You should also study what they are selling and collaborate with a licensed customs broker to ensure that your goods arrive safely at their desired destination. To make the research process easy, create a spreadsheet of products, product specs, and retail prices of your competitors. Next, match those figures up against yours. If yours lacks a price advantage or isn’t unique, you may have to return to the drawing board.
6. Check your cash flow
Placing large orders for imports overseas is cheaper than placing small orders. However, if you choose to place a large order for imports, you’ll need a huge amount of cash or a letter of credit in advance.
To avoid any form of embarrassment or glitch in the process, ensure your cash flow is enough before placing your overseas orders. Most importantly, get yourself ready for customs inspection costs, particularly on initial imports, which can increase your bottom line.
7. Find credible suppliers
When sourcing for suppliers overseas, it’s important you go for those with proven credibility. And how do you do that? By conducting a comprehensive research.
For accountability, go for suppliers that include penalties or non-delivery, inferior goods, or late delivery. And if you have the financial capability, find alternative suppliers should your main supplier fail.
Credible suppliers don’t delay. If there is any, they’ll keep you informed beforehand. They deliver early and provide products that match your expectations. Ensure you go for suppliers that produce products that adhere to U.S. government regulations and you have the required permits to import the products.
8. Find a way to overcome the language barrier
Importing overseas requires you to deal with suppliers in foreign countries. This may involve communicating with them in their language which can be hard. We recommend using emails to communicate with oversea suppliers. It is easy and creates a written record of your communication
The import process can be challenging, especially when you decide to carry on with the process alone. Aside from doing your due diligence and playing your part in the process, it’s important you hire a licensed customs broker for assistance with the legal and logistic issues associated with the process.
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