Planning To Import Goods To Sell Online? Here Are Some Things To Consider
It is true that to export and import goods is nothing new in the history of mankind
. But it is also true that never before the time was so right for exporting and importing goods. Especially the global economy and the globalization have flourished the idea of making the global market available for all importers.Another concept that is playing a significant role in this matter is outsourcing. Entrepreneurs of advanced countries are trying to buy thing overseas because they are cheap in there and they then sell it on their own country with a significant profit margin.
However if you are an entrepreneur, you most likely have some experience over the importing issues. On the other hand, if you are not but are planning to be one.you should gain some knowledge in this field. Below are the main points that a beginner in entrepreneurship should consider.
Long Lead Times
Most overseas companies need a large amount of time before they complete production after they get an order. So expect to wait anywhere between 2 to 4 months or even longer depending on the nature of the product.
Escrow
Most overseas organizations wont even start production until you make a down payment of some percentage of the agreed total. There are various third parties that establish a safe and reliable payment method but a transaction is fastest for direct cases, which is not generally possible at first as it is a trust issue.
Payment Terms
Most vendors do not accept payment by any means except wire transfer. Also an importer should gain a clear idea first, before he/she starts importing goods. Because it may so happen that if you quote a price that is too high or too low, vendors may be suspicious.
Large Orders
Many companies wont agree on a small number of orders. A bigger order is needed if one needs to get a reliable vendor. The minimum order is variable with companies, but asking is the best method to be sure. For a beginner, take your idea of a large order and multiply it by 10.
Quality Control And After Sales Or Warranty Support For The Product
These are important parameters to be agreed (and/or negotiated) upon before placing the final order.
Duties & Taxes
This is probably the most varied parameter. This varies with continents, countries, states and with products and over time. The best possible ways are to talk to somebody knowledgeable, to contact that countrys embassy in your country and to search online from reliable sources (such as govt. websites).
Import Regulations
There are other import goods regulations than duties and taxes. There are customs broker, consolidations, insurance expenses, freight costs etc. Air freight is 10 times more than shipping.
The above parameters and points are unavoidable for importing goods from overseas. For import export business and importing for export, it is also important to check for legal arrangements, unambiguous terms and conditions, product market etc.
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