10 Great Tips For Your Import Business

Sourcing goods to sell for your home based business is exciting but also frustrating

. Importing can be an economic way of buying your stock but fraught with problems for the unwary. China is probably by far the most successful net exporter throughout the world at the current time.

10 ways to import

1. Every country into which you export will have their own rules and regulations. It is up to you to make certain you are aware of these. Here we deal with the United Kingdom.

2. If you intend to import you need to be aware of the practicalities and give these careful consideration. Such as how are you getting the goods into the country and what are the legal requirements.

3. You will also need to think about storage. Importing needs to be in bulk and so a place to keep your goods is the first consideration.

4. What will sell? It is important to buy goods which will sell and at a profit. Most imported goods are sold in pallets or containers either mixed or specifics. Therefore there will be a fair amount to get rid of. Be very selective about what you purchase, particularly in the beginning.

5. Suppliers globally offer a wide variety of goods which may suit your business or even give you some ideas. It may be that goods are lower priced giving you a competitive edge or even things that are completely different. Its important to find good suppliers, making sure they offer the right deal.

6. Importing also presents complications, such as managing long-distance relationships and organising international transport and customs clearance. It's important to be sure that you are ready to import before you commit yourself.

7. There are also extra issues to consider, such as whether imported goods meet UK legal requirements or require an import licence. There are guides and information available from HM Revenue and Customs in respect of all aspect of importing into the UK. - http://customs.hmrc.gov.uk. Their site gives you the legal and official guidelines on the management of importing.

8. Resolving problems such as incomplete deliveries can be difficult, so it's important to plan ahead. For example, you might decide to hold extra stocks so that you don't run out even if a delivery is late or contains faulty goods. Transporting goods from one country to another inevitably involves a degree of risk. There are language difficulties, foreign exchange fluctuations, transport and insurance. Costs can escalate once you include the price of insurance, packaging, transport and storage. Take advice to on product liability. For example, you may be liable for any damages that might be caused by the items that you're bringing into the country. Consider which method of payment you're going to use and which is most beneficial. For instance, will your bank charge you for making a foreign currency payment?

9. Always make sure you inspect goods on receipt. If not, you might find that you have lost the chance to remedy any problems.

10. Research is vital before you commit yourself. Research the way business is done in your supplier's country. You can find a lot of useful information online.

Research the firms you intend to do business with by asking for trade references.

If at all possible visit and inspect the companies you are importing from. If this isnt possible try to locate a resident exporter to act on your behalf. It can cost more but be worth it in thr long run.

After youve taken everything into consideration you may think that importing is not for you due to cost, storage and risk aspect. However, It can be the start of something big.

by: Daniel J Thorley

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