Time was, importing was a time consuming, difficult and even risky business. But today’s global economy and the Internet have made it easier and cheaper than ever before. Import-export is now a business opportunity you can even run part time from home. Or, if you’re looking for a source of stock for your business import from low cost countries could be the solution.
Import Could Be Your Ideal Small Biz Opp … Or A Source Of Cheap Stock For Your Business
Here are a few tips on importing successfully to set you on the right track:
Know the best places to import from
You can import from most of the countries of the world. But the keenest prices tend to be available in the low cost manufacturing countries of the Far East… where products which are sold for pounds here can often be bought for pennies at factory gate prices. China is the biggest single source of imports, but Hong Kong, Taiwan, South Korea, India and now Vietnam are major sources too.
Know what makes good products to import
Again, you can import almost anything from abroad much more cheaply than you can source it in the UK. But some kinds of goods offer better potential than others, particularly high added value consumer goods. For example: Small electrical appliances, electronics like computers, cameras, phones and accessories, clothing, footwear, fashion accessories, bags and luggage, toys, household goods, gifts, garden products, pet products and motor accessories.
Know where to find good sources
There’s absolutely nothing to stop you trawling the Internet looking for manufacturers. But that can be time consuming and frustrating. Instead it’s much easier to use an import-export directory site.
There are quite a few of these import-export directory sites about nowadays and they’re absolutely teeming with manufacturers and distributors who are keen to export their products. Most of them speak English and know international trade procedures inside out. In most cases they can send your order by post – so you won’t need to charter a ship!
Alibaba at www.alibaba.com is a well known import-export directory site. Also try its sister site Aliexpress at www.aliexpress.com, which is especially suitable for smaller quantities from as little as one item up.
Other sites to try include Mfg.com and EC21.com.
Do your homework
Once you’ve found a source of promising products you’ll need to do a few calculations to make sure everything stacks up. Ask the supplier for a quote including the cost of shipping to your address.
To that, you’ll need to add import taxes such as VAT and duty, which is charged on the cost of the goods and shipping for most types of goods. The rate will vary depending on what you order and your order value. Check with HM Customs & Excise before placing your order.
Protect yourself from scams
Although the vast majority of suppliers on import-export directory sites are genuine there are a few scams out there you need to protect yourself from. Firstly, remember that offers to supply premium branded products (like Xbox, Apple iPhones and Ugg boots) direct from the factory are generally fake products or scams.
Also, requests to make payment by money transfer services like Western Union are also often the sign of a scam. It is much safer to pay for your order by credit card or PayPal instead.
For more expert secret sourcing techniques plus listings of import-export directory sites, other useful import contacts, plus details of UK importers, manufacturers, wholesalers and distributors What Biz Opp recommends the