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Importing Goods From China - Suggestions For Would-Be Importers
Perhaps you've wandered into a suitcase outlet in a local shopping mall and thought about where they get their stuff. And perhaps, you search on-line for a portable air conditioner and find many sites with impressive product lines, and you think "how do they get these items, and how much money are these people making?" Chances are good that the sellers got their goods from China at an extremely cheap price and are making a decent profit on each unit sold. If you understand how to import goods from China, you are one step beyond your competitors.
Certain imported items like cell phone batteries can be sold in the U.S. for roughly five times the cost, while more expensive items like plasma TVs will have approximately a 10-15% profit margin. If you have a retail business going or plan to build one, you must consider the opportunities found in China. Whether it's the right move or not depends on the product(s) you want to sell and your stomach for dealing with a foreign entity.
The first thing to consider before you make a decision to import goods from China is whether there are less expensive alternatives to getting your merchandise. Keep in mind that there are manufacturing operations for many types of items right here in the U.S. The strengths are obvious: no language barriers, legal protection, great infrastructure for shipping, and so forth. The big weakness is the relatively high cost of labor/ manufacturing, which will push you to sell your US made product at a more expensive cost. Not a good thing considering all the Wal-Marts of the world. Retail is a cut-throat industry - you have to be price competitive, or you better sell a unique item with a small number of competitors (a very rare situation, indeed). So, the benefits in money and time from importing need to be significant enough to make it worth the effort. At a minimum, you must be able to calculate, with a high degree of confidence, that you stand to benefit from importing a certain good from China before proceeding.
Before you commence an import export venture, understand that there are potential risks connected with importing goods from China that you need to avoid, such as the chance of mis-communication with the supplier; running into a questionable manufacturer who has a per unit price that is too good to be true; as well as difficulties dealing with quotas, taxes, other import restrictions. A lot of people begin by working with an import-export consultant, but this cuts into profits. As you become more familiar with the inner operation of importing, and depending on what you import, you will in the end need to consult legal and tax-related publications to ensure all bases are paid.
Doing business in China, an unfamiliar country for most people, can be very intimidating. But, if you want to gain a competitive edge, you will have to break out of your comfort zone, and China presents a very good prospect for you if you want to engage in retail business. The Golden Rule that trumps everything and that should direct any business relationship is logical thinking: Chinese and American cultures differ in many ways. Don't think that things are done the same way in China as they are here in the U.S.; this may cost you time and money.
Importing Goods From China - Suggestions For Would-Be Importers
Perhaps you've wandered into a luggage store in a local shopping mall and wondered where these people get their stuff. Or, you shop on-line for a portable air conditioner and see many sites with impressive product lines, and you think "how do they acquire these products, and how much money are these people making?"
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