You may be able to find a new business opportunity or profit growth by directly importing products from China. It can be complicated, but it can pay off in both immediate profit and long-term success. The process is becoming easier and easier thanks to the trend of globalization and advances in international trade technology.
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Steps [A Professional Business Forum]"X6A-w"`#x'~8l)S)X%H!p
1 Find the products you're interested in. There are many sources to find your products. The internet is the easiest one to start with. There are many web listing services, including
http://www.alibaba.com ,
http://www.made-in-china.com . Here, you can register your username, post the products of your interest, and you will receive tons of products' supply information and perhaps a price list.
.b,N7k2t0k$W2q(g[A Professional Business Forum]2 Establish a relationship with potential suppliers. Select a few potential suppliers to communicate with. Narrow down the ones that you really want to work with. Discuss the price and trade relationship. Obtain product samples. Discuss shipping and payment terms. Gather all necessary information to prepare for placing a trial order.
1f!X6r,\#f)D6M:_FOB Business Forum3 Understand trade terms and use them. Before placing any order, you need to understand and confirm with your suppliers about shipment terms. Most popular are FOB and CIF, as well as payment terms. These are closely related to your landing cost calculation and risk assessment. You can consult an import management company and a freight forwarder for detail break-down on the costs and risks. You can also use an import management company to negotiate the trade terms.
#_"E/n0r0S#F9Wbusiness forum,trade forum,business opportunity,Business China,Business India,Brazil business4 Do your homework on compliance issues. You need to understand the relevant import compliance regulations beforehand. Besides US Customs and Border Protection, other government authorities like USDA, FDA, DOT, and ATF also regulate the importation. Pay particular attention when you import textile products from China. Go to the websites of these agencies to understand, register or download the forms. Compliance issues can be very complicated for some products. It is highly recommended to consult a good Customs House Broker before placing any order.
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5 Select a forwarder and Customs House broker. Go to your local international trade organization/association and Customs office to find the list. Visit them, and select the one you like. For the first time importer, use more individualized services, because you need more attention than you would expect.
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6 Place a trial order with a written Purchase Order if everything goes well. In the purchase order, besides typing out a detailed description of the products and trade terms, list all needed shipping documents.
j2l*y+}$D&]#g'J[A Professional Business Forum]7 Transportation and Customs clearance. Your forwarder and Customs broker should take care of your transportation and Customs clearance. However, you also need to track the process and assistance, such as providing additional products information and endorsing bill of landing. You need to issue a power of attorney to your broker and purchase Customs bond for your importation.
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8 Receive the products and keep the records. Now you can go to your next step to sell your products and make profit. Now you are on the track.
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Tips
-?3p,?"r+}1^:o&g"k1 Pay attention to the kind of business of your supplier; are they manufacturers, or 3rd party suppliers? Compare the advantage and disadvantage. Manufacturers may have a faster response in the process of product development, while 3rd-party suppliers have broader channels that can satisfy your other needs in the future. Working with 4th-party suppliers is not recommended.
/d6P0R/N%Z;S$bFOB Business Forum2 Establishing healthy personal relationship with the key employees of your supplier is very important when doing business with Chinese people. Learn the term "guanxi" (gwan-shee), which loosely means "relationship", and keep in mind that saving face is very important for Chinese people.
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3 You need to have a realistic consideration of the landing cost. There may be many hidden costs. The best way is to consult an import management company.
:l(S8@*V$~+l,@.C8]FOB Business Forum4 A Letter of Credit is commonly used in trade with China. Go to your bank to get detail formality and cost.
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5 Export agents in China are very commonly hired by China exporters. Some of these export agents are also 3rd-party suppliers, others just provide export services.
9g P%A:X4q'{business forum,trade forum,business opportunity,Business China,Business India,Brazil business6 Neglecting compliance can be very costly. Not only might you need to pay unexpected and very high Customs duty such as anti-dumping duty, but also you may risk delaying the Customs clearance and paying the expensive storage fee at the railway station or container yard.
-W.H!n+R5eFOB Business Forum7 If solid wood packaging material is used, talk to your broker. Sometimes pallet packing is necessary to reduce the transportation cost during the process of loading and unloading. Talk to your forwarder for detail.
