Notes

HOW EXACTLY TO Source And Import From China - Managing Risk
Importing products from China is an excellent way to locate new business opportunities and increase profit growth. As the initial stages can be complicated, the payoff with regards to both immediate profit and long-term success is tremendous. Sourcing products from other countries, however, includes its share of potential risks. It is strongly recommended that first-time buyers follow certain precautions before getting into any potential transaction.

Locate THE PROPER Product

The first step is to find a suitable product that interests you. Try to obtain as much information as possible about the demand for prospective products in your local market. Make dropshipping from China that sourcing your chosen product from China is actually a cost-effective proposition. Factors like retail margins, VAT, insurance, taxes and freight and currency differences all affect the ultimate retail price and many first-time bargain hunters end up sourcing a product at a cost that is too much for the retail markets to sustain. Use a spreadsheet to chart potential additions to the final retail price and decide on a realistic sourcing price.

LOOK FOR A Trustworthy Supplier

This is probably the most important steps when setting up an import business. Among the easiest methods to trap unsuspecting new entrepreneurs would be to setup a fake company that offers to satisfy their every request.

Make sure the company exists in physical space by getting a street address and doing online investigation. Call up the business and check whether someone actually answers the telephone when you call. A bona fide business could have live humans staffing the telephone during the business hours within their the main world.

Payment

A less inviting facet of sourcing products internationally is that we now have only so many payment options available to a fresh entrepreneur. Among the finest choices, and the main one preferred by larger companies, is a letter of credit. However, they are difficult to obtain when you are just starting out. In addition, they may only be available for sums much larger than the funds available to a small businessperson.

The most common method of payment among most businesspeople importing from China is the wire transfer. Many prefer to make the payment in three stages: one-third up front, the next third when the samples arrive and final payment upon delivery of goods. Irrespective of your payment method, keep a reliable and current record of all of correspondence with partners.

Shipping

It is strongly recommended that the inexperienced buyer pick from among the major carriers such as FedEx, UPS or TNT. Though they cost more, these businesses offer services that cover everything the buyer needs, from picking right up the shipment at the supplier's location to clearing U.S. customs, to delivering the merchandise to the importer's doorstep. Shipping rates may differ tremendously according to the service used so be sure to shop around and compare prices before deciding on your final choice.
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