Importing Goods From China - Points To Consider For Would-Be Import Export Entrepreneurs
Perhaps you've wandered into a suitcase store in a nearby shopping mall and wondered where they get their stuff. And perhaps, you shop on-line for a portable air conditioner and see a lot of sites with impressive product lines, and you think "how do they get these products, and how much money are these guys making?" Chances are good that the merchants got their items from China at an extremely cheap cost and are earning a decent profit on each unit sold. If you understand how to import goods from China, you are one step ahead of your competitors.
Several imported items like cell phone batteries can be sold in the U.S. for about five times the cost, while more luxury items like plasma TVs will get about a 10-15% profit margin. If you have a retail business going or plan to build one, you must explore the opportunities found in China. Whether it's the right move or not is determined by the product(s) you plan to sell and your stomach for working with a foreign entity.
First thing to consider before you decide to import goods from China is whether there are more cost-effective alternatives to getting your merchandise. Remember that there are manufacturing operations for many types of items right here in the U.S. The advantages are clear: no language barriers, legal protection, great infrastructure for shipping, and so on. The big drawback is the fairly high cost of labor/ manufacturing, which will force you to sell your US made product at a higher 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 have a distinct product with a small number of competitors (a very rare situation, indeed). Hence, the savings in money and time from importing should be significant enough to make it worth the effort. At a minimum, you must be able to calculate, with a high degree of certainty, that you can benefit from importing a particular good from China before proceeding.
Before you begin an import export venture, understand that there are possible pitfalls associated with importing goods from China that you need to avoid, such as the chance of mis-communication with the supplier; running into an unscrupulous company who offers a per unit price that is too good to be true; as well as troubles dealing with quotas, taxes, other import restrictions. Most people start by working with an import-export expert, but this cuts into profits. As you become more familiar with the inner operation of importing, and depending on what you import, you will eventually need to consult legal and tax-related regulations to make sure all bases are paid.
Doing business in China, an unfamiliar country for most of us, can be very intimidating. But, if you want to gain a competitive edge, you will need to break out of your comfort zone, and China presents a very good prospect for you if you intend to engage in retail business. The Golden Rule that trumps everything and that must steer any business relationship is logical thinking: Chinese and American societies are different in many ways. Don't assume that things are performed the same way in China as they are here in the U.S.; this may cost you time and money.
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