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Importing Products From China - Points To Consider For Aspiring Importers
Perhaps you've wandered into a luggage store in a nearby shopping mall and thought about where they get their stuff. Or, you search on-line for a portable air conditioner and see a lot of sites with impressive product lines, and you think "how do they acquire these products, and how much money are these guys making?" Chances are good that the stores got their items from China at a very cheap cost and are earning a nice profit on each unit sold. If you know 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 approximately five times the cost, while more expensive items like plasma TVs will have about a 10-15% profit margin. If you have a retail business going or are going to create one, you must explore the opportunities found in China. Whether it's the right move or not is determined by the product(s) you are going to to sell and your stomach for working with a foreign entity.
The first thing to consider before you make a decision 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 goods right here in the U.S. The advantages are clear: no language barriers, legal protection, great infrastructure for shipping, etc. The big drawback is the comparatively high cost of labor/ manufacturing, which will push 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 must be price competitive, or you better have a distinct item with a small number of competitors (a very rare situation, indeed). So, the benefits in money and time from importing should be significant enough to make it worth the effort. At a minimum, you must be able to determine, with a high degree of certainty, that you can benefit from importing a certain good from China before proceeding.
Before you launch an import export venture, understand that there are potential risks associated with importing goods from China that you need to avoid, like the chance of mis-communication with the manufacturer; running into an unscrupulous company who has a per unit price that is too good to be true; as well as issues dealing with quotas, taxes, other import restrictions. A lot of people start by working with an import-export expert, but this cuts into profits. As you become more familiar with the inner workings of importing, and depending on what you import, you will eventually need to consult legal and tax-related regulations 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 need to break out of your comfort zone, and China has a very good opportunity for you if you intend to engage in retail business. The Golden Rule that trumps everything and that must guide any business relationship is logical thinking: Chinese and American cultures differ in many ways. Don't assume that things are performed the same way in China as they are here in the U.S.; this can cost you time and money.
Importing Products From China - Points To Consider For Aspiring 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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