Heres an idea for young entrepreneurs who love
the internet, love making money and love the thrill of starting out on your own
from scratch and getting big time. Along the way you ll learn about so many new
things you would never think of venturing into if you hadn’t read this post,like an airway bill
fun, exciting, and that too all from
your own bedroom. Where it starts is at a single purchase from another country
and where that will take you is boundless. You might either love the import
business or chicken out after your first transaction.
All you need is an internet connection, a
couple of hundred bucks and some guts-
Everyones heard of electronics from the
east,namely china.Some of the stuff is sub quality but most of it is as good as
it gets.Importing what interests you should be a good idea. Ordinarily
electronics would be a first choice,as they have great market value, are in
demand and sell faster, but the list of probables Is endless. China custom
manufactures are called OEM or Original Equipment Manufacturer and produce
anything from Tablet PCs to Wines.Choose your poison.
Afer you decided on your product or niche of
import,the best and biggest B2B website to start looking in is
Aliexpress.com.It houses thousands of manufacturers and trade agents.Trade
agents are resellers,and you most certainly wont get a good deal buying from
them.Target a direct manufacturer for your product and do away with the
Zero in on a possible sourcer and add them on
your MSN messenger,this is more informal and is a good way to get them to
reduce prices and get a good bargain.What we definitely want to avoid are
sourcers that give you too good a deal.Remember in china if its too good to be
true it hell aint! The Chinese people are one of the shrewdest you will ever
come across, play safe and trust your instinct when dealing with them.Too many
people have lost thousands of dollars in damaged,defective or goods that never
arrived.There still isn’t a good full proof Escrow Service in place to protect
buyers, except for Paypal, but Is not readily accepted by china sourcers.As
youre first “import”,find someone who will allow you to use Paypal and get
things done safely.
Take your time and get estimates and quotations from as many sourcers as you can for a particular product, and then come to a decision,also don’t be ashamed to bargain like it’s a flea market.A good way to verify credentials of a
particular sourcing company would be to heck if they have a self hosted
website, landline phone number and factory address.
Next after finalizing a price for 1 piece of the product its time to choose a shipping type.Note that for your first purchase we will buy just one piece of the chosen product,but later on this will run into hundreds if you want to make good money and keep a good profit margin,once you set up something you can call a business.
For one piece shipping will be through air cargo only as sea cargo is out of the question. Here too there will be some choices given by the sourcer,the cheaper the shipping the longer it will take-remember that 😛 Some of the more “secure” and reputable couriers are of course FEdex and DHL and youcna be assured youll get your package in one piece.It will be about 4-5 days before you recive your package.
Since this run was just one piece, there is no import license required.IT will however attract customs duty.
When making your costing and business plan,remember to include all the costs :
1.Cost of product
These three being the sizeable costs that you
work your prof it margin on.
Simply put,the Larger amount of goods you
import in a consignement,the larger you will profit..This is because, freight
for 10 piece and 100 pieces are the same-if you get my drift. Also,the larger
the consignment the bigger the risk as it will take longer the time to get
absorbed in the market.Give it some time to pick up and in time you will come a long way
from starting your import business from your home bedroom.
In the beginning this whole process might get
confusing and a little daunting,but with time youll learn the ropes and things
will get easier. Best of Luck