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Importing Goods From China - Recommendations For Would-Be Importers
Perhaps you've wandered into a luggage store in a local shopping mall and wondered where they get their stuff. Or, you search on-line for a portable air conditioner and find many sites with impressive product lines, and you think "how do they acquire these products, and how much money are these people making?" Chances are good that the merchants got their goods from China at a very inexpensive price and are making a nice profit on each unit sold. If you know how to import goods from China, you are one step ahead of your competitors.
Certain imported items like cell phone batteries can be sold in the U.S. for about five times the cost, while more expensive items like plasma TVs will have approximately 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 depends on the product(s) you plan to sell and your stomach for dealing with a foreign entity.
The first thing to consider before you make a decision to import goods from China is whether there are cheaper alternatives to getting your merchandise. Keep in mind that there are manufacturing operations for many types of goods right here in the U.S. The advantages are obvious: no language barriers, legal protection, great infrastructure for shipping, and so on. The big weakness is the comparatively high cost of labor/ manufacturing, which will push you to sell your US made product at a more expensive 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 unique product with a small number of competitors (a very rare situation, indeed). So, the benefits in money and time from importing need to 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 stand to benefit from importing a particular good from China before proceeding.
Before you commence an import export venture, understand that there are potential risks connected with importing goods from China that you need to avoid, like the chance of mis-communication with the manufacturer; running into an unscrupulous manufacturer who offers 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 begin by working with an import-export consultant, 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 publications to make sure all bases are paid.
Doing business in China, an unfamiliar country for most people, can be very intimidating. Even so, if you want to gain a competitive edge, you will have 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 should drive any business relationship is logical thinking: Chinese and American cultures differ in many ways. Don't think that things are done the same way in China as they are here in the U.S.; this can cost you time and money.
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