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Importing Goods From China - Considerations For Aspiring Import Export Businessmen
Perhaps you've wandered into a suitcase store in a local shopping mall and thought about where they get their stuff. Or perhaps, you shop on-line for a portable air conditioner and see many sites with wonderful product lines, and you think "how do they get these products, and how much money are these people making?" Chances are good that the sellers got their items from China at a really cheap cost and are making a nice profit on each unit sold. If you understand 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 roughly 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 are going to build one, you must explore the opportunities found in China. Whether it's the right move or not depends on the product(s) you want 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. Keep in mind that there are manufacturing operations for various items right here in the U.S. The advantages are obvious: no language barriers, legal protection, great infrastructure for shipping, and so forth. 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 in the world. Retail is a cut-throat industry - you have to be price competitive, or you better have a unique item 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 least, you must be able to calculate, with a high degree of certainty, that you stand to benefit from importing a certain 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, like the chance of mis-communication with the supplier; running into an unscrupulous manufacturer who has 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 consultant, but this cuts into profits. As you are getting familiar with the inner operation of importing, and depending on what you import, you will eventually need to consult legal and tax-related publications to ensure 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 has a very good prospect for you if you intend to engage in retail business. The Golden Rule that trumps everything and that should direct any business relationship is logical thinking: Chinese and American societies are different in many ways. Don't assume that things are done the same manner in China as they are here in the U.S.; this may cost you time and money.
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