One of the most lucrative retail businesses you can get into within the US is finding and selling imported goods. The range of products you can deal with is quite varied and here we are talking about clothing, furniture, art, food and beverage products, household goods, etc. It is possible to make profit margins in excess of 500% and this certainly makes smart business sense.
Before you start to find and sell imported goods, you need to be well informed about both the country of export and the US which is your country of import. There are a host of rules and regulations that must be adhered to, if only to be at peace with the concerned authorities. After successfully bringing imported goods into the US, you need to have a clear plan of action as to how you are going to sell the same and get the desired levels of profit.
1Get a Clear Understanding of the Importing Regulations to Which You Must Comply
Prior to starting a find and sell imported goods business you have to ascertain two basic things. The first of these has to do with the US import requirements and the second is about determining the market potential for the goods you want to import.
The US Customs service deals with the regulation of such import businesses and it is the body charged with enforcing all manner of import requirements. As the importer you are bound by law to declare the dutiable value and the classification number of your import merchandise. Your imported merchandise may be classified as either formal or informal entry and there are specifics for both of these classifications. All goods imported into the US are subject to a mandatory examination and there are certain types of goods that are classified as ‘restricted merchandise’ for which you require a permit or license. For more details on this you can follow this link: www.americanimporters.org.
2It is Necessary to Set Up a Formal Business
Before you can start to find and sell imported goods you should first have registered a formal business for this purpose. For US nationals this link will lead to a resource that details the ten steps you will be taken through in registering a business entity that can partake in importing, and the regulatory practices that come with the activity: www.business.gov. Alternatively, foreign nationals who seek to establish a similar business in the US must get a clear understanding of the legal and taxation obligations they’ll be expected to fulfill. Information on this can be found at community2.business.gov.
3Identify the Best Countries from which to Import to the US
As of 2005, the following countries were the ones the US made most imports from: Canada, China, Mexico, Japan, Germany, United Kingdom, South Korea, Taiwan, Venezuela, and France. These are ideally the countries from which you want to find and sell imported goods.
4Establish Networks and Relationships in the Country of Export
To be successful in a business that involves finding and selling imported goods you have to embark on a painstaking process of getting to know who your supplies are. This cannot be achieved in a single visit; you have to get really familiar with these people such that you will have a lucid picture of the ‘rules of business’ you will have to play by. Of course, each and every country has its way of doing business. There are different negotiation skills and protocols that you must adhere to and you cannot afford to ignore the cultures and customs that govern business in your country of export.
Generally, you should acquire the requisite information that will help you know what and where you can buy, what different involvement levels govern import and export, product design and development, sourcing, how much you should pay for a certain product, and the landed price the product will cost after it clears with US customs.
5About Customs Brokers
A common practice for many who find and sell imported goods in the US is the hiring of customs brokers. These professionals work in just the same way as freight forwarders do for exporters. Customs brokers will handle all your imported goods documentation as well as facilitate the regulations and laws that your imports must comply with, including duty fees, taxes and licenses. More information on what roles custom brokers play can be found at toptradeleads.com. If you intend to hire the services of a certified customs broker you can search for one at www.ncbfaa.org.
6How Do You Sell the Imported Goods?
As a first-time importer it is prudent to start selling your imported merchandise via an established distributor. This is an ideal option because you will be able to make good savings on distribution and marketing costs, at least before you can sell the goods on your own. It is prudent to conduct prior research before you settle on any one distributor – let your choice be based on that option’s efficiency and of course the profit margin you stand to gain.
Alternatively, you can find and sell imported goods through a website of your own, or you can even use other established websites that do a similar thing. The good thing about using established websites is that these already have a ready market and established networks.
