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Importing Goods From China - Things To Consider For Would-Be Importers
Perhaps you've wandered into a suitcase outlet in a nearby shopping mall and thought about where these people get their stuff. And perhaps, you shop on-line for a portable air conditioner and see a lot of sites with impressive product lines, and you think "how do they get these items, and how much money are these guys making?" Chances are good that the sellers got their items from China at an extremely low cost and are earning a decent profit on each unit sold. If you understand how to import goods from China, you are one step in front of your competitors.
Several imported items like cell phone batteries can be sold in the U.S. for roughly five times the cost, whereas more luxury items like plasma TVs will get about a 10-15% profit margin. If you have a retail business going or plan to establish one, you must take a look at the opportunities found in China. Whether it's the right move or not is determined by 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. Remember that there are manufacturing operations for many types of products right here in the U.S. The strengths are clear: 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 of the world. Retail is a cut-throat industry - you need to be price competitive, or you better offer a distinct item with few 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 a minimum, you must be able to measure, with a high degree of confidence, that you can 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, such as the chance of mis-communication with the producer; running into a dishonest company who has a per unit price that is too good to be true; and troubles dealing with quotas, taxes, other import restrictions. Most people start by working with an import-export expert, but this cuts into profits. As you become more familiar with the inner activities of importing, and depending on what you import, you will sooner or later need to consult legal and tax-related regulations to ensure all bases are covered.
Doing business in China, an unfamiliar country for most of us, can be very intimidating. However, if you want to gain a competitive edge, you will need to break out of your comfort zone, and China presents a very good prospect for you if you want to engage in retail business. The Golden Rule that trumps everything and that must guide any business relationship is common sense: Chinese and American societies are different in many ways. Don't assume that things are performed the same way in China as they are here in the U.S.; this may cost you time and money.
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