Importing goods into the U. S. is a huge business for importers. However, there are hurdles you need to overcome at Customs to ensure your goods enter the country successfully. If you want to import to the United States, here are tips to help you get it right:
Ensure There is Import Demand
You must conduct import demand research first before you start your overseas research. The last thing you want is to have a bunch of goods you cannot sell when you start importing products into the U. S. Invest only in sellable imports before you perform your research overseas.
Determine the Costs
All the charges and costs related to placing an order abroad must be calculated before you sign contracts. Ensure you have the costs covered to understand your expected profit margin. Apart from your goods, you will incur additional costs such as storage costs, customs broker fees, duty and fees, finance charges, insurance costs, freight forwarder fees, and transport costs. Make sure you review every cost closely.
Research the Competition
You should conduct research to know your competitors’ activities and what they are offering. An experienced customs broker can help your imports arrive safely in the U. S. Make a spreadsheet of items, product specifications, and retail prices for the competition. Match such figures up against your products. Your products should have a price advantage; otherwise, you must change your game plan.
Check Your Cash Flow
Once you place an order for imports abroad, you can save money when you place a bulk order. Big orders reduce the cost of your order; however, they require a huge chunk of cash or an upfront letter of credit. Ensure you can afford to place an order before you do it. Also, be prepared for Customs and the costs of Customs inspection.
Look for a Trusted Supplier
It may be hard to look for a reputable product supplier that makes dependable products from abroad. Ensure you only place orders on terms that include penalties for inferior products, non-delivery, or late delivery. If you have a big budget, look for alternative suppliers to offer backup products should the main supplier fail to deliver. A reputable supplier should be able to deliver on schedule, notify you of any delay, and provide high-quality products. Make sure your suppliers produces only products that comply with the United States government regulations and laws and that you have obtained the required permits or licenses for importing goods.