China is quickly becoming a manufacturing superpower, producing a sizable portion of the world’s consumer goods. Importing from China has proven to be a successful global sourcing strategy for many businesses. As a buyer and reseller, this is a fantastic opportunity.
Suppliers all over the world offer a wide range of products that may be suitable for your company. You may be able to find lower-cost supplies, giving you a competitive advantage. As a result, allowing you to sell a completely unique product.
China was the second-largest importer into the UK (behind Germany) in January 2017, with a total value of £3.68 billion. There are a number of factors to consider when importing floating docks. This can include everything from managing long-distance relationships to coordinating international transportation and customs clearance.
If you are considering importing floating docs from China, read our top five tips to start the right way!
1. Identifying Import Rights
When you purchase goods from a foreign country, you become an importer. If your package is small and used for personal use only. If the value is not very high, a courier such as DHL/UPS/FedEx will handle everything and deliver it to your door. If this is the case, it will save you a significant amount of time and money.
However, before importing commercial goods like the best floating dock plans, into your country which you can check on www.hiseadock.com. Whether as a business or an individual, you must first determine do you even have import rights or not?
- If you are from the United States, your Social Security Number (SSN) or your company’s Internal Revenue Service Number (IRS EIN) will suffice.
- If you are using EURO, you must register as an economic operator (EORI number).
- In Japan, anyone wishing to import goods must declare them to the Director-General of Customs. Next, obtain an import permit after the goods are examined.
- In Canada, you must first obtain a Business Number from the Canada Revenue Agency (CRA).
- There is no requirement for importers (companies or individuals) to hold an import license in Australia.
2. Get The Right Permissions
Certain items are not permitted to be imported. Different countries have different products that are prohibited. Check to see if the goods you want to import are subject to any permits, restrictions, or regulations imposed by your government.
It is the importer’s (your) responsibility to ensure that the goods adhere to a number of specific rules and regulations. Importing goods that are unsafe, do not meet health code requirements, or violate restrictions may result in significant fines and penalties. Such goods would be detained and possibly destroyed at the very least.
3. Find the Right Chinese Supplier
Place your order with the vendor, shipper, or exporter and specify the shipping terms. Once you’ve decided on a supplier, request a P/I (Proforma Invoice or Quote Sheet) for your prospective purchases. This should include the harmonized system number, description, and price per item. Your P/I must include the weight and packed dimensions, as well as your purchase terms.
Ensure that the supplier agrees to ship FOB from their nearest port or airport. This is because it will significantly reduce your shipping costs and give you more control over the shipment. For example, if you were importing from China and the supplier’s nearest port was Shanghai, you would request FOB Shanghai terms.
Keep in mind that shipping by sea is quite slow. This means that it necessitates far more long-term planning than domestic product purchases. Furthermore, the time required to export goods, including inland travel, customs clearance, documentation, and port or terminal handling, can take up to 7 days for a container of goods.
In general, we recommend placing an order at least three months before you need your goods delivered.
4. Identifying Chosen Goods
Product sales generate revenue for trading companies. When you choose the wrong products, you waste both time and money. If you want to be a successful importer, the first step is to select the right product for reselling. As you did, by opting for floating docs.
If you’re going to put your name behind it, you need something that will stand the test of time. So find something you can be proud of selling. Your company is defined by its products. Your products are your company!
Your primary concern should be selecting a product that you can sell. In most cases, it’s a good idea to choose products that you’d buy or at the very least know a lot about. Everything you do is based on the products you sell. They will have an impact on your marketing, profit margins, and design. Logistics and legal constraints also play a role.
Make sure you’ve done your homework and that the products you intend to import have a market or niche. Furthermore, you should have an idea of how much your product should cost in order to make a reasonable profit when selling it. One of the hot-selling examples of such a product is mig welding robot.
You should gather as much information about the goods you intend to import as possible. Obtain descriptive literature as well as information about the product’s composition. Also, if possible, product samples. This information will be critical in determining the tariff classification.
5. Obtaining Cargo Transport
Container fees, terminal handling, packaging, and broker fees are just a few of the costs associated with shipping goods. Each of these factors should be considered in order to obtain an accurate picture of shipping costs.
When you are satisfied with the freight quote, you must forward your supplier’s contact information. Always keep in mind that delays may occur during the process. Some of the common reasons are; goods not being produced on time, the vessel not sailing as scheduled, or goods being held by customs. Prepare and plan ahead of time.
Don’t expect your cargo to leave the port as soon as it’s finished in the factory. It takes at least 12 days to transport your cargo from the factory to the port. And the Customs Declaration process necessitates that your cargo remains at the port for at least 12 days. Furthermore, in some cases, there is only one route frequency per week. You will have to wait until next week if you miss the day this week.
Conclusion
The only way to succeed in business is to put what you’ve learned into practice. If you follow these tips and conduct your research, you will be able to benefit from importing floating docs from China. A big step forward necessitates a lot of effort.
When you’re first starting out, it’s easy to become completely overwhelmed by the prospect of planning your empire’s entire future. Most people get hung up on minor details. Instead, you must get up every day and take the smallest step possible toward realizing your dream.