I am thinking of starting an importing/exporting business, can anybody give me any good advice?
Answer:
To begin importing or exporting, you must find a product or products in the U.S. or elsewhere that you can sell and customers in the U.S. or elsewhere who are willing to purchase those products at the price which you can sell them.
Depending on what the specific product is, where you are sourcing it, and where you are selling it, you may need a license to export it and pay duties and taxes to import it. In addition, there may be restrictions against importing a specific product from a specific country; likewise there may be restrictions on exporting to a specific individual, organization or country.
If you are going to be importing into the U.S., contact a licensed customs broker in your area. They will help you meet all the import requirements you must follow. This will cost you some money, but it will save you A LOT of headaches.
If you are going to be exporting from the U.S., find a freight forwarder in your area that has worked with the type of products you will be exporting. They can help you determine whether or not you need to get an export license, prepare all the required documentation, and arrange shipping.
Good luck.
Change your name to Art Vandelay and export chips, mostly potato, some corn and import diapers.
In import and export, depending on the goods, you have to have permit/licences before such businesses can be carried out.
Cashflow would usually be the main concern. Suppliers asking for pre-payment, and customers wants credit terms. The other thing to be wary abot is taxes, taxes, taxes. They can wipe out a good margin of your profits.
Transportation would also be an important factor. Volume of goods versus time of delivery equals delivery costs.
If you are into inventory, then warehousing costs, write off costs (expired goods, etc) should be considered as well. Have fun!
I would suggest you to check the website below which shows you how to import, and how to start an importing business. In the site you will find reports which shows you simple process of importing.
Check the link below for full details.
Hope this helps.
http://tinyurl.com/khuwe
What sort of products and Where are you going to import, Have you check with the Australian Custom yet? How you are going to pay your suppliers and How you going to sell them?
Cost of Goods
Bank Fees
Freight Cost from Country of Origin
Custom - Import Duty
Docking Fee - whatever they charge you to unload from ship
Freight Cost from the Pier to Warehouse
Warehouse
Distribution Cost
plus an Office and so on
Email me if you like to discuss further...
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