The importing business is filled with intricacies and rife with complexities that could cost you your investments. There are regulations to consider, taxes to factor in, restrictions to know about — essentially, what you do not know can hurt you when it comes to the importing business.
It is also critical to add to your existing knowledge because at any time, changes could be introduced into the system. This is why you need to take the time to learn as much as you can about the business, to source out new information that may affect your operations, and to be very discerning about where you get your knowledge and information. Naturally, you will want to learn from people who have the proven experience and immaculate reputation in the importing business.
From China Import to Importing Training
Brendan Elias is known as the import guru. A Commerce Law graduate, Elias started learning about the importing business early on. His father, Nat Elias, actually pioneered the import of several items into Australia, namely Seiko watches and Donkey Kong handheld games.
Today, Elias uses what he’s learned in the importing business to help thousands of other entrepreneurs earn millions. The successful importing expert delivers focused trainings and courses on generating huge profits from the importing business. Elias’s methods are designed to assist importers and would-be importers through the process, enabling them to identify great products and create marketing strategies that get results.
Importing in China 101
Determining the product you want to market is the first ingredient to this “secret formula” in importing. According to Elias, you can go online and find suppliers for the products you wish to sell. Before doing business with the supplier, always vet them to ensure that they are a legitimate outfit. Elias also strongly recommends getting a product sample before signing any agreement. Scrutinise the quality of the merchandise and the packaging. A small fee may be required to get a sample but Elias mentions that it would be well worth the price because it gives you the ability to personally inspect the product before making any commitment.
Language barrier may prevent you from dealing with overseas suppliers. Elias’s personal tip is to make an effort to establish a connection with your supplier in China by keeping in touch on a regular basis or by sending treats unique to your own country. Elias says that by not giving up and working hard to build that supplier relationship, you may have access to better products sold at the best wholesale prices, both of which will help you be more competitive.
Elias also touches on the importance of including all the necessary details in your order, and that you should take time to familiarise yourself with all the trade terms. He lists down the following to start with:
- FOB (Freight on Board, Free on Board)
- CIF (Cost, Insurance, and Freight)
- Landing Cost Calculation (total cost of a shipment when it lands, which may include customs duties and other taxes)
Finally, to keep your profits intact, Elias recommends nixing the middlemen or wholesalers. His advice is to go straight to the manufacturers. While this may require massive orders, as much as 1,000 units per order, the upside is that you could get the best price in the market. Just be certain that the shipment, the transportation, and the storage unit are well arranged and ready for this enormous order of imported goods.
Get more secrets to importing 101 with the latest updates from this site www.brendaneliasimporting.com