Dynamic Business

There are many great businesses that flounder because they are not sure about how importing works. When done right, importing can be a fantastic way to build and grow a business.

Getting started in importing can seem daunting, scary, risky, expensive and, most of all, overwhelming. To help get you off on the right foot, here is a list of the top 10 points to think about when importing products from another country.

1. Know the product you want to import
So many decisions in importing are directly related to the type of product you want to import. If you are not sure then look around on the web, eBay, and other popular online stores and see which products are the top sellers. Do your research and find a niche if you can. Once you know what you want then you can move forward.

2. Where do you want to import from?
Now you know what you want to import you can decide where to import your product from. For example, you might import leather shoes from Brazil, gold jewellery from India, fabric from Bali or toys from China. Each region is better at making some products than others, a fact often related to the local resources in that region.

3. Who will you import from?
The easy option is to use an agent to import products for you, or you can import from a wholesaler or go directly to the source – the manufacturer.

4. What price do you want your products to be?
Consider all of your costs before setting your price point. Be sure to allow for product cost, freight, import duties, GST on imports, delivery to you, insurances and more.

5. What quality level do you want to aim for?
The quality of your product will always relate to your price. Better quality often means you will pay more for the product. Don’t take short cuts with quality or your business reputation will suffer – and so will your long-term profits.

6. What import duties are there?
Go to the customs Australia website www.customs.gov.au to look up the duty applicable to your product. This amount can go up to 17.5 percent duty on clothes.

7. How much will it cost to ship the goods here?
Try to get several quotes for shipping your goods. If it is a small quantity it might be better to use postal services or couriers. For large orders ship by sea and save yourself a lot of money.

8. What quarantine issues are there?
If you are thinking about importing wood products make sure you talk to AQIS (Australian Quarantine and Inspection Service) www.aqis.gov.au first about fumigation and any other regulations or restrictions on importing those products.

9. Which Australian standards apply to your products, if any?
Talk to Standards Australia www.standards.org.au about any standards that may apply to your product. You should purchase a copy of the standards guide appropriate for your product.

10. When do you want to import your products?
Try to avoid peak periods like Christmas and Chinese New Year to save time and money and ship before November if you want goods by Christmas. There are also many great online resources to answer many of these questions – just Google the topic.

It is so powerful to ask yourself these 10 questions and find the answers before you get halfway into your importing project. ENJOY the journey!

- Jacqueline Mikami is CEO of JOLT Consulting Pty Ltd www.joltconsulting.com.au a boutique consultancy devoted to taking the stress and confusion out of importing for Australian small to medium business owners.

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