Importing from China? Avoid These Costly Mistakes
Importing from China or other Asian countries can seem like a very simple process, but there are actually many different factors that you need to take into consideration when importing from overseas, in order to ensure the success of your business. The following list as suggested by a china sourcing agent Australia highlights the top common mistakes that new importers tend to make when starting out their import business, so you can avoid them if you are just getting started!
Not Getting Enough Samples
Often, importing companies will want you to put down a deposit before they send samples. Getting a small number of samples is especially important if you’re importing high-value items. There’s no better way to determine whether or not you’re getting good quality than seeing it in person. Make sure your contract specifies that you’ll receive free samples with your order, or expect to pay extra shipping charges later on.
Overlooking Shipping Time Delays
Because freight forwarding, customs clearance and transportation can take so long, it’s easy to forget that your shipment has a shipping time of its own. The longer it takes for your product to get from an overseas port, for example, and overland across borders before arriving at its final destination, and especially if you are dealing with multiple countries, the more likely you are going to run into delays. Keep in mind that speed doesn’t always mean efficiency in transit.
Not Having a Flexible Budget
One of the most common mistakes that people make when importing from China is setting a budget before they begin searching for their product. Before you start your search, it’s important to leave room in your budget for unexpected expenses; having a flexible budget is crucial when importing products.
Sending Payment before Seeing the Sample Finished
Paying before seeing a sample can be risky, as it gives an importer’s supplier leverage. If an importer orders 1,000 pieces of one item, but is unsatisfied with their final product they may be out of luck. Try not to pay for any items until you’ve received samples and/or a finished product. Also try to get your suppliers to agree on strict deadlines in writing.
Failing To Have a Contract
Having contracts in place helps both parties avoid misunderstandings and legal hassles later on down the road. An importer should always have their supplier sign a contract that clearly outlines what each party expects from each other in terms of quality, delivery time, price and more.
Not Hiring a Product Sourcing Agent
One of the biggest mistakes importers make is not hiring epic sourcing agent. Many feel they can do it on their own, but unless you have been doing it for years, you are going to be at a disadvantage. Sourcing agents understand many of these products better than you do and that puts them in an excellent position to negotiate with suppliers.
Try and avoid these mistakes when importing products from China or any Asian countries.
The author is a reputed epic sourcing agent committed to offering fully customised sourcing solutions to reduce costs and minimise hassle. Visit https://www.epicsourcing.com.au for more details.