What To Know Before Importing

What To Know Before Importing

The process of importing goods overseas is far more complicated than just picking the phone up, making your order and waiting patiently for the arrival of the goods. It is for this reason why working with theprofessional brokers like Clearit customs brokerage service is recommended.There are various factors to look out for before you start placing your very first import order.

We have put together the following tips to assist you in deciding whether a better product or a cheaper price allurefrom the overseas is also as attractive as a proposition as it can appear to be at the very first glance.

#1: Does a local market exist for the goods you are about importing?

You will have to ensure there are manydemands in your local target market before you begin importing goods for the purpose of resale. Identify all your potential target clients and carry out a survey among these clients in order to know if whether importation will be profitable. If limited demandexists, you can end up having apile-up of goods that you are not able to resell or sell thus leading to a loss.

#2: Are you able to import these products into Canada legally?

Before you startspending effort, time, or money for more research, you should ensure you are allowed to import all the goods and products you are planningonbringing into Canada. There are various restrictions that are placed on products you can import. These ranges from exterior prohibitions, which would be applicable to things such as medicines or chemicals, to other restrictions on similar products or other items from a particular country.

#5: Can you affordimportation?

It is necessary to make sure that you can afford and meet up with finance cost of importing. Importing is usually cash intensive for two major reasons. The very first reason is that with the high transport or shipping costs, it becomes more cost-effective to make larger orders less often than other smaller orders, so importation orders are normally large, thus very expensive.

#4: Is importation trulycost-effective?

Once you have developed an insight into the final landed cost of a product, you will be able to knowif importing will be a cheaper option for your company. There are various extra charges you will have to pay above the cost per unit (CPU) from an overseas factory, and these can also add up. You will need to make a good return on your investment after all related costs have been considered.

Category Taxes