Starting an importing business is definitely no easy task, since there are a lot of things you need to think about.
All it takes is to overlook one simple aspect and your entire business will end up failing. However, there is no need to worry, since there are certain things you can do.
For instance, you could first take an interest in the Eastern European market. Keep in mind that more and more investors are taking an interest in it as well, so this is definitely a good starting point.
Of course, that’s not all. Here are other things you need to keep in mind in order to run a successful importing business:
1. Don’t always go with designer goods
This is a mistake many business owners who are new to the import industry tend to make.
It’s only natural to want to focus on importing designer goods, since there will always be a demand for them. However, it is important to note that you shouldn’t try to do this if you don’t have any solid contacts in the industry.
Why? Because there is the risk you will end up importing fake goods. Not only will this make your importing business look bad but it can also get you into all sorts of legal troubles.
If you really want to start with importing clothing, then we recommend you go with a low profile designer, not a well-known one.
2. Market research is the backbone of any good importing business
There’s no secret to this. If you don’t do your research, then you will end up losing a lot of money. When importing products, it’s extremely important to know for sure that they will sell. Otherwise, you will be paying for nothing.
This is where proper market research comes into play. No matter how long it will take you, it’s going to be worth it.
3. Translation services are your friend
Translation services are not only needed by people who dabble in the export business. They are vital for importers as well. Without them, the products you import and sell on the market might not be received too well by the general populace, since they won’t understand what they are supposed to do.
Plus, don’t forget that certain products come with safety manuals. If they aren’t translated correctly, then people might end up hurting themselves with your products and you will be held accountable.
4. Working with a custom broker can save you a lot of trouble
This is extremely important when it comes to handling all the paperwork associated with the products you are importing. They can help you make sure everything is in order, thus ensuring no time and money are wasted.
Did translation services caught your attention?
It’s not really surprising. Translation services can really help out an importing business, be it with getting their message across or with ensuring all the legal documents they need are in order.