At the heart of any kind of trading activity lies a product, so this is undoubtedly the first thing you need to decide upon of as an importer. Once you have picked the object of your import business, you can move on to handling the other aspects involved with such a business. If you need to discuss where to start, Business Coaching London will be happy to help. Nevertheless, here are some tips on how you can do that efficiently yourself:
Find a reliable supplier
The business relationship you build with your supplier is of crucial importance to the success of your import business for you are bound to contact them on a constant basis, whether in person, online or by phone, seeking assistance with various issues related to your importing activity. Therefore, you need to make sure they are reliable and compatible with you and your method of operation in order to reach maximum efficiency levels. The same applies to their top management, this being the key to building an enjoyable and commitment-based work environment.
Check out whether a license is required for your imports
Another reason why you should choose a reliable supplier to partner up with is because they will be handling the legal aspects of your business. It is their responsibility to research the requirements for obtaining import permits for the countries of import where your product is to be sold, should they be required, and handle the proceedings too if necessary. Licenses from the local or state authorities are also commonly required with import businesses. For instance, the Customs Border Patrol (CBP) may require you to provide an importer number in order to be able to run your importing activity, i.e. your IRS FEIN or your social security number if you are not a legal person. Should you not have an importer number upon yet, you can apply for one by filling out a Customs Form 5106.
Measure the size and weight of your product
The import costs will vary depending on the size and weight of the packages you want shipped, so you should make sure you do the calculations and the research properly in order to avoid unpleasant surprises on the financial side. The person handling the logistics of your business should be able to provide you with valuable insight into this particular aspect, so do not hesitate to contact them for assistance.
Check for potential restrictions on the product of your choice
The regulations regarding the product you have chosen to import are just as important as the choice of the product itself. Therefore, once again, you should make sure you do your research properly in order to avoid any inconveniences. Once you have checked the list of restricted and prohibited items, you should double-check your findings with the Customs Border Patrol for confirmation that the product of your choice is safe to import to the United States. It should be noted that verifications are performed at all times upon entry in US ports with the purpose of all potential threats being eliminated.
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