So you have chosen the object of your import business, you have found a reliable supplier who can help you out in your attempt to build a successful import business, they have looked into whether you need a license to run your activity or not, you have gone through the regulations and done the calculations and checked the prices corresponding to your specific product. Well, then you are on the right track.
Find the right transport company
Next, you need to look for a transport company which can also handle the customs clearance requirements. In other words, the company of your choice should be able to ensure not only the transport of your cargo, but also deal with the paperwork, with the payments and make sure your cargo is cleared through customs for your business to run more efficiently. Many importers turn to customs brokers to handle these issues, but they are not compulsory. Small, specialized transport companies can manage just fine and for more reasonable costs too.
Consider all the costs from the transport ones to the insurance ones
A thorough review of all the costs involved with the import of your product will help you with the estimation of the landed costs as well as the profits your business can achieve. These costs include the transportation costs, the transport company’s fees, taxes, customs duty as well as the insurance costs, if any. As far as the customs duty is concerned, this particular tax is charged for goods shipped across international borders, safeguarding the flow of goods, restricted and prohibited goods in particular within a country and therefore its economy.
Make up a feasible payment plan
Probably the safest way to go about drawing a feasible payment plan for your import business is to seek the expertise of an international banker. They should be able to advise you on the best ways to structure the payment terms, provide support with the sale of your product on a particular market or even draw your attention to various risk factors you should consider when doing business overseas.
Remember that you need your payment plan to be compatible with your cash flow. Thus, should you be running a small import business, you can choose to operate with advances, letters of credit, sight or time drafts or have payments made through PayPal. It should be noted that the platform charges a 2.9% fee for each transaction made through it. Should you be running a larger scale import business, however, it would be safer to consult a banker.
Fo any further advice regarding your payment terms and conditions feel free to get in touch with London Coaching Group
Notify the Customs Border Patrol office at the port of entry on the arrival of your cargo
Last but not least, you may want to contact the port of entry and inform them about the cargo you are expecting as well as the person responsible with overseeing the shipment. It should be noted that this is not a compulsory step, but rather a precaution against any potential inconveniences. In other words, it can be considered one final step in the setup of a highly efficient importing business.