How to start an import business? 4 steps with recommendations

How to start an import business
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I am going to give you some guides to start an import business, of any product, whether you want to import from China, the United States, Europe, etc. How to start an import business? There are several steps necessary to start an import business, which allows you to import products from any country. We divide them into procedures to open the business, quote the product to be imported, import and sell the imported product.

How to start an import business

How to start an import business

Opening

The first step to import products is to decide the import method you will use. The main case is to create a company for legal import purposes. The procedures are different for each country.

It requires 2 fundamental aspects:

– Registration as a Taxpayer

You must register with the SAT; this step is mandatory to import any product legally. The common regime for importers is to register as a natural person with business activities or to open a Company (Limited Liability or Anonymous). In the case of a company, you also need to start the process to manage your incorporation with a notary public.

– Registration to the Register of Importers

This aspect is also mandatory, as registration with the SAT. It is advisable to visit the SAT facilities in your city to check the requirements.

Product quotation

Product quotation 

In any scenario either as a small importer, described in the online business article with China or as a registered importer. You must quote the products with suppliers from the country you are interested in importing.

There are search engines of international suppliers, such as the site alibaba.com, with which you can contact secure providers (they are reviewed by the website)

Other ways to get suppliers is through trade fairs. It depends on which product you are interested in importing, the trade show you attend and the business opportunity you find.

A third option is to find directories for importers and exporters. These have a cost and offer a reliable list of providers. For example, the World Wide Brands directory.

Once we detect potential suppliers, it is necessary:

  1. Request a formal quote for a trial amount and then, an amount to import
  2. Know the shipping methods they handle, and it will be necessary to hire a logistics service for the handling of the goods
  3. Negotiate the final price and the form of payment that allows the security of the delivery of the merchandise
  4. Review the quotes with financial analysis, and identify the one that provides greater security, confidence and better value.

Import products

Import products

Once we define the supplier to use, it is necessary to go with the customs broker. This is a legal figure, in charge of handling the procedures and tax payments of imported merchandise. (Recommended section: start a business )

You can check in the yellow section or on the internet, the customs brokers available in your city or state. The main service that this customs agent will provide is to establish the taxes to pay for the imported merchandise. Other services they offer is the logistics service, in case the supplier only offers the delivery of their product in their factory, port or ship.

Other important aspects when importing are:

– Care of the merchandise (must check if the packaging is suitable for handling)
– Insurance (secure the goods in case of damage, loss, theft, natural disaster)
– Delivery in port (in this case, it must be ready for land transport)
– Tax payment in Customs (your customs broker will take care of this aspect)

Sale the imported products

Sale the imported products

Some recommendations for the sale of imported products are (recommended article: mistakes of entrepreneurs to avoid ):

  • Test the market before importing a large batch
  • Test the prices that the market is willing to pay
  • If you can ensure sales before importing, better
  • In wholesale sales, it is usually necessary to offer invoices
  • Products marked as SAMPLE or Sample, cannot be sold to the public
  • Products without an import order cannot be sold to the public
  • Check if the imported product is legal in your country, or there are taxes on entry (tariffs)
  • Sell your products with an internet business

Recommendations

I recommend that if you want to start importing as a small entrepreneur. In small quantities and without so much complication. In case you want to import with the company model. It is advisable to get advice before starting to import since an error can cost you a lot of money (for taxes, extra charges, financial costs, agent commissions, etc.)

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