Perhaps you've wandered into a suitcase outlet in a nearby shopping mall and thought about where these people get their stuff. Or, you search on-line for a portable air conditioner and find countless sites with wonderful product lines, and you think "how do they get these items, and how much money are these guys making?" Chances are good that the stores got their items from China at a very inexpensive price and are getting a good profit on each unit sold. If you understand how to import goods from China, you are one step beyond your competitors.
Some imported items like cell phone batteries can be sold in the U.S. for approximately five times the cost, whereas more expensive items like plasma TVs will have approximately a 10-15% profit margin. If you own a retail business going or intend to establish one, you must consider the opportunities found in China. Whether it's the right move or not relies on the product(s) you are going to to sell and your stomach for working with a foreign entity.
The first thing to consider before you make a decision to import goods from China is whether there are less expensive alternatives to getting your merchandise. Do not forget that there are manufacturing operations for various products right here in the U.S. The strengths are clear: no language barriers, legal protection, great infrastructure for shipping, etc. The big drawback is the comparatively high cost of labor/ manufacturing, which will push you to sell your US made product at a more expensive price. Not a good thing considering all the Wal-Marts in the world. Retail is a cut-throat industry - you need to be price competitive, or you better sell a distinct item with few competitors (a very rare situation, indeed). So, the benefits in money and time from importing need to be material enough to make it worth the effort. At least, you must be able to measure, with a high degree of confidence, that you can benefit from importing a certain good from China before proceeding.
Before you begin an import export venture, understand that there are potential risks connected with importing goods from China that you should avoid, including the chance of mis-communication with the producer; running into a questionable company who has a per unit price that is too good to be true; and issues dealing with quotas, taxes, other import restrictions. A lot of people begin by working with an import-export adviser, but this cuts into profits. As you are getting familiar with the inner activities of importing, and depending on what you import, you will in the end need to consult legal and tax-related guides to ensure all bases are covered.
Doing business in China, an unfamiliar country for most people, can be very intimidating. Even so, if you want to gain a competitive edge, you will have to break through your comfort zone, and China offers a very good prospect for you if you want to engage in retail business. The Golden Rule that trumps everything and that must guide any business relationship is common sense: Chinese and American cultures differ in many ways. Don't think that things are conducted the same manner in China as they are here in the U.S.; this may cost you time and money.
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