If you want to diversify your business and leverage on affordable products, the best option is to import goods from China to India. Before you get into this business venture, there are different things you ought to do to make it a success. Getting help is important, especially if you are doing it for the first time.
Know Your Rights
Before you can start importing commercial products into India from China, you ought to identify whether you have import rights. No matter whether you are an individual or have a business, you need to know your rights first. You should note that there are government regulations concerning products you can import for business use or personal use. It is the duty of the customs department to make judgments.
Choose Your Goods
After knowing your import rights, you should decide on specific products you want to import. Thus, you need to carry out extensive research to find the best products in the process. When choosing products that you can import from China, you should pay attention to factors such as demand, quality, and pricing. Remember that you can only be successful if your products sell well. Importing low-quality products means you will lose your customers and revenue.
Ensure Goods are Legal in India
After choosing the products, you want to sell, ensure the products are allowed in your country. Also, you ought to find out whether your products will be subjected to any restrictions, regulations, and permits. You need to ensure the products.
Determine Landed Cost
You should determine the tariff classification numbers of all products you import. The numbers will help you calculate the amount of duty you will pay. These numbers will help you determine the landing cost. Ensure you do this before ordering your products. Remember to include the original cost of the product. Customs clearance, tax, shipping fee, tax, and duty.
Find a Reputable Supplier
You need to find a reliable supplier in China and agree on the shipping terms. In this case, you can use Proforma Invoice that details the harmonized system number, value of the item, description, weight, terms of purchase, and package dimensions. Remember that this document is not legally binding. However, you can use it to budget your purchases. You should ask your suppliers whether they can ship the products to the nearest port. In this way, you can considerably reduce the overall shipping cost.
Plan Your Cargo Shipping
As you know, there are various costs related to shipping goods. These include packaging, container fees, broker fees, and terminal handling. The individual costs ought to be considered when determining transportation costs. Ensure you consider different transportation options that include courier service or sea freight. You need to be aware that delays can occur if your shipment is not dispatched on time, or your products are held by the customs department.
Find a Freight Forwarder
As far as business is concerned, logistics plays an important role. Therefore, you need to hire the right ocean freight forwarder that provides smooth operations, continuous cash flow, manageable costs, and import duties. If you partner with a wrong forwarder, you will end up paying a lot of money.
